237. Why didn’t winter 2025–26 deliver for battery revenues?

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.

 

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Produced – LCP Delta and The Podcast Consultant

 

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