A four-hour battery's modeled wholesale revenue is dominated by regulation in every zone
Modeled merchant revenue for a four-hour distributed battery by stream and zone, year to July 2026 ($/kW-year)
Source: PJM, EIA, Modo Energy vBESS benchmarks
Note: Energy, regulation, and reserves from Modo Energy vBESS benchmarks (year to July 2026). Capacity blends the 2025/26 and 2026/27 delivery years (weighted 11/12 and 1/12) at the four-hour ELCC (55% then 50%) and each zone's final zonal capacity price. Regulation is a thin market, so this is a marginal ceiling.
MODOENERGY