PJM battery revenues stepped up sharply after October 2025's Regulation market redesign, peaking at $104/kW-month in February

Monthly average revenue per kW for the operating PJM BESS fleet, by product ($/kW-month)
Regulation & frequency response
Real-Time energy
Source: FERC EQR, Modo Energy
Note: Fleet revenues divided by reported ICAP.
MODOENERGY