How Victoria's grid-scale batteries performed in H2 2025: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $42.62M in estimated gross energy and FCAS market revenue in H2 2025, 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 $26k/MW and $13k/MWh for the period.
Energy arbitrage supplied 93% of the total and FCAS 6%, with estimated Frequency Performance Payments contributing the remaining 1% ($469k). Within FCAS, regulation accounted for 69% and contingency 31%; the single largest market was raise regulation at $1.17M.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $180/MWh, and the highest spot price reached $980/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 62% of what hindsight would have earned, an estimated $23.89M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Melbourne Renewable Energy Hub Connection A3 (76%), Koorangie Energy Storage System (72%), Rangebank BESS (69%). At the other end: Ballarat Battery Energy Storage System (44%), Bulgana Green Power Hub (36%), Gannawarra Energy Storage System (32%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 1 Sep 2025 at $915k, and the best single battery-day was Koorangie Energy Storage System on 1 Sep 2025 with $255k. Revenue stays concentrated: five of the period's 184 days delivered 8% of everything Victoria batteries earned.
3 batteries earned their first market revenue in the period — Melbourne Renewable Energy Hub Connection A1, Melbourne Renewable Energy Hub Connection A3, Melbourne Renewable Energy Hub Connection A2 — adding 600 MW of earning capacity.
Rangebank BESS led the region with $9.11M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
Victoria saw 16 price events this period, the sharpest elevated prices peaking at $980/MWh.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Rangebank BESS | $9.11M | $46k/MW | $23k/MWh | 69% |
| Koorangie Energy Storage System | $8.21M | $44k/MW | $22k/MWh | 72% |
| Victorian Big Battery | $6.48M | $22k/MW | $14k/MWh | 45% |
| Melbourne Renewable Energy Hub Connection A1 | $4.25M | $21k/MW | $11k/MWh | 68% |
| Hazelwood Battery Energy Storage System | $4.15M | $28k/MW | $28k/MWh | 65% |
| Latrobe Valley BESS | $3.70M | $37k/MW | $18k/MWh | 64% |
| Melbourne Renewable Energy Hub Connection A3 | $2.57M | $13k/MW | $3,212/MWh | 76% |
| Melbourne Renewable Energy Hub Connection A2 | $2.29M | $11k/MW | $5,724/MWh | 59% |
| Bulgana Green Power Hub | $587k | $29k/MW | $17k/MWh | 36% |
| Ballarat Battery Energy Storage System | $509k | $17k/MW | $17k/MWh | 44% |
| Gannawarra Energy Storage System | $505k | $17k/MW | $10k/MWh | 32% |
| Phillip Island BESS | $259k | $52k/MW | $22k/MWh | 53% |
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: NEM-wide wrap — H2 2025Victoria 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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