Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in November 2026.
Across the Australian National Electricity Market, 57 grid-scale batteries earned a combined $1.03M in estimated gross energy and FCAS market revenue so far in November 2026, based on AEMO dispatch data tracked by NEMPulse. Figures cover November 2026 to date (through 1 Nov 2026).
Normalised across the fleet's 8,793 MW and 20,845 MWh of active capacity, batteries earned $117/MW and $49/MWh for the period.
Total revenue was up 14% on the same days of October 2026, which returned $903k. Per MW per day — which strips out both fleet growth and the length of the window — earnings were broadly flat at $117/MW/day. Optimal capture improved 10 points, from 38% to 48%.
Energy arbitrage supplied 99% of the total and FCAS 1%, with estimated Frequency Performance Payments contributing the remaining 0% ($290). Within FCAS, regulation accounted for 91% and contingency 9%; the single largest market was raise regulation at $9k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) across the five NEM regions was $53/MWh, down 57% on the previous period, and the highest spot price reached $138/MWh.
Revenue per MW by battery duration class: 1H: $27/MW, 2H: $103/MW, 3H: $76/MW, 4H+: $227/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 $1.06M 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 55% of the perfect ceiling across the 1 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 Limondale Battery (76%), Supernode BESS (73%), Wandoan Battery Energy Storage System (BESS) (71%). At the other end: Torrens Island BESS (-2%), Hazelwood Battery Energy Storage System (-3%), Latrobe Valley BESS (-27%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 1 Nov 2026 at $1.03M, and the best single battery-day was Eraring Battery Energy Storage System on 1 Nov 2026 with $115k.
The top earners were Eraring Battery Energy Storage System ($115k); Orana BESS ($110k); Liddell Battery Energy Storage System ($85k).
Alongside grid-scale BESS, 8 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $65 in FCAS market revenue so far in November 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 |
|---|---|---|---|---|---|
| Eraring Battery Energy Storage System | NSW1 | $115k | $249/MW | $57/MWh | 67% |
| Orana BESS | NSW1 | $110k | $265/MW | $66/MWh | 69% |
| Liddell Battery Energy Storage System | NSW1 | $85k | $170/MW | $78/MWh | 67% |
| Supernode BESS | QLD1 | $72k | $276/MW | $66/MWh | 73% |
| Swanbank BESS | QLD1 | $43k | $170/MW | $85/MWh | 71% |
| Waratah Super Battery | NSW1 | $40k | $48/MW | $24/MWh | 29% |
| Mortlake Battery Energy Storage System | VIC1 | $35k | $115/MW | $53/MWh | 46% |
| Western Downs Battery Energy Storage System | QLD1 | $32k | $125/MW | $80/MWh | 68% |
| Western Downs Battery Energy Storage System (BESS) | QLD1 | $31k | $120/MW | $60/MWh | 59% |
| Melbourne Renewable Energy Hub Connection A1 | VIC1 | $30k | $152/MW | $76/MWh | 51% |
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 |
|---|---|---|---|---|
| New South Wales | 15 | $424k | $137/MW | $49/MWh |
| Queensland | 15 | $326k | $127/MW | $59/MWh |
| Victoria | 13 | $212k | $99/MW | $47/MWh |
| South Australia | 14 | $64k | $65/MW | $30/MWh |
$/MW uses Max Cap (the grid-constrained operational rating); $/MWh uses registered energy capacity.
Keep reading: Previous period: October 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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