Nordic Battery Revenue Trends 2023–2026

Central question: how have the revenues of a stand-alone grid battery moved in the Nordic markets since 2023, and what does the time series say about where the battery business is heading? The only series the wiki holds is Clean Horizon’s free monthly Storage Index for Sweden (SE3), Finland, DK1 and DK2, January 2023 to August 2026 (Source - Clean Horizon Storage Index (2026)). It is a modelled gross revenue for a reference battery, in k€/MW/year, not realised revenue; read the limits in What the index can and cannot say before the numbers.

The decline in Sweden and Finland

Simple annual means of the monthly 1h index (arithmetic by this wiki; 2026 is January–August):

• Sweden fell every year. The 2023 mean was dominated by a very high summer (1,690 in July 2023, the series maximum; the 1h index exceeded 1,200 in four months of 2023); the lowest month is January 2025 at 67. Month-to-month swings are large even in the low years (Sweden 67 in January 2025, 318 in March 2025).
• Finland was steadier through 2024 (390 to 344) and then fell faster than Sweden: 2026 is about a sixth of 2023, and July 2026 (33) is the series minimum.
• DK1 moved the other way, from the lowest 2023 level of the four to the second highest in 2026. DK2 started highest (the 1h index reached 1,752 in July 2023), fell by two thirds to 2025, then stayed level.
• In 2025 all four 1h means sit between 213 and 267; in 2026 they split into a Danish pair (253, 272) and a Swedish–Finnish pair (107, 64). The convergence in 2025 may be a coincidence of the averaging, since the monthly values stayed volatile.

The index does not say why. For Sweden the wiki’s revenue-stacking analysis argues that the FCR products that carried the first generation of batteries are saturating (flat Svk reserve demand against fast-growing prequalified supply) and that the business case has to migrate to energy-paying markets; see The Swedish BESS Business Case — Revenue Stacking and the FCR Saturation Problem. That is consistent with the Swedish and Finnish decline (both markets carry FCR-N/FCR-D in the index), but the index files do not split revenue by source, so it is a reading, not something these data prove.

Duration: longer batteries pull ahead

The 4h-to-1h ratio of the annual means (wiki arithmetic):

In 2023 a 4h battery in Sweden or DK2 earned essentially what a 1h battery did (ratios 1.02 and 1.04): the revenue that year did not reward energy capacity, whatever drove it. By 2025 a 4h Swedish battery earned 1.8 times a 1h one and a 4h DK2 battery 1.95 times; over January–August 2026 Finland’s 4h mean is 2.2 times its 1h mean. In August 2026 the four 4h values were 170 (Sweden), 111 (Finland), 450 (DK1) and 676 (DK2). The pattern fits the hardware signal described in The Swedish BESS Business Case — Revenue Stacking and the FCR Saturation Problem › The duration shift — the hardware signal: markets that pay for energy and long activation reward 2–4 hour assets, markets that pay to stand ready do not. It is the revenue-side counterpart of the build-pipeline evidence there, with the same caveat that it is a model.

Reserve prices — the Nordic view

The revenue index sums many markets, so it helps to look at the reserve prices underneath it. For Sweden the figures come from Svenska kraftnät’s own Mimer exports (Source - Svk Mimer Reserve Price Exports (2026)); for Finland, DK1 and Norway (FCR) from a fetched extract of Evora Labs’s free market-data API, which republishes TSO data (Fingrid, Energinet, ENTSO-E) (Source - Evora Labs Market Data Extract (2026)); and aFRR capacity for all zones from Energinet’s Nordic aFRR capacity-market dataset, which reproduces Svk’s published Swedish zone prices (Source - Energinet aFRR Capacity Market Data (2026)). Annual means of the monthly prices, EUR/MW per hour, wiki arithmetic (2026 is January–August):

• Sweden and DK2 are one FCR market, so they have one price series: Svk describes the FCR volumes as the common market with DK2, and Evora’s DK2 series equals Svk’s Swedish series to rounding in every annual figure. DK2 is therefore not an independent data point for FCR.
• Sweden, Finland and DK2 show the same collapse in the FCR products: FCR-N is down 67% from 2023 to 2026 in Sweden and DK2 and 81% in Finland; FCR-D down falls from 70 to 3 EUR/MW in the common Swedish–Danish market.
• Norway stays flat at roughly 19–23 EUR/MW for FCR-D, and DK1 rises (12.8 to 20.1). DK1 is also the index market whose revenue rose most, and Norway is not in the Clean Horizon index.
• aFRR capacity prices fall in every market, and Sweden is no exception. Up prices (aFRR is not one of the Swedish index’s revenue streams) go from about 23–24 EUR/MW in every Swedish zone in 2023 to 5.5 in SE1 and 9.4 in SE3 in 2026 (−76% and −61%), Finland from 34.0 to 4.9, DK2 from 23.8 to 8.8, and Norwegian zones from 19–22 to 6–10. Down prices stay higher than up in Sweden (SE3 15.1 against 9.4 in 2026) but fell from 35.4. The Swedish zones started at one price in 2023 and have since separated (2026 up: SE1 5.5, SE4 9.8).
• mFRR capacity peaked in 2025, the year FCR was already falling: SE3 up rose from 14.2 (2024) to 40.9, and SE4 from 16.1 to 51.4, then fell back to 11.3 and 21.8 in 2026. Svk’s own Jan–Jul comparison (volume-weighted) shows the same turn, 39 to 13 EUR/MW for up. The pivot market that the Swedish BESS synthesis points to therefore lost price as well in 2026, with SE4 holding up best.
• Set against the index, the Swedish reserve-price fall (FCR-N −67%) sits alongside an index fall of −86% (1h, 2023 to 2026) and Finland’s −81% against −84%, which supports the saturation reading above. DK2 sharpens the point: it has the same FCR prices as Sweden, yet its 1h index fell by two thirds to 2025 and then held (267 to 272) while Sweden’s kept falling. Something other than FCR therefore separates the two markets: the index model includes FFR, aFRR energy since October 2024 and different day-ahead and intraday spreads for DK2, and the sources do not break the revenue down further.

