Watch: Battery energy storage in the US - the forward outlook
Watch: Battery energy storage in the US - the forward outlook
Last updated: August 2026. Revenue and capacity figures are data-as-of August 2026.
Huge change is coming to US power markets. Grid-scale battery storage is on track to roughly triple by 2030, to more than 100 GW. Load growth is arriving almost everywhere, driven by data centers. And policy uncertainty is rife, from tariffs to tax credits to local pushback.
So we sat down to talk it through. In a recent Modo Energy livestream, Brandt Vermillion and Quentin Scrimshire worked through the forward outlook for battery storage across all seven major US ISOs and RTOs, drawing on Modo Energy's forecasts, benchmarks, and research. This article distils that conversation: where the US battery market stands today, where it is heading, and what the team is watching most closely.
This article distils that conversation: where the US battery market stands today, where it is heading, and what the team is watching most closely.
💡 Quick answer. US battery storage now covers about 7% of combined ISO peak demand, and roughly 90% of that capacity sits in ERCOT and CAISO. Installed capacity is set to triple by 2030, with Eastern markets growing to about 47% of the fleet. Revenues have compressed in the near term. But each market runs its own cycle, and the long-run opportunity varies sharply by ISO (Modo Energy, 2026).
Key statistics
| Statistic | Value | Source |
|---|---|---|
| Installed US BESS as a share of combined ISO peak demand | ~7% (up from ~0% in 2020) | Modo Energy, 2026 |
| Share of installed US BESS capacity in ERCOT and CAISO | ~90% | Modo Energy, 2026 |
| Announced investment in US battery storage by 2030 | $100 billion | American Clean Power Association |
| Publicly disclosed US BESS deal value, H1 2026 | $17 billion | Modo Energy analysis |
| Forecast growth in installed US BESS capacity, 2025–2030 | ~3x | Modo Energy, 2026 |
| Eastern markets' share of installed capacity by 2030 | ~47% | Modo Energy, 2026 |
| Highest 15-year average revenue outlook (with contracts) | NYISO $15.7, CAISO $14.7 /kW-month | Modo Energy, 2026 |
| Li-ion battery pack price, 2025 | $108/kWh (from $1,200 in 2010) | BloombergNEF, Dec 2025 |
Key takeaways
- US batteries now meet close to 7% of combined ISO peak demand, and about 90% of installed capacity sits in two markets, ERCOT and CAISO (Modo Energy, 2026).
- Load growth is the defining story. Peak demand across PJM, MISO, and ERCOT is set to rise 40% to 50% over the next 15 years, driven mostly by data centers.
- Near-term revenues have compressed. An average ERCOT battery earned about $30/kW over the trailing twelve months, roughly an eighth of two years earlier (Modo Energy, 2026).
- Installed capacity still triples by 2030, and Eastern markets grow from a small base to about 47% of the fleet.
- The opportunity is not uniform. ERCOT leads on merchant revenue, but state contracts in New York and Massachusetts can reshape the ranking.
Markets covered
| ISO / RTO | Region | Battery market maturity |
|---|---|---|
| ERCOT | Texas | Mature |
| CAISO | California | Mature |
| SPP | Central US | Nascent |
| PJM | Mid-Atlantic and Midwest | Nascent |
| MISO | Midwest and South | Nascent |
| NYISO | New York | Nascent |
| ISO-NE | New England | Nascent |
The backdrop: how did the US battery market get here?
Why is load growth the defining story for US power markets?
Load growth is now the single biggest force shaping US power markets. Peak demand across PJM, MISO, and ERCOT is set to grow 40% to 50% over the next 15 years, mostly from data centers (Modo Energy, 2026).
For years, power-system modeling focused on how the supply mix was changing. That question now sits alongside an even larger one: how fast demand will grow, and where. PJM's peak alone is set to rise by 59 GW by 2040, a figure that is remarkable to plan for, let alone build. From a power-systems engineering view, the pace is without precedent.
Peak demand today versus 2040, by ISO. Source: Modo Energy World View, Central Scenario; ISO-NE from Modo Energy ISO-NE Market Outlook.
| ISO | Peak demand today (GW) | Growth to 2040 (GW) |
|---|---|---|
| PJM | 160 | +59 |
| MISO | 124 | +40 |
| ERCOT | 84 | +46 |
| SPP | 56 | +38 |
| CAISO | 50 | +8 |
| NYISO | 28 | +8 |
| ISO-NE | 23 | +5 |
Even these figures sit below the headline numbers. While they represent the top end of what Modo Energy currently considers feasible, stated interest in connecting to the grid is larger still.
