A 1 MW, 4-hour battery earned a modeled $73/kW-month in May, driven by Regulation prices and energy arbitrage higher than a year ago

Modeled BESS revenue stack, 1 MW / 4-hour battery ($/kW-month)

Source: PJM, FERC EQR, Modo Energy

Note: Regulation uses March 2026 FERC EQR fleet revenue as a proxy (latest filed; Q2 2026 filed late July). Real-Time arbitrage = May RT TB4 spread x days / 1000. Capacity from the 2025/26 BRA clearing price x ELCC.

MODOENERGY