Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in Q4 2026.
Across the Australian National Electricity Market, 49 grid-scale batteries earned a combined $869k in estimated gross energy and FCAS market revenue so far in Q4 2026, based on AEMO dispatch data tracked by NEMPulse. Figures cover Q4 2026 to date (through 1 Oct 2026).
Normalised across the fleet's 7,532 MW and 16,985 MWh of active capacity, batteries earned $115/MW and $51/MWh for the period.
Total revenue was up 638% on the same days of Q3 2026, which returned $118k. Per MW per day — which strips out both fleet growth and the length of the window — earnings were up 366% at $115/MW/day. Optimal capture improved 23 points, from 14% to 37%.
Energy arbitrage supplied 98% of the total and FCAS 2%, with estimated Frequency Performance Payments contributing the remaining 0% ($788). Within FCAS, regulation accounted for 90% and contingency 10%; the single largest market was raise regulation at $11k.
Revenue per MW by battery duration class: 1H: $18/MW, 2H: $116/MW, 3H: $91/MW, 4H+: $269/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 37% of the revenue a perfect-foresight strategy would have earned over the same period, leaving an estimated $1.39M 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 52% of the perfect ceiling across the 1 forecast-covered days in the period, against 36% 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 Mornington BESS (100%), Templers Battery Energy Storage System (92%), Western Downs Battery Energy Storage System (90%). At the other end: Bungama Battery Energy Storage System (-28%), Smithfield Battery Energy Storage System, Units 1 - 36 (-29%), Hazelwood Battery Energy Storage System (-63%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 1 Oct 2026 at $869k, and the best single battery-day was Orana BESS on 1 Oct 2026 with $100k.
The top earners were Orana BESS ($100k); Supernode BESS ($94k); Swanbank BESS ($57k).
Alongside grid-scale BESS, 13 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $180 in FCAS market revenue so far in Q4 2026 ($2/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 | $100k | $242/MW | $60/MWh | 59% |
| Supernode BESS | QLD1 | $94k | $360/MW | $86/MWh | 76% |
| Swanbank BESS | QLD1 | $57k | $226/MW | $113/MWh | 78% |
| Western Downs Battery Energy Storage System (BESS) | QLD1 | $55k | $218/MW | $109/MWh | 74% |
| Western Downs Battery Energy Storage System | QLD1 | $54k | $212/MW | $135/MWh | 90% |
| Supernode BESS | QLD1 | $52k | $202/MW | $96/MWh | 72% |
| Brendale BESS | QLD1 | $51k | $251/MW | $125/MWh | 77% |
| Broadsound Energy Park | QLD1 | $39k | $218/MW | $109/MWh | 73% |
| Mornington BESS | VIC1 | $36k | $148/MW | $60/MWh | 100% |
| Rangebank BESS | VIC1 | $35k | $174/MW | $87/MWh | 44% |
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 | $546k | $195/MW | $89/MWh |
| New South Wales | 12 | $142k | $68/MW | $26/MWh |
| Victoria | 9 | $100k | $64/MW | $31/MWh |
| South Australia | 14 | $81k | $74/MW | $40/MWh |
$/MW uses Max Cap (the grid-constrained operational rating); $/MWh uses registered energy capacity.
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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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