“Volatility exists where we have the transition to renewables, or we have an amount of renewable penetration that’s quite high,” said Dan Moore, head of BESS asset management at Root Power. “Those markets are the most interesting ones—they’re certainly the most volatile ones.”

“Germany is the market, in Europe, that has the most sustained merchant opportunity, driven by the depth of its intra-day market [and] the depth of its trading opportunities,” said Alexa Strobel, head of strategy and analysis at Field Energy, starting a discussion on the power price environment that spanned several individual European countries.

Strobel went on to explain that high solar generation—she said that Germany added 17GW of new solar capacity in 2025, compared to ”like 2GW of operational batteries” at present—drove spot prices to lows of -€450/MWh in May last year, and this trend is unlikely to stop as more renewable energy capacity is deployed across the continent.

“In Spain, we have a lot of volatility driven by PV, for sure, reaching quite a lot of negative hours a day, which is quite good when it comes to the location of BESS,” said Mikel Pino, head of energy storage Europe at Exus Renewables. “We have a lot of power purchase agreements (PPAs) with no settlement at zero or negative prices, so it’s painful!”

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