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Research

German BESS investment outlook: Risk analysis
Market Outlook

4 days ago

German BESS projects deliver 12–14% unlevered IRRs. But how far can those returns fall? A merchant battery is exposed to the power market for 20 years. Returns are heavily influenced by gas prices, demand development, buildout pace and specific project risks.
German BESS investment outlook: Market fundamentals
Market Outlook

5 days ago

4-hour battery systems deliver 13.7% IRR in Germany, outperforming 2-hour configurations. What market forces are driving that shift?
January 2026 GB Forecast update: Modelling changes and revenue impacts
Market Outlook

02 Feb 2026

The January 2026 GB forecast shows gas prices 3% lower and carbon prices 11% higher than the previous forecast.
How Flexible Connection Agreements Could Cut German Battery Revenues by 20%
Market Outlook

26 Jan 2026

Germany's grid operators face over 720 GW of pending battery storage connection requests. That's nine times the transmission network's annual peak load. To manage this backlog, flexible connection agreements (FCA) are becoming standard. FCAs limit grid access by capping power flows, slowing ramp rates, and restricting ancillary service participation.

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