Talking New Energy: Why didn’t winter 2025–26 deliver for battery revenues

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In this episode, Tom Smout and Shivam Malhotra unpack why winter 2025–26 fell short of expectations for many asset owners. Despite a strong 2025, a milder winter, rising renewable generation and increased battery deployment combined to suppress price spikes and flatten volatility, even as wind overtook gas in the generation mix while gas continued to set prices.

We discuss:

• Why batteries are reducing extreme price spikes and reshaping peak pricing.
• Why volatility, not high prices alone, now drives battery revenues.
• Whether summer is becoming as important as winter for storage performance.

What’s one thing you would like listeners to take away from this?

• Battery revenues are increasingly driven by price volatility rather than scarcity alone, meaning both low and high price periods matter.