Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in H2 2025.
Across the Australian National Electricity Market, 45 grid-scale batteries earned a combined $134.46M in estimated gross energy and FCAS market revenue in H2 2025, based on AEMO dispatch data tracked by NEMPulse. Figures cover the full period.
Normalised across the fleet's 5,398 MW and 10,761 MWh of active capacity, batteries earned $25k/MW and $12k/MWh for the period (equivalent to $49k/MW/yr annualised).
Energy arbitrage supplied 83% of the total and FCAS 15%, with estimated Frequency Performance Payments adding $1.87M. Within FCAS, regulation accounted for 29% and contingency 71%; the single largest market was lower 6-second at $5.53M.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) across the five NEM regions was $206/MWh, and the highest spot price reached $20,300/MWh.
Revenue per MW by battery duration class: 1H: $30k/MW, 2H: $25k/MW, 3H: $29k/MW, 4H+: $11k/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 48% of the revenue a perfect-foresight strategy would have earned over the same period, leaving an estimated $114.02M 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 180 forecast-covered days in the period, against 47% 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 Koorangie Energy Storage System (76%), Melbourne Renewable Energy Hub Connection A3 (76%), Happy Valley Water Treatment Plant (75%). At the other end: Eraring Battery Energy Storage System (1%), Waratah Super Battery (0%), Swanbank BESS (-1%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 2 Jul 2025 at $5.38M, and the best single battery-day was Blyth Battery Energy Storage System on 2 Jul 2025 with $2.11M. Revenue stays concentrated: five of the period's 184 days delivered 11% of everything the fleet earned.
10 batteries earned their first market revenue in the period — Melbourne Renewable Energy Hub Connection A1, Melbourne Renewable Energy Hub Connection A3, Western Downs Battery Energy Storage System (BESS), Melbourne Renewable Energy Hub Connection A2 and 6 more — adding 2,235 MW of earning capacity.
The top earners were Western Downs Battery Energy Storage System ($13.59M); Greenbank BESS ($11.16M); Blyth Battery Energy Storage System ($9.37M).
Alongside grid-scale BESS, 21 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $274k in FCAS market revenue in H2 2025 ($3,604/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
NEMPulse recorded 186 significant price events during the period, the sharpest an extreme price event in New South Wales 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 |
|---|---|---|---|---|---|
| Western Downs Battery Energy Storage System | QLD1 | $13.59M | $53k/MW | $34k/MWh | 69% |
| Greenbank BESS | QLD1 | $11.16M | $56k/MW | $28k/MWh | 71% |
| Blyth Battery Energy Storage System | SA1 | $9.37M | $47k/MW | $23k/MWh | 40% |
| Rangebank BESS | VIC1 | $9.09M | $45k/MW | $23k/MWh | 68% |
| Koorangie Energy Storage System | VIC1 | $8.39M | $45k/MW | $23k/MWh | 76% |
| Torrens Island BESS | SA1 | $7.23M | $29k/MW | $29k/MWh | 38% |
| Victorian Big Battery | VIC1 | $5.72M | $19k/MW | $13k/MWh | 39% |
| Hornsdale Power Reserve | SA1 | $5.13M | $34k/MW | $26k/MWh | 30% |
| Chinchilla BESS, Units 1-80 | QLD1 | $4.68M | $47k/MW | $23k/MWh | 64% |
| Wandoan Battery Energy Storage System (BESS) | QLD1 | $4.56M | $46k/MW | $30k/MWh | 59% |
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 | 11 | $43.53M | $23k/MW | $12k/MWh |
| Victoria | 12 | $40.95M | $25k/MW | $12k/MWh |
| South Australia | 12 | $32.19M | $35k/MW | $22k/MWh |
| New South Wales | 10 | $17.79M | $18k/MW | $7,411/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.
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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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