What is happening with US battery and renewables policy?
The US policy backdrop is defined by uncertainty on both the supply and the demand side. Subsidies for wind and solar have changed sharply, batteries have so far escaped the worst, and a new layer of local resistance to data centers has emerged.
On the supply side, the Trump administration has taken a different approach to renewables. Large offshore wind projects have been paused midway through development, and subsidy rules for wind, solar, and batteries have shifted. Batteries avoided most of the damage, but for wind and solar the world looks different from two years ago.
On the demand side, a backlash against large loads has taken hold. New York instituted a statewide moratorium on new hyperscale data centers. Even in Texas, where the usual posture welcomes new build, Governor Abbott ordered an audit of every data center in the power queue before projects can advance. The concern is the impact of that load on electricity rates for ordinary consumers.
Cost and trade headwinds complete the picture. Tariffs raise capital costs, and firmer rules on what counts as made in America affect tax-credit eligibility.
Selected 2025 to 2026 policy developments. Sources: PBS News / Associated Press; Reuters; Office of the Governor of New York; The Texas Tribune; Utility Dive; Morgan Lewis.
Are battery costs still falling?
Yes. Lithium-ion battery pack prices continue to fall, and the technology sits on the steep part of its adoption curve. US pack prices are around $100 to $110/kWh, and lower still in other parts of the world (BloombergNEF, Dec 2025).
Pack prices have dropped from about $1,200/kWh in 2010 to $137 in 2020 and $108 in 2025. Against a noisy policy backdrop, this steady fall in hardware cost acts as a brute force pushing deployment forward.
Li-ion battery pack price, USD/kWh. Source: BloombergNEF, Dec 2025.
How tariffs will impact CapEx and IRRs for US battery energy storage
How the tariff stack and sourcing rules feed through to project capital costs and returns across all seven ISOs. Read more →
How much capital is flowing into US battery storage?
Capital continues to pour into US battery storage. The American Clean Power Association counts $100 billion of announced investment by the end of the decade, and Modo Energy tracked $17 billion of publicly disclosed deal value in the first half of 2026 alone.
With significant undisclosed activity behind the scenes, that $100 billion figure may prove conservative.
💰 $100 billion of announced investment in US battery storage by 2030 (American Clean Power Association). $17 billion of publicly disclosed BESS deal value in the first half of 2026 (Modo Energy analysis).
Where the US market stands today: how big is US battery storage right now?
Which US markets have battery storage?
The US has seven independent system operators. These are the deregulated markets with nodal power prices that Modo Energy models in detail. Battery deployment splits them into two groups.
ERCOT and CAISO are the mature markets, where most US battery capacity has been built. The remaining five, SPP, PJM, MISO, NYISO, and ISO-NE, are more nascent, and development there has only recently started to accelerate.
The seven US ISOs and RTOs. ERCOT and CAISO (in red) hold most installed battery capacity; the Eastern Interconnect markets (in blue) are earlier in their development. Source: Modo Energy, 2026.
How much battery storage is installed in the US today?
Installed batteries now cover close to 7% of combined ISO peak demand, up from just over 0% in 2020. About 90% of that capacity sits in ERCOT and CAISO (Modo Energy, 2026).
Measured across all seven ISOs, installed battery capacity has climbed from near zero in 2020 to nearly 7% of combined peak demand today. Limited to ERCOT and CAISO, the share would be far higher.
Installed BESS as a share of combined ISO peak demand. Source: Modo Energy, 2026.
The concentration is stark. ERCOT and CAISO hold roughly 90% of installed capacity, but the Eastern markets are starting to grow. SPP and PJM now have commercially operational batteries participating in grid operations.
Operational BESS capacity by ISO, 2020 to 2026. Source: Modo Energy, 2026.
How have batteries transformed the ERCOT grid?
Batteries have reshaped how ERCOT meets peak demand. On its record demand day in July 2026, batteries discharged 12 GW at once, three times the level of two years earlier, and the peak real-time price came in below a tenth of its 2024 equivalent (Modo Energy, 2026).
