Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in July 2026.
Across the Australian National Electricity Market, 55 grid-scale batteries earned a combined $27.24M in estimated gross energy and FCAS market revenue in July 2026, based on AEMO dispatch data tracked by NEMPulse. Figures cover the full period.
Normalised across the fleet's 8,130 MW and 19,301 MWh of active capacity, batteries earned $3,351/MW and $1,411/MWh for the period (equivalent to $39k/MW/yr annualised).
Total revenue was up 52% on June 2026, which returned $17.98M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were up 48% at $108/MW/day. Optimal capture improved 10 points, from 39% to 48%.
Energy arbitrage supplied 96% of the total and FCAS 3%, with estimated Frequency Performance Payments contributing the remaining 1% ($140k). Within FCAS, regulation accounted for 42% and contingency 58%; the single largest market was raise 1-second at $269k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) across the five NEM regions was $151/MWh, down 18% on the previous period, and the highest spot price reached $23,200/MWh.
Revenue per MW by battery duration class: 1H: $1,811/MW, 2H: $3,156/MW, 3H: $1,446/MW, 4H+: $5,349/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 $27.21M 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 31 forecast-covered days in the period, against 46% 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 Swanbank BESS (82%), New England BESS (78%), Supernode BESS (78%). At the other end: Mortlake Battery Energy Storage System (-13%), Queanbeyan BESS (-17%), Liddell Battery Energy Storage System (-46%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 8 Jul 2026 at $4.49M, and the best single battery-day was Rangebank BESS on 8 Jul 2026 with $683k. Revenue stays concentrated: five of the period's 31 days delivered 41% of everything the fleet earned.
The top earners were Eraring Battery Energy Storage System ($2.72M); Orana BESS ($2.05M); Supernode BESS ($2.02M).
Alongside grid-scale BESS, 16 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $24k in FCAS market revenue in July 2026 ($389/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
NEMPulse recorded 38 significant price events during the period, the sharpest an extreme price event in Tasmania peaking at $23,200/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 | $2.72M | $5,911/MW | $1,362/MWh | 66% |
| Orana BESS | NSW1 | $2.05M | $4,949/MW | $1,237/MWh | 61% |
| Supernode BESS | QLD1 | $2.02M | $7,784/MW | $1,857/MWh | 78% |
| Melbourne Renewable Energy Hub Connection A3 | VIC1 | $1.58M | $7,886/MW | $1,972/MWh | 49% |
| Rangebank BESS | VIC1 | $1.45M | $7,239/MW | $3,619/MWh | 63% |
| Koorangie Energy Storage System | VIC1 | $1.30M | $7,036/MW | $3,518/MWh | 61% |
| Waratah Super Battery | NSW1 | $1.25M | $1,468/MW | $743/MWh | 34% |
| Tarong BESS | QLD1 | $1.19M | $3,973/MW | $1,986/MWh | 74% |
| Swanbank BESS | QLD1 | $1.14M | $4,562/MW | $2,281/MWh | 82% |
| Western Downs Battery Energy Storage System (BESS) | QLD1 | $906k | $3,553/MW | $1,776/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 | 14 | $9.85M | $3,432/MW | $1,456/MWh |
| New South Wales | 14 | $7.59M | $3,151/MW | $1,058/MWh |
| Victoria | 13 | $7.30M | $4,244/MW | $2,088/MWh |
| South Australia | 14 | $2.50M | $2,212/MW | $1,339/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: June 2026Battery 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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