Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in September 2026.
Across the Australian National Electricity Market, 57 grid-scale batteries earned a combined $791k in estimated gross energy and FCAS market revenue so far in September 2026, based on AEMO dispatch data tracked by NEMPulse. Figures cover September 2026 to date (through 1 Sep 2026).
Normalised across the fleet's 8,301 MW and 20,205 MWh of active capacity, batteries earned $95/MW and $39/MWh for the period.
Total revenue was up 84% on the same days of August 2026, which returned $430k. Per MW per day — which strips out both fleet growth and the length of the window — earnings were up 37% at $95/MW/day. Optimal capture improved 30 points, from 34% to 64%.
Energy arbitrage supplied 98% of the total and FCAS 2%, with estimated Frequency Performance Payments contributing the remaining 0% ($253). Within FCAS, regulation accounted for 92% and contingency 8%; the single largest market was raise regulation at $13k.
Revenue per MW by battery duration class: 1H: $50/MW, 2H: $85/MW, 3H: $172/MW, 4H+: $153/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 64% of the revenue a perfect-foresight strategy would have earned over the same period, leaving an estimated $426k 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 74% of the perfect ceiling across the 1 forecast-covered days in the period, against 59% 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 Western Downs Battery Energy Storage System (96%), New England BESS (94%), Supernode BESS (92%). At the other end: Mortlake Battery Energy Storage System (1%), Eraring Battery Energy Storage System (0%), Liddell Battery Energy Storage System (0%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 1 Sep 2026 at $791k, and the best single battery-day was Orana BESS on 1 Sep 2026 with $124k.
The top earners were Orana BESS ($124k); Supernode BESS ($76k); Supernode BESS ($42k).
Alongside grid-scale BESS, 10 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $74 in FCAS market revenue so far in September 2026 ($1/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
| Battery | Region | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|---|
| Orana BESS | NSW1 | $124k | $298/MW | $74/MWh | 88% |
| Supernode BESS | QLD1 | $76k | $292/MW | $70/MWh | 89% |
| Supernode BESS | QLD1 | $42k | $163/MW | $78/MWh | 92% |
| Tarong BESS | QLD1 | $39k | $130/MW | $65/MWh | 77% |
| Limondale Battery | NSW1 | $38k | $757/MW | $71/MWh | 91% |
| Swanbank BESS | QLD1 | $35k | $140/MW | $70/MWh | 79% |
| Western Downs Battery Energy Storage System | QLD1 | $34k | $133/MW | $85/MWh | 96% |
| Bungama Battery Energy Storage System | SA1 | $34k | $224/MW | $112/MWh | 76% |
| Western Downs Battery Energy Storage System (BESS) | QLD1 | $33k | $131/MW | $65/MWh | 68% |
| Brendale BESS | QLD1 | $27k | $133/MW | $66/MWh | 80% |
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 | $383k | $149/MW | $69/MWh |
| New South Wales | 14 | $232k | $106/MW | $30/MWh |
| South Australia | 13 | $93k | $91/MW | $59/MWh |
| Victoria | 16 | $82k | $33/MW | $15/MWh |
$/MW uses Max Cap (the grid-constrained operational rating); $/MWh uses registered energy capacity.
Keep reading: Previous period: August 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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