Note on the 2023 figures: Svk’s FCR prices up to January 2024 are average prices on procured capacity, and from February 2024 marginal prices (Source - Svk Mimer Reserve Price Exports (2026)), so the step from 2023 to 2024 in the Swedish and DK2 FCR rows mixes market change and price-basis change.

DK1, Finland and Norway FCR come from a secondary source (Evora). Its Swedish series was checked against Svk and follows the same direction, but with unweighted two-auction averaging its annual means differ from Svk’s by up to about 40% (FCR-N: 75.9 against 66.0 in 2023 and 17.2 against 22.1 in 2026; FCR-D down: 8.2 against 5.9 in 2025), so Swedish prices cited on the wiki come from Svk (Swedish Balancing Market Prices and Volumes).

What the index can and cannot say

• Modelled, gross, reference battery. 85% round-trip efficiency, 1.5 cycles a day, 100% availability, partial price foresight, no grid fees, taxes or state-of-charge costs (Source - Clean Horizon Storage Index (2026)). Sweden is modelled on FCR-N, FCR-D, mFRR, day-ahead and intraday at SE3 prices.
• Methodology break in January 2026. Up to December 2025 the index is the best marginal MW; from January 2026 it is the average MW given real market volumes and installed capacity, with intraday revenue added and a different annualisation. The break affects all four series, yet DK1 and DK2 did not fall in 2026, so it cannot be the whole explanation for the Swedish and Finnish decline; but it does mean 2026 against earlier years is not a clean comparison. Between December 2025 and January 2026 the 1h index moved −29% in Sweden, +37% in Finland, +8% in DK1 and −15% in DK2, with no common direction.
• Not realised returns. The index is not an owner’s profit: financing, optimiser fees, degradation and grid costs are outside it. A cross-check against the wiki’s one realised Swedish figure, Flower‘s March 2026 net revenue of EUR 9,568/MW/month (about 115 k€/MW/year if multiplied by 12, before grid costs), lands in the same range as the March 2026 Swedish index (109 for 1h, 163 for 2h), but the two are defined differently and measure different things.
• No revenue split. Which products earned the money is only in Clean Horizon’s paid Premium Index.

The Fever Energy benchmark claim

Fever Energy says (26 June 2026) that benchmark revenue fell from “€9,200/MW in December to €6,000/MW in January”, a fall of about 35%, and that its optimised batteries earned more than twice the benchmark in January 2026 (Source - Fever Energy News (2025-2026)). The article gives no unit, market or duration. None of the four series shows a 35% fall over that month; Sweden’s 1h index is closest at −29% (110 to 78). Read as a monthly figure, Sweden’s December 1h value of 110 k€/MW/year corresponds to about 9.2 k€/MW/month, in line with Fever’s 9,200, but January’s 78 corresponds to about 6.5 k€, not 6,000, so the match is not exact and the series Fever used cannot be identified from the sources. The January 2026 methodology break also falls inside Fever’s two-month window, and Fever’s own footnote notes that Clean Horizon introduced an updated index methodology in January 2026.

A vendor-reported record day

GreenVoltis said on LinkedIn that a 1h/1C battery earned 30,821 kr per MW net on a single day, 7 October 2026. Svk’s Mimer capacity prices show 7 October was a strong SE4 mFRR-up day (1,681 EUR/MW for the day) with low FCR prices, but all capacity products together come to about 2,140 EUR/MW against about 2,800 EUR for the claim, so it would need energy, arbitrage or imbalance revenue that Mimer capacity data does not show. The site and market split are not disclosed, so it is a vendor claim, not a measured figure, and it is not comparable with the index series above (Source - GreenVoltis Single-Day Revenue Claim and Mimer Check (2026)).

Related pages

• Energy Storage — battery technology, FCR rules and the Swedish deployment trajectory
• The Swedish BESS Business Case — Revenue Stacking and the FCR Saturation Problem — the stacking and saturation argument behind the Swedish decline
• Balancing Markets — FCR, aFRR and mFRR products and prices
• Swedish Balancing Market Prices and Volumes — Svk’s monthly price and volume tracker, the reference for Swedish reserve prices
• Flower — grid-scale Swedish BESS portfolio with a realised March 2026 figure
• CheckWatt — residential VPP earning in FCR-D
• Fever Energy — optimiser claiming to beat the Clean Horizon benchmark