Revenue development in the balancing capacity market (Q2 2025)
In the second quarter of 2025, the balancing capacity market was characterised by significant fluctuations, resulting in noticeable effects in both Germany and Austria.
In April, there was a significant increase in revenues on the negative balancing capacity markets in Germany, particularly in aFRR- and mFRR-, with a 72% increase in revenues. The positive markets also showed a clear upward trend, with a 62% rise in revenues in mFRR+. The trend was similar in Austria, but more moderate, particularly in mFRR−, where revenues climbed by 66%.
May followed the same trend: revenues generated with FlexPowerHub continued to rise in aFRR and mFRR. The increase in aFRR+ in Austria and mFRR- in Germany was particularly striking.
In June, revenues generated with FlexPowerHub in aFRR showed a mixed development in both countries: While revenues in aFRR- increased by 8% to €15,327/MWh in Austria and by 6% to €15,615/MWh in Germany, revenues in aFRR+ declined slightly in both countries. In mFRR, however, revenue development was mixed: in Austria, revenues declined by 6%, while in Germany an increase of 12% was observed. In positive mFRR+, significant additional revenues were achieved in both countries, with an increase of 54% in Austria and 35% in Germany.
While revenues in the FCR had still risen in both countries in April and May, there was a decline of 26% in each country in June.
Revenue development and forecast performance
In April, the aFRR markets in Germany and Austria showed dynamic development.
In Austria, FlexPowerHub benefited from a significant increase in revenues in aFRR− and a strong performance of 92% compared to the market average, while the award rate (BZQ) rose to 96%. In the aFRR+ market, the forecast performance also remained at a high level of 100%.
In Germany, revenues in aFRR− rose by 72% to 29.400 €/MWh, accompanied by an BZQ of 93% and a solid performance of 71%. In aFRR+, both revenues and the BZQ also developed positively.
The positive trends continued in May: In Austria, revenues generated with FPH rose in the aFRR- by 48% to 14.138 €/MWh. In Germany, revenues in aFRR- stood at 14.666 €/MWh. In the German aFRR we achieved a 47% increase in revenues in aFRR- and a 34% increase in aFRR+, while the BZQ fell to 86% compared to April.
June saw mixed developments In Austria, revenues in aFRR- rose by 8% to 15.327 €/MWh, accompanied by an almost perfect forecast performance of 99% compared to the market average and a 9% increase in BZQ. In aFRR+, however, revenues declined slightly despite improved BZQ.
In Germany, too, the positive trend in aFRR− continued: revenues rose by 6%, accompanied by a significantly improved forecast performance. In aFRR+, on the other hand, there was a slight decline in revenues, despite a 5% increase in forecast performance and BZQ.
In the second quarter of 2025, FlexPowerHub further consolidated its position in the aFRR markets in Germany and Austria. April and May brought significant revenue growth as well as high forecast performance and award rates. In June, development remained largely stable, with positive trends continuing in aFRR− in particular, despite isolated declines in aFRR+.
