How Victoria's grid-scale batteries performed in H1 2026: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $31.89M in estimated gross energy and FCAS market revenue in H1 2026, from 12 grid-scale units tracked by NEMPulse. Figures cover the full period.
Normalised across 1,620 MW and 3,296 MWh of registered capacity, the region earned $20k/MW and $9,675/MWh for the period.
Total revenue was down 25% on H2 2025, which returned $42.62M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 24% at $109/MW/day. Optimal capture slipped 5 points, from 62% to 57%.
Energy arbitrage supplied 95% of the total and FCAS 4%, with estimated Frequency Performance Payments contributing the remaining 1% ($352k). Within FCAS, regulation accounted for 87% and contingency 13%; the single largest market was raise regulation at $983k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $114/MWh, down 37% on the previous period, and the highest spot price reached $3,026/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 57% of what hindsight would have earned, an estimated $22.61M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Melbourne Renewable Energy Hub Connection A3 (69%), Melbourne Renewable Energy Hub Connection A2 (64%), Melbourne Renewable Energy Hub Connection A1 (63%). At the other end: Terang BESS (-12%), Mortlake Battery Energy Storage System (-73%), Mornington BESS (-93%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 27 Jan 2026 at $1.43M, and the best single battery-day was Melbourne Renewable Energy Hub Connection A3 on 27 Jan 2026 with $388k. Revenue stays concentrated: five of the period's 181 days delivered 13% of everything Victoria batteries earned.
Melbourne Renewable Energy Hub Connection A3 led the region with $8.41M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
Victoria saw 12 price events this period, the sharpest a price spike peaking at $3,026/MWh.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Melbourne Renewable Energy Hub Connection A3 | $8.41M | $42k/MW | $11k/MWh | 69% |
| Melbourne Renewable Energy Hub Connection A2 | $4.51M | $23k/MW | $11k/MWh | 64% |
| Melbourne Renewable Energy Hub Connection A1 | $4.42M | $22k/MW | $11k/MWh | 63% |
| Rangebank BESS | $4.01M | $20k/MW | $10k/MWh | 59% |
| Koorangie Energy Storage System | $3.73M | $20k/MW | $10k/MWh | 58% |
| Victorian Big Battery | $2.75M | $9,182/MW | $6,121/MWh | 35% |
| Latrobe Valley BESS | $2.11M | $21k/MW | $11k/MWh | 57% |
| Hazelwood Battery Energy Storage System | $1.43M | $9,562/MW | $9,562/MWh | 47% |
| Bulgana Green Power Hub | $285k | $14k/MW | $8,379/MWh | 29% |
| Gannawarra Energy Storage System | $255k | $8,490/MW | $5,109/MWh | 37% |
| Ballarat Battery Energy Storage System | $188k | $6,270/MW | $6,270/MWh | 35% |
| Phillip Island BESS | $128k | $26k/MW | $11k/MWh | 41% |
Capture = actual energy revenue as a share of the perfect-foresight LP benchmark; shown only for units with material modelled upside.
Third-party reporting on these units, matched automatically and linked for context. NEMPulse does not endorse or verify external coverage.
Keep reading: Previous period: H2 2025NEM-wide wrap — H1 2026Victoria battery fleetActual 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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