Enervis German BESS Index: Revenues declined again in February

Achievable BESS revenues declined again in February 2026 in Germany, following the moderate rebound observed in January, averaging around €5,500 ($6,400) per megawatt per month. This represents a 21% decrease compared with January and remains 19% below February 2025 levels.

Spreads in the spot markets remained relatively weak and were broadly in line with December and January levels. A day-ahead price peak above €240/MWh on 9 February, along with sunny conditions during the last weekend of the month leading to negative prices, temporarily widened spreads and improved arbitrage opportunities for battery storage systems. At the same time, ancillary services prices remained stable at low levels, continuing to constrain overall revenue potential.

General trends

Enervis has been publishing a monthly Battery Storage Index based since the first quarter of 2025. The index is based on historical market data and illustrates revenue potential from participation in both the intraday market and the balancing power markets. Respective achievable revenues are reported for each month of the past 13 months.

Monthly achievable revenues have fluctuated considerably in that time. The maximum was reached in May 2025 at €19,100 per megawatt per month, while the minimum occurred in December 2025 at €5,000 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 fall 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 €12,100 per megawatt per month – approximately €145,600 per megawatt on an annual basis.

Expected revenues for 2026

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 standalone battery storage system is modeled for the year 2026.

The projection of achievable revenues continues to be based on our Current Efforts Q1/2026 scenario; no update of the scenario was carried out this month. The forecast revenues currently amount to €145,600 per megawatt per year. This is slightly above the average achievable revenues of the past twelve months, but still within a comparable range, as shown in the Enervis Battery Storage Index. Storage parameters were kept unchanged.