The Energy Storage Report 2024

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UK BESS revenues fall to lowest level ever in December, says Modo


Market analytics firm Modo Energy recorded the lowest average revenue levels to-date for UK BESS projects in December 2023, the firm said.

Average revenue for Balancing Mechanism-registered battery energy storage system (BESS) projects fell by 16% month-on-month in December 2023, to £2.5k/MW (US$3.2k/MW).

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The firm confirmed that the fall was a continuation of frequency response revenues falling since the launch of the enduring auction capability, a mechanism designed to help deliver co-optimised procurement for day-ahead frequency response and reserve products, in November.

Interestingly, Modo’s research indicates that assets over 1.5 hours in duration earned around £3.3k/MW on average, whereas assets under 1.5 hours saw revenues of around £2.1k/MW.

This caps off what could be seen as a stutter in UK BESS market, with average revenue levels for batteries having dropped by 67% year-on-year (YoY) to £51k/MW. explored the falling revenues and the implications of this for the UK BESS market in a Premium article in October 2023.

To see the full version of this article go to Current.’ publisher Solar Media will host the 9th annual Energy Storage Summit EU in London, 20-21 February 2024. This year it is moving to a larger venue, bringing together Europe’s leading investors, policymakers, developers, utilities, energy buyers and service providers all in one place. Visit the official site for more info.

12 November 2024
San Diego, USA
As we see more storage projects become operational, the big question is “how to maximize your assets?” This event will prepare the industry for the road ahead, looking at the core fundamentals of asset management, understanding operational challenges, along with the latest optimization and software development. You can expect to meet and network with all the key industry players from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

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