Two record-breaking demand days tell the story. In August 2024, ERCOT set a peak of 85.6 GW, met with 3.9 GW of storage discharge, and real-time prices reached the $4,853/MWh offer cap. In July 2026, a higher peak of 91.1 GW was met with 12 GW of storage discharge, close to 15% of total peak load, and the highest real-time price was just $345/MWh.
| Record-breaking demand day | Previous (August 20, 2024) | New (July 22, 2026) |
|---|---|---|
| Peak load | 85.6 GW | 91.1 GW |
| Maximum BESS discharge | 3.9 GW | 12.0 GW |
| Peak real-time price observed | $4,853/MWh | $345/MWh |
Source: Modo Energy, 2026.
Two forces explain the change. There are simply more batteries, and they now compete to be dispatched, so they offer at more competitive prices. Instantly dispatchable storage counteracts the sharp evening solar ramp that once worried control-room operators. The system operator has also learned to pre-position thermal generation for that ramp.
That impact shows up in revenues, which have compressed. An average ERCOT battery earned about $30/kW over the trailing twelve months, roughly an eighth of the figure two years earlier. Most ERCOT batteries run 1.5 to 2 hours in duration, and even for those, current revenue does not cover the cost of new projects.
Trailing twelve months of daily BESS revenue, ERCOT, Modo Energy BESS Index (USD/kW-day). Source: Modo Energy, 2026.
Ko's analysis of ISO settlement data powers the Modo Energy BESS Indices, which are live across the US. You can view every index on the Modo Energy terminal for free.
How do battery revenues compare across US markets?
The markets with the most batteries earn the least per unit today. ERCOT and CAISO revenues sit at the bottom of the range, while the less saturated Eastern markets, and PJM in particular, see far more volatile and higher daily revenues (Modo Energy, 2026).
The pattern is clear once every ISO is layered together. ERCOT, with the most batteries, sits lowest. PJM shows the spikiest days, driven by hot-summer volatility and winter gas-price spikes.
Trailing twelve months of daily BESS revenue by market, Modo Energy BESS Indices and Benchmarks (USD/kW-day). Source: Modo Energy, 2026.
Those higher Eastern revenues come with a catch. Much of the revenue in nascent markets comes from ancillary services, which are not deep. PJM's regulation market has offered a large opportunity since its October redesign, but it clears only six to seven hundred megawatts in most intervals. Add a gigawatt or two of batteries, and that opportunity compresses quickly toward the energy-arbitrage-led stacks seen in ERCOT and CAISO.
Trailing twelve months of battery revenue by market and revenue stream, Modo Energy BESS Indices and Benchmarks (USD/kW-month). Source: Modo Energy, 2026.
Battery revenues in CAISO: how much are Resource Adequacy contracts worth?
Why the contracted side of the stack matters as much as merchant when comparing revenue across markets. Read more →
The forward outlook: where is US battery storage heading?
What are the biggest uncertainties in the US battery outlook?
Four uncertainties dominate the forward view: trade and sourcing rules, the sunsetting of tax credits, a public backlash against AI-driven load, and local opposition to new projects. Each can swing the pace of deployment.
Coming up with a house view for modeling inputs is unusually hard right now, because so much of it feels like sentiment rather than the familiar exercise of applying haircuts to connection queues. Many wild cards can still be played.
| What we're watching | Detail |
|---|---|
| Made in America? | 58% tariff stack on Chinese cells; 55% FEOC sourcing test for the ITC; FCC block on foreign inverters |
| Credits sunsetting | Wind and solar lost their construction-start window on July 4. Storage credits survive, for now |
| AI backlash | Governor Abbott ordered audits of a 474 GW queue that is 90% data centers |
| Local opposition | New York municipalities are freezing BESS permits, with 1 GW stalled |
Source: Modo Energy analysis, 2026.
How much battery capacity will the US add by 2030?
Despite the headwinds, installed US battery capacity is set to roughly triple over the next five years. Growth continues in ERCOT and CAISO, but the story is the acceleration of the nascent Eastern markets (Modo Energy, 2026).
The last five years brought rapid growth. The next five bring more. ERCOT alone grows from 15 to 17 GW today to over 30 GW by 2030, even with the revenue challenges of the past two years.
Operational BESS capacity, 2020 to 2030. Historical and forecast. Source: Modo Energy, 2026.
The mix rebalances as it grows. Eastern markets rise to about 47% of installed capacity by the end of the decade, with SPP and PJM accounting for much of that shift toward a more even national footprint.
Operational BESS capacity by ISO, 2020 to 2030. Source: Modo Energy, 2026.
MISO Buildout Outlook: what will the generation fleet look like in 5 years?
How MISO's fleet reshapes to 2031 as gas, retirements, and batteries move through the queue. Read more →
How will battery revenues evolve across US markets?
