Monthly portfolio performance updates & market trends

Portfolio performance in the context of market developments

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 have done so. Results will be updated regularly as new certifications become available.

January-February 2025

Revenue trends and market outlook

• The downward trend in revenues reflects broader market conditions, as confirmed by several index providers.
• Despite this trend, February outperformed 2024, setting a solid foundation for the rest of 2025.

Day-ahead market

• While average prices were higher in February, the spread of DA prices was 10% lower, indicating reduced volatility.

Intraday market

• ID1 spreads fell 43%, following the same trend of lower volatility, despite higher average prices in February.

Extreme price events

• January 20/21 recorded the widest wholesale spreads at €780/MWh from day-ahead; the next day intraday offered just under €900/MWh.
• February’s highest spread was significantly lower with the highest day-ahead price hitting just under €370/MWh, and the spread across both markets peaking at the same level for a single cycle trade.

Balancing markets

• February FCR prices were marginally lower on average than in January 2025.
• aFRR capacity prices were higher in February than in January, largely due to increased solar generation towards the end of the month.

aFRR energy products

• January saw greater price volatility, with frequent spikes in both up and down products.
• The middle of January experienced particularly high down-prices, followed by an increase in up-prices the week after.
• February had less volatility, with the lowest fluctuations occurring during the winter half-term break (Feb 17-21).
• Notably, February 18 recorded the lowest down-price (€301/MWh) and highest up-price (€1,140/MWh).

Residual load and renewables

• Residual load (the measure of demand satisfied by renewable generation) was highest on January 6, the second highest of the year (after January 1).
• Mid-to-late January saw similar conditions, but from then on, renewables played a more consistent role.
• By February, solar peaks covered almost all demand on several days, significantly reducing system stress.

For more information on portfolio performance calculations, you can download corresponding reports. Please note that revenue certification typically occurs with a month's delay, as it includes essential ancillary service data from the TSO, which can take up to 6 weeks. The numbers presented in the portfolio performance chart are factual revenues made by enspired. Due to verification and auditing processes, approval by KPMG Austria becomes available within a month of publishing the results.

What do market movements and portfolio performance mean for your BESS?