Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in Q3 2026.
Across the Australian National Electricity Market, 59 grid-scale batteries earned a combined $87.74M in estimated gross energy and FCAS market revenue so far in Q3 2026, based on AEMO dispatch data tracked by NEMPulse. Figures cover Q3 2026 to date (through 29 Sep 2026).
Normalised across the fleet's 9,342 MW and 21,544 MWh of active capacity, batteries earned $9,392/MW and $4,073/MWh for the period.
Total revenue was up 55% on the same days of Q2 2026, which returned $56.74M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were up 34% at $103/MW/day. Optimal capture improved 9 points, from 45% to 54%.
Energy arbitrage supplied 97% of the total and FCAS 2%, with estimated Frequency Performance Payments contributing the remaining 1% ($511k). Within FCAS, regulation accounted for 65% and contingency 35%; the single largest market was raise regulation at $887k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) across the five NEM regions was $127/MWh, broadly flat on the previous period, and the highest spot price reached $23,200/MWh.
Revenue per MW by battery duration class: 1H: $4,801/MW, 2H: $8,012/MW, 3H: $2,403/MW, 4H+: $21k/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 54% of the revenue a perfect-foresight strategy would have earned over the same period, leaving an estimated $69.78M 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 69% of the perfect ceiling across the 91 forecast-covered days in the period, against 52% 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 (78%), Supernode BESS (77%), Swanbank BESS (77%). At the other end: Summerfield BESS 1 (-51%), Stanwell Battery Energy Storage System (-56%), Summerfield BESS 2 (-71%) — 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 91 days delivered 15% of everything the fleet earned.
One battery earned its first market revenue in the period — Williamsdale BESS — adding 250 MW of earning capacity.
The top earners were Eraring Battery Energy Storage System ($8.67M); Orana BESS ($7.50M); Supernode BESS ($6.45M).
Alongside grid-scale BESS, 17 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $34k in FCAS market revenue so far in Q3 2026 ($530/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
NEMPulse recorded 54 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 | $8.67M | $19k/MW | $4,341/MWh | 66% |
| Orana BESS | NSW1 | $7.50M | $18k/MW | $4,517/MWh | 68% |
| Supernode BESS | QLD1 | $6.45M | $25k/MW | $5,919/MWh | 77% |
| Melbourne Renewable Energy Hub Connection A3 | VIC1 | $4.51M | $23k/MW | $5,632/MWh | 60% |
| Waratah Super Battery | NSW1 | $3.93M | $4,622/MW | $2,340/MWh | 34% |
| Tarong BESS | QLD1 | $3.44M | $11k/MW | $5,730/MWh | 67% |
| Swanbank BESS | QLD1 | $3.31M | $13k/MW | $6,614/MWh | 77% |
| Supernode BESS | QLD1 | $2.99M | $12k/MW | $5,488/MWh | 71% |
| Western Downs Battery Energy Storage System (BESS) | QLD1 | $2.82M | $11k/MW | $5,536/MWh | 59% |
| Western Downs Battery Energy Storage System | QLD1 | $2.81M | $11k/MW | $7,013/MWh | 71% |
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 | $31.94M | $11k/MW | $5,188/MWh |
| New South Wales | 16 | $27.67M | $8,758/MW | $3,150/MWh |
| Victoria | 15 | $19.69M | $8,714/MW | $4,159/MWh |
| South Australia | 14 | $8.45M | $7,467/MW | $4,522/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: Q2 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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