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 $30.68M in estimated gross energy and FCAS market revenue in H1 2026, from 13 grid-scale units tracked by NEMPulse. Figures cover the full period.
Normalised across 1,720 MW and 3,496 MWh of registered capacity, the region earned $18k/MW and $8,775/MWh for the period.
Total revenue was down 25% on H2 2025, which returned $40.95M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 28% at $99/MW/day. Optimal capture slipped 5 points, from 59% to 54%.
Energy arbitrage supplied 94% of the total and FCAS 4%, with estimated Frequency Performance Payments adding $361k. 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 54% of what hindsight would have earned, an estimated $24.55M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Melbourne Renewable Energy Hub Connection A3 (65%), Melbourne Renewable Energy Hub Connection A2 (61%), Melbourne Renewable Energy Hub Connection A1 (60%). At the other end: Bulgana Green Power Hub (15%), Terang BESS (12%), Mornington BESS (-105%) — 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 $1.40M, 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.
One battery earned its first market revenue in the period — Terang BESS — adding 100 MW of earning capacity.
Melbourne Renewable Energy Hub Connection A3 led the region with $8.04M. 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 | $8.04M | $40k/MW | $10k/MWh | 65% |
| Melbourne Renewable Energy Hub Connection A2 | $4.40M | $22k/MW | $11k/MWh | 61% |
| Melbourne Renewable Energy Hub Connection A1 | $4.29M | $21k/MW | $11k/MWh | 60% |
| Rangebank BESS | $3.99M | $20k/MW | $9,965/MWh | 57% |
| Koorangie Energy Storage System | $3.80M | $21k/MW | $10k/MWh | 57% |
| Victorian Big Battery | $2.34M | $7,803/MW | $5,202/MWh | 29% |
| Latrobe Valley BESS | $1.96M | $20k/MW | $9,819/MWh | 52% |
| Hazelwood Battery Energy Storage System | $1.10M | $7,319/MW | $7,319/MWh | 34% |
| Gannawarra Energy Storage System | $278k | $9,254/MW | $5,569/MWh | 38% |
| Bulgana Green Power Hub | $208k | $10k/MW | $6,121/MWh | 15% |
| Ballarat Battery Energy Storage System | $192k | $6,403/MW | $6,403/MWh | 35% |
| Phillip Island BESS | $96k | $19k/MW | $8,066/MWh | 24% |
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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