What are the key trends, major successes and achievements, and challenges still to be overcome in the German energy storage market? The merchant business case has been proven: negative price hours rose from 69 (2022) to 573 (2025), solar capture rates have fallen below 60%, and intraday spreads regularly exceed €150/MWh within an hour. In 2026, merchant projects are still bankable, but the overall financing environment has clearly shifted for the worse. What are the factors and strategies that are determining which BESS suppliers succeed in the German energy storage market? How is the role of TSOs and DSOs in the German energy storage market evolving?