Battery revenues rise everywhere in Europe other than Baltics in August 2026

The potential revenues of battery energy storage systems (BESS) in Spain increased between 1% and 6% in August compared to July, according to the monthly analysis by the French consultancy Clean Horizon.

This would imply a range of €482,000–€506,000/MW/year for 2 hours and €657,000–€689,000/MW/year for 4 hours. The positive trend was observed across durations and was driven by increases in aFRR capacity prices and continuous intraday market prices, while accessible spreads in the aFRR and day-ahead markets also widened.

This trend further highlights the growing importance of market mix for BESS profitability. Participation in ancillary services can complement revenues from arbitrage in the day-ahead and intraday markets, allowing battery operations to be shifted towards markets with the most favorable economic signals at any given time.

Clean Horizon’s analysis uses battery revenue indices that combine opportunities available in the wholesale and ancillary services markets. The performance in Spain contrasts with that of several other European markets, where BESS revenues declined in August due to lower volatility or reduced prices for balancing services.

Differences between European markets

Spain’s performance in August was just one part of the wider European landscape. In France, revenues increased by 6.1% to €294,000/MW/year, driven by a 17.7% rise in aFRR capacity prices, a 12.3% increase in aFRR energy spreads, and an 11.5% increase in day-ahead market spreads. FCR prices also rose by 7.9%.

Italy saw a more moderate increase. The day-ahead market spread reached €131/MWh, 34% higher than the previous month, which boosted gross revenues for a two-hour battery by 2.2% to €331,000/MW/year.

In Portugal, one of the markets closest to Spain, revenue from a two-hour battery increased by 16% in August. Clean Horizon attributes this growth to increased volatility in wholesale prices: the accessible spread in the day-ahead market grew by 32%, while the price in the continuous intraday market increased by 36% compared to July.

In Germany, by contrast, battery revenues declined between 1% and 6%, depending on the duration. ‘aFRR DOWN’ prices remained high and positively correlated with solar production, but falling ‘aFRR UP’ reserve prices reduced revenues.

In Finland, increased volatility in the day-ahead market benefited batteries. The average daily spread reached €65/MWh, approximately three times higher than in July, while volatility in the aFRR and mFRR energy markets followed a similar trend.

Poland maintained high revenue levels despite an 8.6% monthly decline in the two-hour battery index. The day-ahead market spread increased by 32% to €237/MWh, while ancillary capacity reservation prices rose by an average of 8%.

The Baltic markets showed a different trend. In Estonia, revenue from a two-hour battery decreased by 13% since July, to €152,000/MW/year, while in Latvia and Lithuania it fell by 17%, to €307,000 and €251,000/MW/year, respectively. In these latter two markets, mFRR capacity reserves continued to account for 54% of revenue.

Romania saw an approximate 35% drop in demand for two- and four-hour batteries. In this case, Clean Horizon attributes the reduction to the decline in aFRR energy spreads and increased competition following the commissioning of new BESS assets, such as the Gura Ialomiței battery energy storage system.