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 $19.69M 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 29 Sep 2026).
Normalised across 2,260 MW and 4,736 MWh of registered capacity, the region earned $8,714/MW and $4,159/MWh for the period.
Total revenue was up 10% on the same days of H1 2026, which returned $17.88M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 21% at $96/MW/day. Optimal capture slipped 5 points, from 56% to 51%.
Energy arbitrage supplied 97% of the total and FCAS 2%, with estimated Frequency Performance Payments contributing the remaining 1% ($145k). Within FCAS, regulation accounted for 90% and contingency 10%; the single largest market was raise regulation at $342k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $135/MWh, up 5% on the previous period, and the highest spot price reached $19,070/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 51% of what hindsight would have earned, an estimated $18.01M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Terang BESS (66%), Melbourne Renewable Energy Hub Connection A3 (60%), Rangebank BESS (60%). At the other end: Phillip Island BESS (16%), Bulgana Green Power Hub (13%), Pine Lodge BESS (-1%) — 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 $2.49M, and the best single battery-day was Rangebank BESS on 8 Jul 2026 with $683k. Revenue stays concentrated: five of the period's 91 days delivered 22% of everything Victoria batteries earned.
Melbourne Renewable Energy Hub Connection A3 led the region with $4.51M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
Victoria saw 11 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 | $4.51M | $23k/MW | $5,632/MWh | 60% |
| Rangebank BESS | $2.67M | $13k/MW | $6,684/MWh | 60% |
| Koorangie Energy Storage System | $2.63M | $14k/MW | $7,100/MWh | 59% |
| Melbourne Renewable Energy Hub Connection A1 | $2.30M | $11k/MW | $5,740/MWh | 46% |
| Melbourne Renewable Energy Hub Connection A2 | $2.27M | $11k/MW | $5,687/MWh | 46% |
| Victorian Big Battery | $1.52M | $5,081/MW | $3,388/MWh | 35% |
| Latrobe Valley BESS | $1.22M | $12k/MW | $6,112/MWh | 55% |
| Terang BESS | $874k | $8,743/MW | $4,372/MWh | 66% |
| Hazelwood Battery Energy Storage System | $657k | $4,380/MW | $4,380/MWh | 36% |
| Mortlake Battery Energy Storage System | $604k | $2,014/MW | $929/MWh | 46% |
| Gannawarra Energy Storage System | $154k | $5,120/MW | $3,081/MWh | 41% |
| Bulgana Green Power Hub | $91k | $4,536/MW | $2,668/MWh | 13% |
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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