Portfolio performance is the independently confirmed revenue achieved by an optimizer through cross-market battery optimization. It is the only metric showing real BESS revenues. The data provides key insights into market trends and revenue dynamics, bringing clarity to how market conditions shape commercial outcomes. In a push for more transparency in the industry, enspired decided to make this information publicly accessible and remains the only optimizer to do so. Results will be updated regularly as new certifications become available.
The charts below represent enspired's portfolio performance. They show revenues for grid-scale BESS projects with durations from 0.9-1.5 hours and 1.51-3.5 hours, located in Germany, optimized across all revenue streams (wholesale, FCR, and aFRR). The underlying figures are also part of the report in which they were subject to independent limited assurance by Austrian Chartered Accountant KPMG Austria GmbH.
Reports Q1, 2026
Glossary
MoM: month-on-month/month-over-month
aFRR: automatic Frequency Restoration Reserve
FCR: Frequency Containment Reserve
January 2026 marked a clear shift away from December’s relatively flat winter profile into a more volatile, scarcity-leaning regime in wholesale and balancing energy markets. While total revenue remained broadly stable month-on-month, the revenue mix changed materially.
Longer-duration assets (~2h+) experienced higher cycling frequency but slightly lower value per cycle, while shorter-duration assets (<1.5h) benefited strongly from increased intraday volatility and balancing energy conditions.
Shorter-duration assets: MoM +10.5% uplift in revenues; +23.6% increase in daily cycles (1.06 -> 1.31 cycles/day)
Longer-duration assets: MoM -2.0% decline in revenues; +17.4% increase in daily cycles (0.93 -> 1.09 cycles/day)
In January 2026, our 2-hour BESS portfolio in Germany realized an annualized average of EUR 105,359.44/MW, with an average of 1.09 daily cycles.
The best-performing asset in the 2-hour portfolio achieved EUR 126,832.95/MW/Year.
In January 2026, our 1-hour BESS portfolio in Germany realized an annualized average of EUR 69,138.45/MW, with an average of 1.31 daily cycles.
The best-performing asset in the 1-hour portfolio achieved EUR 80,103.76/MW/Year.
January's opportunity profile was characterized by frequent short-lived price dislocations rather than prolonged multi-hour scarcity events. In this specific market regime, shorter-duration assets captured more value due to their ability to repeatedly monetize high-frequency spreads. The absence of sustained 3–4 hour price blocks limited the additional advantage typically associated with longer-duration systems.
Average day-ahead prices increased materially in January (+17.8% MoM) compared to December, with intraday indicators rising even more strongly (ID VWAP: +28.1% MoM). Price dispersion widened significantly, creating more actionable spreads for battery optimization.
The period between 5–8 January was the most profitable window of the month. Prices were significantly higher than average (approaching €280/MWh), and spreads between markets were unusually wide. As a result, a small number of days accounted for a large portion of January’s total wholesale earnings.
Capacity market signals were mixed. aFRR capacity prices softened compared to December, while FCR capacity showed improvement. However, overall capacity monetization did not keep pace with the uplift seen in wholesale markets. Balancing energy conditions strengthened, with higher average aFRR energy levels and more pronounced activation events, particularly during early January. For BESS assets, January represented a more energy-driven revenue environment, with wholesale and balancing energy providing the dominant contribution to performance.
New Year’s Day exhibited extremely low day-ahead prices consistent with holiday demand reduction and strong renewable output. Conversely, early January featured high-stress days with strong intraday and balancing energy signals. Such regimes are particularly favorable for flexible assets capable of rapid response and multiple cycles per day.
January saw higher load levels compared to December, alongside increased renewable generation. Wind remained elevated, while solar output improved modestly from December lows. The combination of higher load and renewable variability widened intraday spreads, supporting increased cycling and improved short-duration asset performance.
If winter volatility persists, wholesale and balancing markets are likely to remain supportive. Capacity markets may remain volatile and competitive. As solar output gradually increases into late winter and early spring, the intraday structure should become more pronounced, potentially increasing optimization frequency.