Previous
February Storage Index is out!
April 20, 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:
March recorded a 60% increase in BESS revenues, driven by wider spreads in day-ahead, imbalance, and aFRR energy markets. This trend is largely attributable to the growing impact of renewable generation, which is reflected across all energy markets.
In the DK1 zone, the recent increase in volatility had a good impact on the reservation price for the mFRR capacity market. Expensive assets where in the merit order and we have seen a 36% increase in price. The intraday market is therefore still profitable, leading to an increase in revenue for BESS assets.
Despite the increase in volatility on the DA market, the prices for capacity on the aFRR and FCR market has reduced the revenues for a BESS assets in DK2. This is also mainly due to the low volatility on the intraday market compared to DK1.
In March, balancing service prices declined sharply. In particular, the main revenue streams for storage in Estonia were significantly impacted: the average price for primary reserve (FCR) dropped by 73% month-on-month, reaching only 4.9€/MW/h, while mFRR capacity prices decreased by 42% on average.
Overall, March revenues for a 2-hour battery fell by 45%, down to 303k€/MW/year. mFRR capacity reservation and day-ahead revenues remained the two main revenue streams.
In March, BESS revenues dropped across all battery discharge durations, mainly due to lower energy market volatility. The average daily spread on aFRR and mFRR energy activation markets was halved, reaching around 120€/MWh this month. The decline was even more pronounced in the day-ahead market, where the average daily spread fell to 46€/MWh.
Revenues increased in March compared to February by 7%, driven by wider market spreads. Day-ahead spreads rose by 53%, while spreads in aFRR energy and mFRR energy increased by 15% and 16%, respectively, contributing to higher overall revenues. On the other hand, aFRR capacity prices also increased by 40%.
In March, seasonality effect starts to kick in, and BESS profitability increases by over 70% for all durations. aFRR down mean reservation prices saw a 4-fold increase, driven by very high prices for the 12AM-16PM product which average 40 EUR/MW/h. Additionally, spreads on the day-ahead also increase by 135%. BESS could be paid to charge during the 23 negative calendar hours in March, occuring during high solar production but also high windy period at the end of the month.
The 2h Index drops by 17% to 270kEuro/MW/yr in March mainly because of a drop in expected revenues from Intraday. March still is the 2nd best month for a 2h BESS in SUD since the beginning of the index, the highest being the previous month.
Across the Baltics, balancing service prices declined sharply in March across all reserves. FCR prices dropped by 73% month-on-month, from 17.89€/MW/h to 4.89€/MW/h, leading to an almost complete disappearance of FCR revenues from this month’s revenue stack.
However, revenues were still supported by relatively high mFRR capacity prices, averaging 8.82€/MW/h despite a 30% decline from February levels. In addition, day-ahead spreads remained strong, reaching 174€/MWh.
Overall, revenues for a 2-hour battery declined by 46%, reaching 334k€/MW/year, with 44% of revenues coming from participation in the day-ahead market.
In March, balancing service prices also declined significantly. FCR prices dropped by 73% month-on-month, from 17.89€/MW/h to 4.89€/MW/h, leading to the near disappearance of primary reserve revenues from this month’s revenue stack.
However, mFRR capacity reservation prices only slightly decreased (by 20%), maintaining average levels around 10€/MW/h (up + down). Overall, revenues for a 2-hour battery declined by 43%, reaching 325k€/MW/year, with 57% of revenues coming from tertiary reserve.
Ancillary services prices spiked again this month in Poland, with aFRR price reaching an average of 80€/MW/h. DA spread also doubled, going from 92€/MWh to 193€/MWh. This results in a 34% increase of the 2h index, almost reaching 500 k€/MW/year.
In March, BESS revenues in Portugal increased by 72% on average for all BESS durations. This is mainly driven by a strong increase in the aFRR capacity reservation prices (+89%) as well as by an increase in all accessible spreads (DA, aFRR energy and mFRR energy).
In March, a BESS could have won 386 k€/MW/year in Romania, an increase of 19% on average compared to the last month. This is mainly driven by the increase in Day-ahead spreads and aFRR energy spreads.
In March, BESS revenues in Spain decreased by 17% on average for all BESS durations. This is mainly driven by a decrease in the accessible spreads on the ID as well as a decrease in aFRR reservation prices.
In the SE3 zone, mFRR capacity prices low at 8.76 Euro/MW/h (UP+Down) which is nearly 60% lower than the previous month. Revenues from aFRR capacity fill the gap aided by nearly 400% rise in capacity prices, providing 40% of the total revenues in case of the 2h BESS index. Still, the 2h index has reduced by 27% 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.
