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June 22, 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:
In May, BESS revenues remained stable with a slight decrease if compared to the month of April. This slight decrease is due to a drop in reservation prices while revenues availables for arbitrage remained the same. The index revenues are at 270 k€/MW/y for a 4-hour battery configuration.
In May, revenue dropped in the aFRR and mFRR capacity market, showing already a cannibalisation on those market. However, some opportunities remained on the FCR, keeping the total revenue close to the previous month.
In May, the DK2 zone has seen some good opportunities on the intraday. Even though the aFRR and mFRR capacity market prices dropped, the intraday market enable BESS assets to capture more revenues than the previous month.
In May, revenues remained stable compared to April, at around 175k€/MW/year for a 2-hour BESS. Estonia remains the Baltic country with the lowest prices for ancillary services. mFRR reservations continue to be the main source of revenue, accounting for 44% of total revenues. The daily Day-Ahead spread also remained stable during the month, averaging around 107€/MWh (1-hour spread).
In May, BESS revenues have stagnated. Capacity reservations prices have slightly increased, but not enough to draw major changes in the overall revenue stack, which is still mostly composed of energy market revenues.
Revenues for May decreased by 17% compared with the previous month, mainly due to lower aFRR and mFRR energy spreads, as well as aFRR reservation prices. Despite this decline, revenues remain quite attractive for a 2-hour BESS operating in France.
In May, revenues of German BESS have increased by around 5% compared to previous month. Capacity reservation prices on FCR and aFRR auctions stay to their April levels, that is to say above 20 EUR/MW/h in average. Similarly, 1-hour daily spreads on the day-ahead remain very high, with a average above 170 EUR/MWh for the past three months.
May 2026 has seen remarkable revenues accross all market zones in Italy, especially for the Central and Southern ones (CNOR, CSUD and SUD) that set new records since Clean Horizon began analysing it. The 4h index reached 523 k€/MW/year for CNOR, 445 k€/MW/year for CSUD and 640 k€/MW/year for SUD. The Northern zone remains the one with the highest 4h index (654 k€/MW/year) thanks to consistent volumes and spreads on mFRR energy, leading mFRR revenue stream to account for 80% of total 4-hour BESS revenues.
Revenues in May increased significantly compared to the previous month, returning to March levels and reaching 338k€/MW/year, representing an 87% month-on-month increase.
This strong rebound was mainly driven by exceptionally high prices in the aFRR capacity market, with an average upward aFRR capacity price of 219€/MW/h on 29 May alone. The monthly average aFRR capacity price increased from 2.4€/MW/h in April to 9.8€/MW/h in May, significantly contributing to the increase in BESS revenues.
Revenues in May increased significantly compared to the previous month, returning to March levels and reaching €326k/MW/year, representing almost a doubling compared to April revenues.
This rebound was mainly driven by very high prices in the aFRR capacity market, with an average upward aFRR capacity price of 219€/MW/h on 29 May alone. The monthly average aFRR capacity price increased from 2.4€/MW/h in April to 9.8€/MW/h in May.
aFRR capacity reservation prices settled at more than 120€/MW/h again on average this month, allowing a 2-hour battery to earn more than 800 k€/MW annualized. Polish was once again the most profitable market in Europe during May.
Revenues in May increased significantly, by 43% compared to April for a 2-hour BESS. Capacity prices in Portugal increased in May by 15%. The revenues increase in Portugal was also driven by the high increase in accessible spreads on aFRR, mFRR energy (41% and 43% respectively) and on Day-Ahead, which increased to 121€/MWh on average.
In May, the revenues accessible to a 4-hour battery have decrease by 4.3% compared to last month. This is mainly linked to a decrease in mFRR capacity prices and aFRR energy spreads. The Day-ahead 1-hour spreads remain at a good level (222 €/MWh).
For a 2-hour BESS, revenues increased by 5.5% in May compared to April. This is mainly driven by an increase of 21% of aFRR capacity prices, as well as an increase in the accessible spreads on mFRR energy and on Day Ahead.
The 2h index has increased by 16% this month, reaching 170 k€/MW annualized. This is due to an increase in capacity reservation markets (all except aFRR), and an average day-ahead spread still settling at around 93€/MWh.
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