Previous
Germany's Price Forecast S1 2026: opportunities and risks
May 21, 2026 Clean Horizon delivers the latest snapshot of BESS performance across Europe – clear, concise, and focused on the trends that matter most to developers, investors, and policymakers.
Below is our latest snapshot of regional insights:
April recorded a back-to-back increase in revenues. The index recorded a 15% increase if compared to March, as the renewable generation keeps increasing, imbalance prices become more interesting in solar months, thus becoming one of the main revenue sources for batteries in the country.
Revenue in DK1 declined in April compared to March, which had been higher due to the war in Iran. For a 2-hour battery, the drop in revenue is approximately 20%. This is primarily due to lower prices for ancillary services and reduced volatility in the day-ahead market.
The revenue stack for a DK2 battery continued to decline in April. This is due to lower prices for ancillary services and reduced volatility on the DA. As a result, the index fell by 20% in April compared to March.
As in March, revenues decreased sharply in April, again by 45% for a 2-h BESS – reaching 170k€/MW/year. Average prices for reservation balancing services continued to decline, falling by more than 50% for FCR and aFRR. Also, the Day-ahead spread have also declined – by 34% compared to March.
Finnish energy markets opportunities increased last month, mainly thanks to a 90% increase in the DA spread. Ancillary services capacity reservation markets show prices still relatively low, but the 2-hour index went up again to reach 110€/MW/year last month.
For a 2-hour BESS, revenues increased by 48% in April compared to March, mainly driven by the sharp increase in aFRR reservation prices especially for upward products which nearly doubled alongside the increase in reserved volumes. Wider market spreads also contributed to the revenue increase.
Revenue in Germany rose by around 30% for all sizes of BESS during April. Wind production stays on the same high levels tracks than March, while solar production has increased significantly. The number of negative spot market prices has risen (above 90 calendar hours), even hitting the -500 EUR/MWh threshold by end of April. While the volatily on the day-ahead was high, aFRR DOWN reservation prices have risen. This rise in aFRR price is particularly correlated with the high solar production, as the increase is driven by high price on the 12h-16h product.
April 2026 was the best month for the SUD index since Clean Horizon began analysizing it. The 4h index rose 49% to 549 keuro/Mw/yr. The increase can be mainly attributed to better opportunity on the day-ahead market.
As in March, revenues decreased sharply in April, again by 46% for a 2-hour BESS, reaching 181 k€/MW/year (the highest revenues compared to the other Baltic states). Average prices for balancing service reserves continued to decline, falling by more than 60% for FCR and aFRR. Day-ahead daily spreads also declined, by 34% compared to March.
As in March, revenues decreased sharply in April, again by 49% for a 2-h BESS – reaching 166k€/MW/year. Average prices for reservation balancing services continued to decline, falling by more than 60% for FCR and aFRR. Also, the Day-ahead daily spread have also declined – by 34% compared to March.
Due to opportunistic behaviors on the aFRR reservation market, prices almost doubled to reach 136 €/MW/h on average. In the meantime, the Day-ahead spread still setlled at 203 €/MWh, a 5% increased compared to March. As a result, the 2-hour index is up 55% this month, reaching 771 k€/MW/year.
In April, BESS revenues in Portugal decreased by 12% on average for a 2-hour BESS. This is mainly driven by a decrease in the aFRR reservation prices upwards and downwards, as well as the accessible spreads on the aFRR activation.
In April, a 4-hour BESS could have won 469 k€/MW/year, an increase of 21% compared to last month. An increase correlated with the increase on mFRR capacity price.
For a 2-hour BESS, revenues decreased by 9% in April compared to March. This is mainly driven by a decrease in the accessible spreads on aFRR and mFRR energy and on the ID.
The 2h index drops by 10% to 146kEuro/MW/yr in april due to a reduction in capacity prices for FCR and mFRR capacity. FCR-D capacity volumes dropped by 96% which led to their disapearance from the revenue stack this month.
___________________
For deeper, high-frequency insights, explore the Premium Index – our advanced analytical tool designed to support strategic decisions and maximise storage asset performance.
Contact the Clean Horizon team to learn how the Premium Index can support your energy storage strategies.
