How New South Wales's grid-scale batteries performed in H2 2025: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
New South Wales (NSW1) batteries earned $17.79M in estimated gross energy and FCAS market revenue in H2 2025, from 10 grid-scale units tracked by NEMPulse. Figures cover the full period.
Normalised across 975 MW and 2,400 MWh of registered capacity, the region earned $18k/MW and $7,411/MWh for the period.
Energy arbitrage supplied 93% of the total and FCAS 5%, with estimated Frequency Performance Payments adding $291k. Within FCAS, regulation accounted for 75% and contingency 25%; the single largest market was raise regulation at $449k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in New South Wales was $265/MWh, and the highest spot price reached $20,300/MWh.
Against the perfect-foresight energy benchmark, New South Wales batteries captured 31% of what hindsight would have earned, an estimated $34.84M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Riverina Energy Storage System 1 (69%), Smithfield Battery Energy Storage System, Units 1 - 36 (59%), Darlington Point Energy Storage System (55%). At the other end: Queanbeyan BESS (21%), Eraring Battery Energy Storage System (1%), Waratah Super Battery (0%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 26 Nov 2025 at $1.64M, and the best single battery-day was Capital Battery on 26 Nov 2025 with $437k. Revenue stays concentrated: five of the period's 184 days delivered 26% of everything New South Wales batteries earned.
3 batteries earned their first market revenue in the period — Smithfield Battery Energy Storage System, Units 1 - 36, Limondale Battery, Liddell Battery Energy Storage System — adding 615 MW of earning capacity.
Capital Battery led the region with $4.26M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
New South Wales saw 38 price events this period, the sharpest an extreme price event peaking at $20,300/MWh.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Capital Battery | $4.26M | $43k/MW | $21k/MWh | 47% |
| Riverina Energy Storage System 1 | $4.01M | $67k/MW | $33k/MWh | 69% |
| Riverena Energy Storage System 2 | $3.14M | $48k/MW | $24k/MWh | 53% |
| Wallgrove BESS 1 | $2.31M | $46k/MW | $30k/MWh | 45% |
| Smithfield Battery Energy Storage System, Units 1 - 36 | $1.56M | $24k/MW | $12k/MWh | 59% |
| Broken Hill Battery Energy Storage System | $1.30M | $26k/MW | $26k/MWh | 48% |
| Darlington Point Energy Storage System | $1.25M | $50k/MW | $25k/MWh | 55% |
| Queanbeyan BESS | $128k | $13k/MW | $6,386/MWh | 21% |
| Limondale Battery | $79k | $1,582/MW | $148/MWh | 33% |
| Liddell Battery Energy Storage System | $43 | $0/MW | $0/MWh | — |
Capture = actual energy revenue as a share of the perfect-foresight LP benchmark; shown only for units with material modelled upside.
Keep reading: NEM-wide wrap — H2 2025New South Wales battery fleetActual vs optimal dispatchMarket eventsHow capture is calculated
Explore: All insightsBattery fleetActual vs optimalPerformance rankingsMarket economicsMarket 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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