Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in 2025.
Across the Australian National Electricity Market, 46 grid-scale batteries earned a combined $262.74M in estimated gross energy and FCAS market revenue in 2025, based on AEMO dispatch data tracked by NEMPulse. NEMPulse data begins 13 Apr 2025, so figures cover 13 Apr 2025–31 Dec 2025 of this period.
Normalised across the fleet's 5,750 MW and 11,358 MWh of active capacity, batteries earned $46k/MW and $23k/MWh for the period (equivalent to $46k/MW/yr annualised).
Energy arbitrage supplied 88% of the total and FCAS 11%, with estimated Frequency Performance Payments contributing the remaining 1% ($1.60M). Within FCAS, regulation accounted for 28% and contingency 72%; the single largest market was lower 6-second at $8.34M.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) across the five NEM regions was $301/MWh, and the highest spot price reached $20,300/MWh.
Revenue per MW by battery duration class: 1H: $64k/MW, 2H: $46k/MW, 3H: $35k/MW, 4H+: $11k/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 55% of the revenue a perfect-foresight strategy would have earned over the same period, leaving an estimated $183.59M 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 65% of the perfect ceiling across the 180 forecast-covered days in the period, against 50% 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 Christies Beach Wastewater Treatment Plant (88%), Happy Valley Water Treatment Plant (86%), Bolivar Waste Water Treatment Plant (86%). At the other end: Waratah Super Battery (10%), Swanbank BESS (-1%), Eraring Battery Energy Storage System (-6%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 12 Jun 2025 at $35.71M, and the best single battery-day was Western Downs Battery Energy Storage System on 12 Jun 2025 with $4.91M. Revenue stays concentrated: five of the period's 263 days delivered 34% of everything the fleet earned.
The top earners were Western Downs Battery Energy Storage System ($28.80M); Blyth Battery Energy Storage System ($21.12M); Rangebank BESS ($20.83M).
Alongside grid-scale BESS, 22 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $424k in FCAS market revenue in 2025 ($5,044/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
NEMPulse recorded 277 significant price events during the period, the sharpest an extreme price event in New South Wales peaking at $20,300/MWh. Each event, and how every battery responded, is broken down on the market events page.
| Battery | Region | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|---|
| Western Downs Battery Energy Storage System | QLD1 | $28.80M | $113k/MW | $72k/MWh | 79% |
| Blyth Battery Energy Storage System | SA1 | $21.12M | $106k/MW | $53k/MWh | 54% |
| Rangebank BESS | VIC1 | $20.83M | $104k/MW | $52k/MWh | 74% |
| Victorian Big Battery | VIC1 | $19.04M | $63k/MW | $42k/MWh | 58% |
| Koorangie Energy Storage System | VIC1 | $17.96M | $97k/MW | $49k/MWh | 79% |
| Torrens Island BESS | SA1 | $16.15M | $65k/MW | $65k/MWh | 48% |
| Greenbank BESS | QLD1 | $12.10M | $61k/MW | $30k/MWh | 68% |
| Hornsdale Power Reserve | SA1 | $9.85M | $66k/MW | $51k/MWh | 41% |
| Capital Battery | NSW1 | $9.52M | $95k/MW | $48k/MWh | 53% |
| Chinchilla BESS, Units 1-80 | QLD1 | $9.30M | $93k/MW | $47k/MWh | 65% |
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 |
|---|---|---|---|---|
| Victoria | 12 | $87.66M | $54k/MW | $27k/MWh |
| Queensland | 12 | $72.01M | $38k/MW | $20k/MWh |
| South Australia | 12 | $61.23M | $66k/MW | $42k/MWh |
| New South Wales | 10 | $41.84M | $32k/MW | $14k/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: Battery 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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