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Price Forecasts for the second half of 2025 for the Baltics now available
December 19, 2025 Clean Horizon has released its December Storage Index, providing a monthly snapshot of BESS performance and revenue dynamics across European markets. This update reflects the latest month-on-month developments, capturing how changing market conditions and seasonal patterns are influencing storage revenues across energy and ancillary service markets.
These monthly insights offer a timely view of market movements and help industry stakeholders monitor short-term trends while positioning assets for the months ahead.
Below is the updated overview of regional insights:
Revenues driven down by decrease in day-ahead spreads (-35%) that reached €65/MWh during the month of November. While, overall prices in other markets (imbalance, aFRR) remained unchanged during the last month.
The decline in day-ahead market volatility impacted ancillary services prices, which also dropped. As a result, the performance index for a battery in DK1 decreased in November.
Similarly to DK1, the reduction in energy-market volatility led to lower revenues for battery assets over the month of November.
As expected and following the same trend as in other European countries, the BESS index further dropped this month for all durations. The decrease in capacity reservation prices (-25% on average across ancillary services) could not be offset by energy trading, as both mFRR energy and aFRR energy activation markets showed lower spreads, in line with day-ahead prices (-45% on average).
In November, revenues declined by 37% due to a sharp drop in aFRR capacity prices; day-ahead spreads also fell from 89 to 66 €/MW/h on average compared to October, and up- and down-capacity prices decreased from 45 to 30 €/MW/h.
In November, revenues fell by 40% for all sizes of BESS, due to lower volatility on the day-ahead market and a decrease in capacity reservation prices on the FCR and aFRR markets, which returned to levels close to those from January to March 2025. This seasonal effect is recurring, and revenues for November 2025 are in the same range as those for November 2023 and 2024.
A reduction in the DA and MSD ex-ante spreads along with relatively stable spreads on MB have resulted in a 20% drop in the 2h index in November.
A 15% drop in aFRR capacity and a 20% drop in mFRR capacity in November resulted in an approximately 20% decline in total revenue for 2-hour and 4-hour batteries in Poland.
In November, BESS revenues decreased by 13% on average for all durations. This decline was mainly driven by lower mFRR spreads (-12%) and DA spreads (-23%). aFRR reservation up prices also fell by 29% on average, while aFRR reservation down prices increased (+17% on average). aFRR activation spreads rose slightly (+4% on average).
There was a nearly 35% drop in the 2h index this month, mainly due to a 40% reduction in mFRR capacity prices and a 40% drop in mFRR energy spreads.
For the fourth consecutive month, revenues declined again, with a particularly sharp drop this month. Between October and November, revenues for a 2-hour battery fell by 44%. The steepest decline was observed in aFRR capacity reservation revenues (-82% month-on-month), as the average aFRR up + down price collapsed from 39.18 €/MW/h in October to 5.3 €/MW/h in November. FCR reservation prices, still the main revenue source in the Baltics, also fell by 33%.
Latvia experienced a significant deterioration in market revenues in November, with a 52% decrease compared to October. The decline was mainly driven by the aFRR capacity reservation market, where revenues dropped by a factor of 28 due to a sharp price fall (from 70.1 €/MW/h in October to 4.9 €/MW/h in November). FCR reservation prices, the main revenue source in the Baltics, also declined by 25% month-on-month.
Lithuania recorded a severe revenue decline in November (-55% compared to October). The drop was mainly driven by the aFRR capacity market, where revenues were divided by 27 following a major price collapse. The average aFRR up and down price fell from 70.1 €/MW/h in October to just 4.9 €/MW/h in November. FCR reservation prices, the main revenue stream in the Baltics, also decreased by 26% month-on-month.
You can find the updated Storage Index here.
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