Each market runs through its own revenue cycle, peaking in different years as load growth, supply build-out, and market design play out. On merchant revenue alone ERCOT leads, but state capacity contracts can redraw the ranking entirely (Modo Energy, 2026).
Modo Energy builds long-term production-cost models. These build up demand and supply assumptions, settle the market interval by interval, and simulate battery dispatch to estimate what an average battery could earn over the next 15 years. The result is a set of cycles, not a single line.
Forecast BESS revenue by market, 4-hour duration (USD/kW-month, real 2025). Peaks: ERCOT $20 in 2033, CAISO $17 in 2029, NYISO $17 in 2035, ISO-NE $13 in 2037, PJM $15 in 2031, MISO $10 in 2027, SPP $15 in 2027. Source: Modo Energy, 2026.
On merchant revenue alone, energy arbitrage plus ancillary services, ERCOT stands apart. With no capacity market, all of an ERCOT battery's revenue comes from the wholesale and merchant side, averaging close to $14.6/kW-month across the forecast.
Forecast BESS revenue by market, merchant only, 2027 to 2041, 4-hour duration (USD/kW-month, real 2025). Representative nodes. Source: Modo Energy, 2026.
Layer in capacity contracts and state procurement, and the ranking changes. New York's Index Storage Credit lifts a mid-range zone toward the top, alongside CAISO's resource-adequacy revenues.
Forecast BESS revenue by market, with capacity and state contracts, 2027 to 2041 (USD/kW-month, real 2025). NYISO $15.7, CAISO $14.7, ERCOT $14.6, ISO-NE $11.2, PJM $9.8, SPP $6.7, MISO $6.5. Source: Modo Energy, 2026.
Revenue figures change monthly. Ko draws on Modo's live settlement data and forecast model to answer current and forward-looking questions across all seven US markets.
The items we're watching: what is Modo watching across US markets?
No single market is a clear winner. Each has a distinct set of tailwinds and headwinds, and the forward read ranges from high to medium depending on how those forces resolve. The table below is Modo Energy's house view across all seven markets.
| Market | Tailwinds | Headwinds | Forward read |
|---|---|---|---|
| ERCOT | Load up 25% by 2030; potential for huge volatility | Ancillary saturated (97% to 28%); no capacity-market safety net | HIGH, peaking early 2030s |
| CAISO | Resource adequacy gives stable revenues | Large fleet drives cannibalization; limited load growth | MED, high-value RA maintains potential |
| PJM | Capacity at the cap ($329/MW-day); huge data-center queue | Market-design uncertainty; brutal interconnection | HIGH, if BESS can connect |
| NYISO | Index Storage Credit; locational upside downstate | Limited procurement; BESS moratoria | MED, ISC in NYC |
| ISO-NE | Massachusetts Clean Peak ~$159k/MW-year | Value gated to Massachusetts; hard and slow to build | MED, Massachusetts only, mid-2030s |
| MISO | Large anticipated load growth | New gas (ERAS) crowds batteries out; charging limits | MED, dependent on capacity prices |
| SPP | Big offtake opportunities; queue reform is working | High wind, not solar; saturation bites soon | HIGH, early-mover window is now |
Source: Modo Energy analysis, 2026.
As Brandt Vermillion put it in the livestream: "We can't really imagine a future by the end of the decade in ERCOT where you don't have extreme system tightness."
Below are the eight charts the Modo Energy team is watching most closely: the water-cooler conversations from the office.
1. How fast is ERCOT's peak demand growing?
ERCOT peak demand grows about 25% by 2030 on Modo Energy's house view. That is still enormous, even though it sits well below ERCOT's own headline long-term forecast (Modo Energy, 2026).
Modo Energy's July 2026 house view reaches over 105 GW, and around 120 GW by 2035. ERCOT's April 2025 long-term load forecast rose to 207 GW before the operator adjusted it down a month later. Stated interconnection requests from large loads now exceed 400 GW, a figure ERCOT itself treats as unrealistic. Modo Energy builds its view bottom-up, project by project, adjusting for behind-the-meter generation and limited grid connections that reduce observed peak draw.
Observed peak demand (GW): historical, Modo Energy July 2026, ERCOT LTLF April 2025, and ERCOT LTLF May 2025 adjusted. Source: Modo Energy, 2026.
