Its operational capacity grew 45% to 421.4MW at the end of the period, while the average weighted revenue per MW per year across markets was £133,000. However, as shown in the table below, the picture was very different across its markets.

Market saturation and falling revenues in GB have been well-documented while a similar thing has been happening in Germany.

The Texas market, managed by grid operator ERCOT, meanwhile has proved highly lucrative particularly during Summer 2023 and is a hotbed of BESS deployment activity – though market saturation is reportedly starting there too.

High wind penetration in Ireland meanwhile has led to spikes in Day-Ahead and Intra-Day prices as well as increased revenues from ancillary service DS3 (Delivering a Secure Sustainable Electricity System) as well as a jump in SNSP (System Non-Synchronous Penetration).

The company will enter its fifth market with the energisation of a 400MWh BESS project in California, the world’s largest BESS market, later this year.

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