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, 59 grid-scale batteries earned a combined $33.35M in estimated gross energy and FCAS market revenue in September 2026, based on AEMO dispatch data tracked by NEMPulse. Figures cover the full period.
Normalised across the fleet's 9,024 MW and 20,707 MWh of active capacity, batteries earned $3,695/MW and $1,611/MWh for the period (equivalent to $45k/MW/yr annualised).
Total revenue was up 12% on August 2026, which returned $29.79M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were up 15% at $123/MW/day. Optimal capture improved 5 points, from 57% to 62%.
Energy arbitrage supplied 97% of the total and FCAS 2%, with estimated Frequency Performance Payments contributing the remaining 1% ($195k). Within FCAS, regulation accounted for 71% and contingency 29%; the single largest market was raise regulation at $314k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) across the five NEM regions was $117/MWh, up 6% on the previous period, and the highest spot price reached $490/MWh.
Revenue per MW by battery duration class: 1H: $1,886/MW, 2H: $3,113/MW, 3H: $1,726/MW, 4H+: $7,897/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 62% of the revenue a perfect-foresight strategy would have earned over the same period, leaving an estimated $19.12M 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 73% of the perfect ceiling across the 30 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 (80%), Orana BESS (78%), Supernode BESS (78%). At the other end: Pine Lodge BESS (-7%), Stanwell Battery Energy Storage System (-55%), Eraring Battery Energy Storage System 2 (-131%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 3 Sep 2026 at $1.78M, and the best single battery-day was Eraring Battery Energy Storage System on 7 Sep 2026 with $223k. Revenue stays concentrated: five of the period's 30 days delivered 25% of everything the fleet earned.
The top earners were Orana BESS ($3.22M); Eraring Battery Energy Storage System ($3.06M); Supernode BESS ($2.17M).
Alongside grid-scale BESS, 17 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $5k in FCAS market revenue in September 2026 ($55/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
NEMPulse recorded 16 significant price events during the period, the sharpest negative pricing in Tasmania bottoming at $-1,000/MWh. Each event, and how every battery responded, is broken down on the market events page.
| Battery | Region | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|---|
| Orana BESS | NSW1 | $3.22M | $7,754/MW | $1,938/MWh | 78% |
| Eraring Battery Energy Storage System | NSW1 | $3.06M | $6,662/MW | $1,535/MWh | 66% |
| Supernode BESS | QLD1 | $2.17M | $8,334/MW | $1,988/MWh | 78% |
| Melbourne Renewable Energy Hub Connection A3 | VIC1 | $1.59M | $7,947/MW | $1,987/MWh | 73% |
| Liddell Battery Energy Storage System | NSW1 | $1.44M | $2,876/MW | $1,324/MWh | 54% |
| Western Downs Battery Energy Storage System (BESS) | QLD1 | $1.22M | $4,788/MW | $2,394/MWh | 72% |
| Waratah Super Battery | NSW1 | $1.21M | $1,429/MW | $724/MWh | 32% |
| Tarong BESS | QLD1 | $1.18M | $3,927/MW | $1,963/MWh | 66% |
| Western Downs Battery Energy Storage System | QLD1 | $1.10M | $4,324/MW | $2,757/MWh | 80% |
| Swanbank BESS | QLD1 | $1.10M | $4,391/MW | $2,196/MWh | 75% |
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 | $11.58M | $4,497/MW | $2,078/MWh |
| New South Wales | 15 | $11.04M | $3,608/MW | $1,293/MWh |
| Victoria | 15 | $7.11M | $3,147/MW | $1,502/MWh |
| South Australia | 14 | $3.62M | $3,204/MW | $1,940/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: 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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