Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in Q4 2025.
Across the Australian National Electricity Market, 46 grid-scale batteries earned a combined $68.66M in estimated gross energy and FCAS market revenue in Q4 2025, based on AEMO dispatch data tracked by NEMPulse. Figures cover the full period.
Normalised across the fleet's 7,228 MW and 12,768 MWh of active capacity, batteries earned $9k/MW and $5k/MWh for the period (equivalent to $38k/MW/yr annualised).
Revenue per MW by battery duration class: 1H: $9k/MW, 2H: $12k/MW, 3H: $72/MW, 4H+: $8k/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 $63.12M on the table.
The top earners were Western Downs Battery Energy Storage System ($6.17M); Greenbank BESS ($4.88M); Blyth Battery Energy Storage System ($3.75M).
Alongside grid-scale BESS, 19 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $47k in FCAS market revenue in Q4 2025 ($633/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
NEMPulse recorded 42 significant price events during the period — explore each one, and how the fleet responded, on the market events page.
Explore: All insightsBattery fleetActual vs optimalMarket eventsBid stackBidding strategyVirtual power plantsProject simulatorAskPulseEmail alerts
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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