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Research

September 2025: BESS in CAISO earn merchant revenues of $2.54/kW
Benchmark Report

06 Oct 2025

Merchant revenues for battery energy storage systems settled at $2.54/kW-month in September 2025, which represents a 45% decrease from September 2024.
August 2025: CAISO's BESS merchant revenues land at $2.5/kW-month
Benchmark Report

05 Sep 2025

CAISO's grid-scale battery revenues in August 2025 came in at $2.5/kW-month, 7% higher than July. Year-on-year, that represents a 40% decrease.
CAISO: Flexible Ramping Product is tailored to BESS, but opportunity is limited
Market Analysis

27 Aug 2025

CAISO’s net load can swing more than 20 GW in an hour. This extreme variability led to the development of the Flexible Ramping Product.
CAISO: Calm weather caps July 2025 revenues
Benchmark Report

15 Aug 2025

Merchant battery energy storage revenues in CAISO landed at an average of $2.33/kW-month for July 2025. This represents a decrease of 64.8% from July 2024.

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