We've been watching ERCOT's battery storage revenue since real-time co-optimization (RTC+B) launched in December, and the story in the data isn't the one most people are repeating.
Average ERCOT battery revenue was $2.00/kW-month in October and $2.38 in November. Then RTC+B launched, and December dropped to $1.70. February fell further, to $1.16. March recovered to $1.88. April jumped to $3.12. That's not a steady decline. It's revenue that has become far less predictable from one month to the next.
Look closer and you can see why. In March, ancillary-services revenue fell $0.52/kW year-over-year, almost twice the $0.27/kW drop in real-time energy revenue. Ancillary services isn't just a shrinking piece of the pie anymore. It's the bigger dollar loss, and the harder one to plan around.
For anyone operating or financing storage assets in this market, that changes the underwriting conversation. A flat revenue forecast doesn't survive contact with this data. The real work now is building an operating and hedging strategy around volatility. This is the kind of volatility Altakon builds revenue and operating strategy around.
Sources
- Modo Energy ERCOT BESS benchmark reports (October 2025 – April 2026).