How Victoria's grid-scale batteries performed in H2 2026: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $35.73M in estimated gross energy and FCAS market revenue so far in H2 2026, from 15 grid-scale units tracked by NEMPulse. Figures cover H2 2026 to date (through 13 Nov 2026).
Normalised across 2,260 MW and 4,736 MWh of registered capacity, the region earned $16k/MW and $7,545/MWh for the period.
Total revenue was up 31% on the same days of H1 2026, which returned $27.21M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 6% at $116/MW/day. Optimal capture slipped 5 points, from 61% to 56%.
Energy arbitrage supplied 97% of the total and FCAS 2%, with estimated Frequency Performance Payments contributing the remaining 1% ($256k). Within FCAS, regulation accounted for 91% and contingency 9%; the single largest market was raise regulation at $536k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $137/MWh, up 16% on the previous period, and the highest spot price reached $19,070/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 56% of what hindsight would have earned, an estimated $27.07M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Terang BESS (69%), Melbourne Renewable Energy Hub Connection A3 (64%), Rangebank BESS (60%). At the other end: Ballarat Battery Energy Storage System (38%), Bulgana Green Power Hub (36%), Pine Lodge BESS (-4%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 8 Jul 2026 at $2.50M, and the best single battery-day was Rangebank BESS on 8 Jul 2026 with $675k. Revenue stays concentrated: five of the period's 136 days delivered 14% of everything Victoria batteries earned.
Melbourne Renewable Energy Hub Connection A3 led the region with $7.36M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
Victoria saw 12 price events this period, the sharpest an extreme price event peaking at $19,070/MWh.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Melbourne Renewable Energy Hub Connection A3 | $7.36M | $37k/MW | $9,195/MWh | 64% |
| Melbourne Renewable Energy Hub Connection A1 | $3.98M | $20k/MW | $9,942/MWh | 54% |
| Rangebank BESS | $3.95M | $20k/MW | $9,880/MWh | 60% |
| Melbourne Renewable Energy Hub Connection A2 | $3.88M | $19k/MW | $9,689/MWh | 53% |
| Koorangie Energy Storage System | $3.74M | $20k/MW | $10k/MWh | 59% |
| Victorian Big Battery | $2.98M | $9,937/MW | $6,625/MWh | 44% |
| Mortlake Battery Energy Storage System | $2.51M | $8,358/MW | $3,857/MWh | 52% |
| Latrobe Valley BESS | $1.94M | $19k/MW | $9,716/MWh | 58% |
| Terang BESS | $1.70M | $17k/MW | $8,520/MWh | 69% |
| Mornington BESS | $1.56M | $6,511/MW | $2,649/MWh | 55% |
| Hazelwood Battery Energy Storage System | $1.46M | $9,749/MW | $9,749/MWh | 52% |
| Bulgana Green Power Hub | $250k | $12k/MW | $7,349/MWh | 36% |
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: H1 2026NEM-wide wrap — H2 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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