Where does battery storage create the most value?

‍The answer varies sharply across Europe.

This chart compares European bidding zones in 2025 based on two of the most important drivers of BESS economics: average power price and price volatility.

The Baltic states stand out immediately. Lithuania, Latvia, and Estonia are among the most volatile power markets in Europe.

That is one of the reasons we are investing in Latvia.

For battery storage, volatility is more than noise in the market. It is what drives value. The larger the daily price swings, the greater the opportunity to capture it through arbitrage, ancillary services, and other flexibility mechanisms. Value stacking across these revenue streams maximises both an asset's utilisation and its returns, which is what we focus on with Byhmgard Nexus, our platform for forecasting, optimization, and real-time dispatch.

Latvia’s combination of elevated price levels and exceptionally high volatility makes it one of the most attractive BESS markets in Europe today. It is also a market where storage actively supports grid stability as the system becomes more dynamic.

More broadly, this supports our European investment thesis. Across the Nordics, Baltics, and Italy, similar structural trends are emerging: more renewable generation, greater intermittency, and rising demand for flexible infrastructure.

Battery storage is where those trends become investable.

Chart by Nico Schoutteet, based on ENTSO-E data.