Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in May 2026.
Across the Australian National Electricity Market, 50 grid-scale batteries earned a combined $14.61M in estimated gross energy and FCAS market revenue in May 2026, based on AEMO dispatch data tracked by NEMPulse. Figures cover the full period.
Normalised across the fleet's 7,169 MW and 16,042 MWh of active capacity, batteries earned $2,037/MW and $910/MWh for the period (equivalent to $24k/MW/yr annualised).
Total revenue was down 40% on April 2026, which returned $24.19M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 43% at $66/MW/day. Optimal capture slipped 21 points, from 60% to 39%.
Energy arbitrage supplied 90% of the total and FCAS 8%, with estimated Frequency Performance Payments adding $203k. Within FCAS, regulation accounted for 59% and contingency 41%; the single largest market was raise regulation at $517k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) across the five NEM regions was $86/MWh, down 16% on the previous period, and the highest spot price reached $449/MWh.
Revenue per MW by battery duration class: 1H: $527/MW, 2H: $2,088/MW, 3H: $514/MW, 4H+: $3,760/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 39% of the revenue a perfect-foresight strategy would have earned over the same period, leaving an estimated $20.03M 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 61% of the perfect ceiling across the 31 forecast-covered days in the period, against 37% 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 Limondale Battery (72%), Western Downs Battery Energy Storage System (66%), Western Downs Battery Energy Storage System (BESS) (55%). At the other end: Orana BESS (-39%), Clements Gap BESS (-109%), Liddell Battery Energy Storage System (-148%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 20 May 2026 at $1.10M, and the best single battery-day was Eraring Battery Energy Storage System on 28 May 2026 with $167k. Revenue stays concentrated: five of the period's 31 days delivered 32% of everything the fleet earned.
One battery earned its first market revenue in the period — Woolooga BESS — adding 222 MW of earning capacity.
The top earners were Eraring Battery Energy Storage System ($1.91M); Western Downs Battery Energy Storage System (BESS) ($945k); Waratah Super Battery ($911k).
Alongside grid-scale BESS, 19 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $7k in FCAS market revenue in May 2026 ($65/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
| Battery | Region | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|---|
| Eraring Battery Energy Storage System | NSW1 | $1.91M | $4,150/MW | $956/MWh | 51% |
| Western Downs Battery Energy Storage System (BESS) | QLD1 | $945k | $3,704/MW | $1,852/MWh | 55% |
| Waratah Super Battery | NSW1 | $911k | $1,072/MW | $543/MWh | 27% |
| Tarong BESS | QLD1 | $897k | $2,989/MW | $1,495/MWh | 50% |
| Western Downs Battery Energy Storage System | QLD1 | $831k | $3,258/MW | $2,077/MWh | 66% |
| Swanbank BESS | QLD1 | $765k | $3,062/MW | $1,531/MWh | 55% |
| Brendale BESS | QLD1 | $723k | $3,527/MW | $1,763/MWh | 53% |
| Melbourne Renewable Energy Hub Connection A3 | VIC1 | $686k | $3,429/MW | $857/MWh | 53% |
| Supernode BESS | QLD1 | $658k | $2,530/MW | $1,207/MWh | 45% |
| Limondale Battery | NSW1 | $608k | $12k/MW | $1,134/MWh | 72% |
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 | 14 | $6.73M | $2,575/MW | $1,160/MWh |
| New South Wales | 11 | $3.84M | $2,142/MW | $767/MWh |
| Victoria | 13 | $3.00M | $1,746/MW | $859/MWh |
| South Australia | 12 | $1.03M | $988/MW | $593/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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