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Financial sponsor capital increasingly complements utility investment in battery storage
With BESS now an investable asset class, infrastructure funds are acquiring developer platforms and financing large portfolios to accelerate deployment across Europe. Carlos Candil and Carlo de Haas of Lincoln International are dissecting the trend.
Mar 06, 2026
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Steady but not static: Battery revenues in January 2026
January brought a largely balanced power system to Germany, with firm winter demand, scarce negative prices, and contained volatility. Yet beneath stable price levels, revenue opportunities shifted across wholesale and balancing markets. Lennard Wilkening, CEO and Co-Founder of suena energy, breaks down how battery optimization performed in this compressed yet still actionable market environment.
Germany’s grid-fee reform threatens energy storage investment
Energy storage systems are indispensable for the German energy system. They increase security of supply, reduce energy costs, and support efficient grid operation. However, investment security is at risk. The AgNes grid fee reform and the elimination of the exemption from grid fees for storage systems are causing investors to hesitate and projects to stall.
Merchant risk and platform value: Batteries move to the core of the energy transition
The combination of regulatory clarity, growing system demands and a range of investment opportunities across a broad spectrum of contracting structures makes BESS an increasingly attractive asset class for financial sponsors across Europe, write Carlos Candil and Carlo de Hassof Lincoln International.
The business case for C&I storage
In 2024, European businesses installed roughly 20 GW of commercial and industrial (C&I) solar, but only around 1 GW/2 GWh of C&I battery storage. The gap is striking. Both technologies promise lower energy bills, improved resilience, and decarbonization, but batteries are yet to achieve the same commercial traction that solar enjoys. LCP Delta’s Dina Darshini asks why the gap persists.
From FTM to BTM: The evolving investment case for battery storage
Front-of-the-meter battery energy storage systems (BESS) remain a highly attractive segment particularly for the core plus infrastructure space. That said, Lincoln also sees attractive investment opportunities emerging in the behind-the-meter BESS segment with the potential to deliver superior returns, write Carlos Candil and Carlo de Hass.
A calm end to 2025, with flexibility still paying off
December closed out 2025 in Germany with a well-balanced power system, and the lowest battery revenues of the year. Fewer price signals, flatter load curves, and softening reserve prices tested the limits of single-market strategies. Lennard Wilkening, CEO and co-founder of suena energy, breaks down what defined the month and what it means heading into 2026.
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Shifting global battery storage trends could open the door for European growth
Global investment in battery energy storage systems (BESS) is entering a new phase, moving from niche pilot projects to large-scale grid integration. Europe’s ability to translate lessons from the United States – in policy clarity, contracting, and hybridisation – will define how quickly the market reaches maturity, NORD/LB experts write.
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Battery boost needed to solve India’s energy gridlock
India has made significant strides toward its goal of achieving 500 GW of non-fossil fuel generation capacity by 2030. However, this progress could be undermined if more focus is not placed on the integration of renewables. Rystad Energy analyst Uttamarani Pati examines India’s progress on storage and transmission upgrades.
Stable, not volatile: How battery storage shapes electricity prices
The energy transition is facing a new challenge: rather than being determined by the total amount of energy generated, supply security is now dependent on its flexibility. The availability of electricity increasingly depends on when and where it is fed into or extracted from the grid, rather than on its overall production alone, writes Philipp Merk, founder and managing director of Kyon Energy.
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Back in motion: Battery revenues surge as volatility returns
After a relatively slow couple of months, September brought back a more favorable trading environment for battery operators in Germany. Lennard Wilkening, CEO and Co-Founder of suena energy, unpacks what drove the rebound and why precision and the right strategy are set to matter even more as day-ahead trading transitions to 15-minute granularity.
Beyond revenue potential: Navigating the technical complexities of BESS optimisation
As competition in the battery energy storage system (BESS) sector intensifies, developers must navigate not only market volatility and price saturation but also complex operational factors that directly influence profitability. In our experience, focusing solely on projected revenues without accounting for technical and regulatory challenges can quietly erode long-term returns, write Edward Treloar and Anna Gerokostopoulou of Sympower.
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