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November 20, 2025 Clean Horizon has published the latest edition of the Storage Index, delivering a comprehensive overview of BESS performance and revenue dynamics across Europe. Our analysts continue to track key market trends, highlight evolving opportunities, and provide reliable intelligence for developers, investors, and policymakers.
Below is the updated overview of regional insights:
Revenues in Belgium are down 25% vs. the previous month. This drop is primarily driven by a 50% decrease in aFRR capacity prices, following the commissioning of Engie’s Vilvoorde project, as well as by lower spreads (–20%) in the day-ahead market.
The DK1 region benefited from very attractive prices in the aFRR discharge reservation market during October, showing an increase compared to September. In the energy markets, spreads slightly narrowed due to rising demand and lower solar generation. Overall, battery revenues increased in this area.
Similar to DK1, aFRR reservation prices rose, but this increase did not offset the sharp decline observed in mFRR reservation prices. In the energy markets, spreads also tightened as winter approached. This drop in mFRR reservation prices led to a significant decrease in battery revenues in this region.
In October, BESS revenues went through a sharp decrease over the three durations, due to a drop in all capacity reservation market prices compared to the previous month. The most significant change concerned the FCR-D Down ( -67%) and mFRR down prices ( -59%). In consequence, BESS activities shifted towards energy trading, profiting off slightly improved day-ahead spreads ( +14%).
Revenues in France have decreased by 8% compared to September, driven mainly by a 30% drop in aFRR capacity prices versus last month. However, aFRR and mFRR spreads have increased by 15% and 80% respectively.
In October, revenues have slightly decreased for 1-hour and 2-hour BESS in Germany (-7% and -4% respectively), while 4-hour BESS revenues have slightly increase (+7%) compared to last month. While average aFRR reservation prices remains above the 25 euros/MW/h for the UP auction, the prices on the DOWN auction have decreased to 16 euros/MW/h in October. This results in a growing share of revenues coming from trading for all BESS.
A doubling of expected intraday revenues has lead to a 50-75% (depending on duration) improvement in total revenues.
In October, DA spreads have decreased to more reasonable values compared to September. However, an increase in the aFRR reservation prices made the total revenues of the BESS increase during the past month.
In October, the BESS revenues have decreased by 7% on average for all durations. This revenue diminution is mainly explained by the fall on the aFRR spread (-25%) as well as on the mFRR spread (-24%). The aFRR reservation up prices have also decreased by 13% on average. The only prices on which an increase can be witnessed are the aFRR reservation prices down (+31% on average). The DA spreads have also increased by 25% on average.
The Sweden index experiences a 20% jump this month. The mFRR capacity reservation revenues continue to dominate the revenue stack with a 75% share, aided by a 10% rise in reservation prices.
Revenues decreased by approx. 20% compared with September. This was driven largely by a sharp drop in aFRR capacity prices, which fell by around half on average versus September. mFRR capacity prices also declined. Overall, the revenue stack remains strongly supported by the still very significant opportunities in the FCR market.
Revenues declined by around 28% compared with September. This was mainly driven by a steep reduction in aFRR capacity prices, which fell from 123 €/MW/h (up + down) to 70 €/MW/h. mFRR capacity prices also dropped significantly. Overall, the revenue stack remains strongly supported by the both FCR and aFRR, representing 72% of the total revenues for a 2-h BESS.
Revenues decreased by approx. 26% compared with September. This was driven largely by a sharp drop in aFRR capacity prices, which fell from 123€/MWh (up+down) to 70€/MW/h. mFRR capacity prices also declined sharply. Overall, the revenue stack remains strongly supported by the both FCR and aFRR, representing 76% of the total revenues for a 2-h BESS.
You can find the updated Storage Index here.
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