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Why turbine supply, not demand, may be the real ceiling on how fast ERCOT load can grow. Read more →
2. Why do rising turbine costs matter for ERCOT?
Rising gas-turbine costs limit how quickly gas can meet demand growth. Only three major turbine manufacturers serve the Western world, and they are booked out until the end of the decade, pushing quoted prices for 2030 to 2031 delivery to nearly double recent levels (Modo Energy, 2026).
A fixed pool of turbine supply meets a wave of demand, and the price rises. Gas will not be the single solution for meeting load growth. That leaves room for storage and solar, and supports the developer thesis that volatility returns because something must meet the demand.
Build cost for gas generation in Texas, combined cycle (H/J) and Frame CT peakers (USD/kW, 2025 real). Modo Energy versus NREL ATB 2024. Source: Modo Energy, 2026.
ERCOT: TEF yields its first live projects, but the turbine supply chain will limit gas buildout
Why Texas gas capacity falls short of its 10 GW target despite leading all US ISOs on new turbines. Read more →
3. How big is PJM's data-center queue?
PJM's announced data-center pipeline dwarfs today's record peak. From an all-time peak of 168 GW in 2026, announced additions imply a total of 280 GW, though a realistic figure sits closer to 210 GW (Modo Energy, 2026).
The waterfall runs from a 168 GW peak through contracted, under-construction, under-review, and inquiry-stage load to an implied 280 GW. If you believe in going where the load is, PJM is a compelling place to be. But a large question mark hangs over market design, from capacity-price caps to the idea of restructuring PJM itself.
PJM peak load today plus announced data-center additions (GW). Source: Modo Energy, 2026.
PJM is on track to serve over 1,000 data centers by 2030
Where PJM's operating, contracted, and pipeline data-centre load sits by utility and zone. Read more →
4. Why does fast-tracked gas mute MISO's upside?
MISO has fast-tracked gas through a targeted program, and that mutes the volatility upside for batteries. About 5 GW of gas capacity from the ERAS program alone lands in 2028 and 2029, soaking up potential volatility from demand growth (Modo Energy, 2026).
Almost 15 GW of thermal capacity comes off the system by the end of the decade, met by new gas and demand growth at the same time. If all that fast-tracked gas lands, MISO shows less upside than more volatile markets. But it is a big if. Texas has seen grand gas plans lose the best part of half their volume to supply-chain issues.
MISO capacity additions (+) and retirements (-) by technology (GW), 2026 to 2033: coal, ERAS gas, other gas, and batteries. Source: Modo Energy, 2026.
Where to build a BESS in MISO?
The zonal picture behind MISO siting, where capacity value and charging limits point developers. Read more →
5. What do SPP's low average spreads hide?
SPP's low average spreads hide real locational upside. The new SPP West footprint, live across the interconnection seams, has seen some months clear at more than double the spreads in the rest of SPP (Modo Energy, 2026).
SPP West went live only months ago. Because limited transmission connects it to the wind-heavy center of SPP, congestion pushes Western prices higher. The chart tracks top and bottom four-hour price spreads by month, a proxy for what a four-hour battery could earn. Not all parts of a market are created equal, and depth remains a question.
Real-time market TB4s by region, SPP North, South, and West (USD/kW-month). Source: Modo Energy, 2026.
Will SPP double peak demand to 110 GW by 2035?
The demand trajectory behind SPP's locational spreads and where new load concentrates. Read more →
6. How is SPP's new queue process changing development?
SPP's new consolidated planning process has cut interconnection timelines dramatically. Median duration from request to agreement falls from 51 months toward the low 40s, and targeted projects can now move from queue entry to interconnection agreement in under a year (Modo Energy, 2026).
Facing a mandate to meet demand quickly, SPP now targets high-confidence projects and moves them through faster. That brings a lot of batteries through the queue in the next few years. The flip side is that faster development can mean volatility appears later, or to a lesser degree, than in slower markets.
Median duration from interconnection request to interconnection agreement (months). Source: Modo Energy, 2026.
CPP, GRID-C, PILs: how to navigate SPP's new interconnection queue
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7. Why does ISO-NE's Clean Peak matter?
In ISO-NE, the Massachusetts Clean Peak Standard can be worth more than a Maine battery's entire revenue stack. Clean Peak turns an otherwise uninvestable project into a healthy one, though the credits are gated to Massachusetts and hard to secure (Modo Energy, 2026).
The contrast is stark. A battery in Maine earns about $11.78/kW-month in 2030 across capacity, energy arbitrage, and ancillary services. A comparable battery in southeast Massachusetts earns $23.48/kW-month, with Clean Peak credits worth $13.25 of that on their own. It captures the wide range of outcomes possible within a single ISO.
