Independent assessment of historical and future achievable revenues for large-scale battery storage systems
For one year now, enervis has been publishing a monthly Battery Storage Index based on historical market data, reflecting revenue opportunities for battery storage systems. The index is based on historical market data and illustrates revenue potential from participation in both the intraday market and the balancing power markets. For each month of the past 13 months, the respective achievable revenues are reported.
June revenue
After the already strong previous months, achievable BESS revenues in Germany remained at a high level in June and increased slightly further. Revenues reached around €18,000 per megawatt, approximately 1% above May and broadly in line with the level observed in June 2025. Market conditions remained favorable. Spot market spreads increased further (day-ahead: approximately +16% compared to May), driven by several pronounced price spikes, particularly during the heatwave at the end of June. Between 18 and 30 June, day-ahead prices exceeded €500/MWh on four evenings, once again highlighting the value of battery storage and flexible trading strategies during periods of high market volatility. Ancillary service markets also contributed to the high revenues, as prices for Frequency Containment Reserve (FCR) and automatic Frequency Restoration Reserve (aFRR) remained at relatively elevated levels.
General trends
Monthly achievable revenues have fluctuated considerably over the past 13 months. The maximum was reached in September 2025 at €18,900 per megawatt per month, while the minimum occurred in December 2025 at €5,700 per megawatt per month.
Battery revenues tend to be higher during the summer months. This is primarily due to strong photovoltaic generation during these months combined with comparatively lower overall electricity demand. In addition, conventional generation capacity is seasonally less available during summer, partly due to maintenance activities and potentially lower efficiency of gas-fired power plants at high temperatures. Wind availability is also typically lower during summer compared to winter or autumn months. As a result, short-term feed-in fluctuations or forecast deviations in PV generation during summer months lead to greater market volatility. This is directly reflected in more intensive trading activity in the intraday market.
Over the past twelve months, battery storage revenues averaged just above €12,500 per megawatt per month (approximately €150,500 per megawatt on an annual basis).
Expected June revenues
Analogous to the approach used for the historical analysis, the Enervis Battery Storage Index also provides a forward-looking perspective. Based on our current power price forecasts, the operation of a typical stand-alone battery storage system is modelled for the year 2026.
The underlying enervis electricity price scenario used for the 2026 revenue forecast has been updated to the Current Efforts Q3 2026 scenario. Modelled revenues in the updated scenario are lower than those in the previous Q2 2026 scenario. Overall, expected revenues decrease by approximately €13.1k/MW, corresponding to a reduction of around 8%. Lower short-term gas price assumptions following easing expectations around the conflict in Iran, together with methodological improvements based on observed market effects following the introduction of 15-minute products in the day-ahead market, result in lower short-term BESS revenues. Expected revenues currently amount to €151,500/MW, around €1,000/MW above the average achievable revenues observed over the past twelve months. The storage parameters have been kept unchanged.
Methodological explanation: The Enervis Battery Storage Index shows the monthly net revenues that can be achieved historically and in the future in Germany for a 1 megawatt capacity and 2 megawatt hours storage volume (2 hours) battery storage system. The storage system was modeled with a use restriction of 1.5 cycles per day, a maximal depth of discharge of 90%, a technical availability of 97% and a round-trip efficiency of 87%. The index takes into account participation in the following markets: Intraday, Frequency Containment Reserve (FCR) and automatic Frequency Restoration Reserve (aFRR). Imperfect foresight and no revenues from aFRR energy are modeled. The respective prices of the markets for the historical analysis are taken from publications of the transmission system operators and EPEX-Spot. The future outlook is based on the same modeling and parameters and prices from the current Enervis power price scenario Current Efforts Q3/2026.
Further information:
If you are interested in a more detailed analysis and the full report, you can request it here.
Authors:
Mirko Schlossarczyk – Managing Director of enervis energy advisors is an experienced energy market expert. His consulting focus is on electricity price forecasts, electricity market scenarios and the asset valuation of BESS.
Jonas Anthonioz – Consultant at the energy economics consultancy enervis energy advisors, where he is responsible for battery storage-related topics. In addition to his usual tasks in revenue assessment and profitability analysis of battery storage projects, he developed the enervis BESS Index and the associated BESS Index Report.
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