Greek power market volatility lifts BESS returns to ~12%, per Aurora

Battery storage projects in the Greek bidding zone are generating returns of around 12%, according to Aurora Energy Research. Aurora attributes the result to elevated power price volatility in Greece, which widens the spread that BESS assets can capture across the day.

The number sits above typical returns reported for more liquid western European zones, where tighter spreads and higher storage penetration compress arbitrage margins. Aurora published the Greek figure alongside a separate piece examining how gas plant stress and nuclear capacity uncertainty are shifting the broader BESS revenue outlook across Europe.

For asset managers sizing Greek storage investments, the 12% figure reflects current volatility conditions. Aurora does not specify whether the return estimate is levered or unlevered, so direct comparison with other market benchmarks requires that clarification from the primary source.