Fleet-wide energy and FCAS market revenue, normalised $/MW and $/MWh, and the top-earning grid-scale batteries in 2026.
Across the Australian National Electricity Market, 58 grid-scale batteries earned a combined $221.36M in estimated gross energy and FCAS market revenue so far in 2026, based on AEMO dispatch data tracked by NEMPulse. Figures cover 2026 to date (through 12 Sep 2026).
Normalised across the fleet's 8,364 MW and 19,368 MWh of active capacity, batteries earned $26k/MW and $11k/MWh for the period.
Energy arbitrage supplied 95% of the total and FCAS 4%, with estimated Frequency Performance Payments contributing the remaining 1% ($1.57M). Within FCAS, regulation accounted for 50% and contingency 50%; the single largest market was raise regulation at $3.27M.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) across the five NEM regions was $159/MWh, and the highest spot price reached $23,200/MWh.
Revenue per MW by battery duration class: 1H: $30k/MW, 2H: $24k/MW, 3H: $19k/MW, 4H+: $39k/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 52% of the revenue a perfect-foresight strategy would have earned over the same period, leaving an estimated $192.07M 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 67% of the perfect ceiling across the 255 forecast-covered days in the period, against 49% 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 Bolivar Waste Water Treatment Plant (91%), Christies Beach Wastewater Treatment Plant (85%), Happy Valley Water Treatment Plant (77%). At the other end: Queanbeyan BESS (-9%), Eraring Battery Energy Storage System 2 (-32%), Stanwell Battery Energy Storage System (-114%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 26 Jan 2026 at $19.32M, and the best single battery-day was Blyth Battery Energy Storage System on 26 Jan 2026 with $4.77M. Revenue stays concentrated: five of the period's 255 days delivered 18% of everything the fleet earned.
10 batteries earned their first market revenue in the period — Supernode BESS, Orana BESS, Broadsound Energy Park, Clements Gap BESS and 6 more — adding 1,756 MW of earning capacity.
The top earners were Eraring Battery Energy Storage System ($26.48M); Blyth Battery Energy Storage System ($11.85M); Melbourne Renewable Energy Hub Connection A3 ($11.65M).
Alongside grid-scale BESS, 23 residential virtual power plant (VPP) and demand-response aggregator units contributed an estimated $73k in FCAS market revenue so far in 2026 ($659/MW of registered FCAS capacity). VPPs participate exclusively in FCAS markets through pooled residential and commercial assets.
NEMPulse recorded 164 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 | $26.48M | $58k/MW | $13k/MWh | 60% |
| Blyth Battery Energy Storage System | SA1 | $11.85M | $59k/MW | $30k/MWh | 51% |
| Melbourne Renewable Energy Hub Connection A3 | VIC1 | $11.65M | $58k/MW | $15k/MWh | 62% |
| Torrens Island BESS | SA1 | $10.04M | $40k/MW | $40k/MWh | 47% |
| Tarong BESS | QLD1 | $9.41M | $31k/MW | $16k/MWh | 62% |
| Templers Battery Energy Storage System | SA1 | $8.97M | $81k/MW | $31k/MWh | 67% |
| Mannum Battery Energy Storage System | SA1 | $8.76M | $88k/MW | $44k/MWh | 60% |
| Western Downs Battery Energy Storage System (BESS) | QLD1 | $8.68M | $34k/MW | $17k/MWh | 58% |
| Brendale BESS | QLD1 | $7.97M | $39k/MW | $19k/MWh | 65% |
| Western Downs Battery Energy Storage System | QLD1 | $7.72M | $30k/MW | $19k/MWh | 64% |
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 | 15 | $70.92M | $25k/MW | $12k/MWh |
| New South Wales | 15 | $52.98M | $22k/MW | $7,365/MWh |
| South Australia | 14 | $51.05M | $45k/MW | $27k/MWh |
| Victoria | 14 | $46.40M | $23k/MW | $11k/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.
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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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