BESS revenue by product, 2030 (USD/kW-month): Maine versus Massachusetts (SE Mass). Clean Peak (CPEC), capacity, energy arbitrage, ancillary services. Source: Modo Energy, 2026.
ISO-NE Market Outlook July 2026: Massachusetts is a bright spot for new BESS in New England
Why Massachusetts Clean Peak is the bright spot, and how the rest of New England compares. Read more →
8. What is the upside and downside range by market?
Outcomes vary widely within every market, so the range matters as much as the average. New York and New England show the widest spreads, driven by state procurement programs that create clear winners and non-winners (Modo Energy, 2026).
The forecast runs multiple macro scenarios: more demand than expected, or more gas landing in Texas than expected, tell very different volatility stories. The takeaway is that zonal and nodal detail matters, and so does looking at more than one scenario.
Indicative BESS revenue range by market, 2027 to 2041 average (USD/kW-month, real 2025): NYISO $7.1 to $20.8, ISO-NE $9.1 to $20.6, CAISO $7.7 to $16.7, ERCOT $10.7 to $16.5, PJM $8.1 to $15.0, SPP $3.3 to $9.0, MISO $6.4 to $8.1. Source: Modo Energy, 2026.
Frequently asked questions
How much battery storage does the US have today?
Installed grid-scale battery capacity across the seven US ISOs now meets close to 7% of combined peak demand, up from just over 0% in 2020. About 90% of that capacity sits in ERCOT and CAISO (Modo Energy, 2026).
Which US market has the most batteries?
ERCOT and CAISO together hold roughly 90% of installed US battery capacity. ERCOT is the largest single market, with 15 to 17 GW installed today, forecast to exceed 30 GW by 2030 (Modo Energy, 2026).
Are US battery revenues rising or falling?
In the mature markets they have fallen. An average ERCOT battery earned about $30/kW over the trailing twelve months, roughly an eighth of two years earlier, as more batteries compete to discharge. Less saturated Eastern markets currently earn more per unit (Modo Energy, 2026).
How much will US battery capacity grow by 2030?
Modo Energy forecasts installed US battery capacity to roughly triple between 2025 and 2030. Eastern markets grow fastest, rising from a small base to about 47% of the national fleet (Modo Energy, 2026).
Which US market has the best battery revenue outlook?
On merchant revenue alone, ERCOT leads at about $14.6/kW-month across the forecast. Once state capacity contracts are included, New York moves to the top at $15.7/kW-month, ahead of CAISO and ERCOT (Modo Energy, 2026).
What policy risks face US battery storage?
The main risks are trade and sourcing rules, including a 58% tariff stack on Chinese cells and FEOC sourcing tests for the tax credit, the sunsetting of wind and solar credits, a public backlash against data-center load, and local opposition freezing BESS permits (Modo Energy analysis, 2026).
What is the Massachusetts Clean Peak Standard?
The Clean Peak Standard is a Massachusetts program that pays Clean Peak Energy Certificates for clean energy delivered during peak periods. For a southeast Massachusetts battery, Modo Energy estimates Clean Peak worth $13.25/kW-month in 2030, more than a Maine battery's entire revenue stack (Modo Energy, 2026).
What tool can I use to get live and forecast data on US BESS revenues?
Ko is Modo Energy's AI assistant, built on proprietary data and long-range forecasts for grid-scale BESS and solar across 13 markets. It covers merchant revenues, wholesale price trajectories, capacity market design, and regulatory outlook to 2050. Ko is designed for investment case analysis, answering market-specific questions about asset returns, forecast scenarios, and market evolution across the US, GB, and Europe.
About the authors
Brandt Vermillion leads US research and analysis at Modo Energy. He has spent three years at Modo Energy covering US power markets and battery storage, and previously worked in the ERCOT grid control room. Find Brandt on LinkedIn.
Quentin Scrimshire is CEO and co-founder of Modo Energy. He has worked in battery energy storage and power markets since the sector's early days, and leads Modo Energy's benchmarking and forecasting across 13 global markets. Find Quentin on LinkedIn.
Sources
- Modo Energy BESS Indices, Benchmarks, and World View forecasts — modoenergy.com/public-indices
- BloombergNEF, Battery Pack Price Survey, December 2025 — about.bnef.com
- American Clean Power Association — cleanpower.org
- ERCOT Long-Term Load Forecast — ercot.com
- US Energy Information Administration — eia.gov
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