DAPEEP Study Signals Strong Revenue Prospects for Greece’s First Standalone Battery Projects

Standalone battery projects in Greece poised for strong revenues, says Operator of Renewable Energy Sources & Guarantees of Origin (DAPEEP), Greece, battery storage, DAPEEP, energy storage, balancing market, wholesale market, grid services, auctions, investors, 700 MW, 4.7 GW

Greece’s first standalone battery storage installations are projected to generate substantial revenues when they enter commercial operation, according to a new study by DAPEEP.

The study modelled several scenarios; its principal case assumes revenues 75% above the baseline. Under that scenario, two-hour systems running for the full year of 2026 could earn about EUR 157,057 per MW annually. Four-hour systems are estimated to yield EUR 100,885 per MW per year, although those units are expected to commence operations in the second half of 2026.

Although the projected figures assume continuous operation through 2026, the report notes they are theoretical: the earliest standalone batteries are expected to reach commercial operation from late spring. A number of installations have already been built and are awaiting final regulatory clearance. Investors have expressed frustration at delays, warning that prolonged idle time can degrade battery performance and reduce capacity.

The initial tranche from the country’s three auctions will deliver roughly 700 MW by late in the first half of 2026, DAPEEP says, followed in subsequent years by an additional 4.7 GW of unsubsidised capacity.

DAPEEP highlights a dual revenue model for standalone storage. Operating income will be derived partly from the wholesale electricity market and partly from the balancing market. The difference between minimum and maximum hourly prices in the wholesale market is identified as the principal profit driver, while balancing services provide a complementary revenue stream and system-stabilising value.

In the early phase, day-ahead and intraday trading are expected to account for roughly 65% of revenues; that share is forecast to decline to about 40% later in the year as market dynamics evolve. DAPEEP anticipates that wholesale revenues will be resilient to the initial influx of projects, but cautions that the balancing market will be more sensitive to the additional standalone storage capacity.

The study’s findings underline the commercial potential of battery storage in Greece while also highlighting operational and market-integration challenges that policymakers, regulators and investors will need to resolve to realise that potential.