Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in H1 2026.
Across the Australian National Electricity Market, 57 grid-scale batteries earned a combined $151.38M in estimated gross energy and FCAS market revenue in H1 2026, based on AEMO dispatch data tracked by NEMPulse. Figures cover the full period.
Normalised across the fleet's 8,184 MW and 19,558 MWh of active capacity, batteries earned $18k/MW and $7,740/MWh for the period (equivalent to $37k/MW/yr annualised).
Total revenue was up 13% on H2 2025, which returned $134.46M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 25% at $102/MW/day. Optimal capture improved 3 points, from 48% to 51%.
Energy arbitrage supplied 94% of the total and FCAS 5%, with estimated Frequency Performance Payments adding $1.17M. Within FCAS, regulation accounted for 48% and contingency 52%; the single largest market was raise regulation at $2.55M.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) across the five NEM regions was $172/MWh, down 16% on the previous period, and the highest spot price reached $20,300/MWh.
Revenue per MW by battery duration class: 1H: $26k/MW, 2H: $18k/MW, 3H: $17k/MW, 4H+: $18k/MW. Longer-duration assets typically earn more per MW through energy arbitrage, while shorter-duration batteries often lead on a per-MWh basis.
On energy arbitrage, the fleet captured 51% of the revenue a perfect-foresight strategy would have earned over the same period, leaving an estimated $134.28M on the table.
Re-solving the same batteries on AEMO's published PREDISPATCH price forecasts instead of hindsight — execution held identical to the perfect run — reaches 66% of the perfect ceiling across the 181 forecast-covered days in the period, against 48% actually realised. That isolates what public price information alone is worth; it is a reference point, not a floor — real dispatch can beat it or fall short of it.
On capture of the perfect-foresight energy benchmark, the strongest performers were Bolivar Waste Water Treatment Plant (96%), Christies Beach Wastewater Treatment Plant (88%), Happy Valley Water Treatment Plant (80%). At the other end: Liddell Battery Energy Storage System (-55%), Mortlake Battery Energy Storage System (-58%), Mornington BESS (-105%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 26 Jan 2026 at $19.32M, and the best single battery-day was Blyth Battery Energy Storage System on 26 Jan 2026 with $4.77M. Revenue stays concentrated: five of the period's 181 days delivered 25% of everything the fleet earned.
9 batteries earned their first market revenue in the period — Supernode BESS, Orana BESS, Quorn Park Solar Hybrid, Clements Gap BESS and 5 more — adding 1,576 MW of earning capacity.
The top earners were Eraring Battery Energy Storage System ($19.56M); Blyth Battery Energy Storage System ($10.56M); Torrens Island BESS ($9.12M).
Alongside grid-scale BESS, 22 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $41k in FCAS market revenue in H1 2026 ($393/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
NEMPulse recorded 115 significant price events during the period, the sharpest an extreme price event in Tasmania peaking at $20,300/MWh. Each event, and how every battery responded, is broken down on the market events page.
| Battery | Region | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|---|
| Eraring Battery Energy Storage System | NSW1 | $19.56M | $43k/MW | $9,797/MWh | 59% |
| Blyth Battery Energy Storage System | SA1 | $10.56M | $53k/MW | $26k/MWh | 57% |
| Torrens Island BESS | SA1 | $9.12M | $36k/MW | $36k/MWh | 51% |
| Templers Battery Energy Storage System | SA1 | $8.97M | $81k/MW | $31k/MWh | 67% |
| Melbourne Renewable Energy Hub Connection A3 | VIC1 | $8.04M | $40k/MW | $10k/MWh | 65% |
| Mannum Battery Energy Storage System | SA1 | $7.74M | $77k/MW | $39k/MWh | 64% |
| Tarong BESS | QLD1 | $6.61M | $22k/MW | $11k/MWh | 60% |
| Western Downs Battery Energy Storage System (BESS) | QLD1 | $6.32M | $25k/MW | $12k/MWh | 57% |
| Brendale BESS | QLD1 | $5.82M | $28k/MW | $14k/MWh | 63% |
| Western Downs Battery Energy Storage System | QLD1 | $5.44M | $21k/MW | $14k/MWh | 61% |
Capture = actual energy revenue as a share of the perfect-foresight LP benchmark; shown only for units with material modelled upside.
| Region | Batteries | Energy + FCAS | $/MW | $/MWh |
|---|---|---|---|---|
| Queensland | 15 | $44.88M | $15k/MW | $6,411/MWh |
| South Australia | 14 | $44.59M | $39k/MW | $24k/MWh |
| New South Wales | 15 | $31.24M | $13k/MW | $4,342/MWh |
| Victoria | 13 | $30.68M | $18k/MW | $8,775/MWh |
$/MW uses Max Cap (the grid-constrained operational rating); $/MWh uses registered energy capacity.
Third-party reporting on these units, matched automatically and linked for context. NEMPulse does not endorse or verify external coverage.
Keep reading: Previous period: H2 2025Battery fleet dashboardPerformance rankingsActual vs optimal dispatchMarket eventsHow capture is calculated
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Automatically generated from AEMO public data using fixed templates (not AI-written). Figures are estimated gross market revenue (energy + FCAS) from dispatch — they exclude contracts, hedges and network-support schemes (e.g. SIPS), so actual commercial revenue will differ.
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