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 $15.70M in estimated gross energy and FCAS market revenue so far in H2 2026, from 14 grid-scale units tracked by NEMPulse. Figures cover H2 2026 to date (through 11 Sep 2026).
Normalised across 2,020 MW and 4,146 MWh of registered capacity, the region earned $7,773/MW and $3,787/MWh for the period.
Total revenue was up 6% on the same days of H1 2026, which returned $14.78M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 15% at $106/MW/day. Optimal capture slipped 6 points, from 55% to 49%.
Energy arbitrage supplied 97% of the total and FCAS 2%, with estimated Frequency Performance Payments contributing the remaining 1% ($112k). Within FCAS, regulation accounted for 90% and contingency 10%; the single largest market was raise regulation at $268k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $141/MWh, up 6% on the previous period, and the highest spot price reached $19,070/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 49% of what hindsight would have earned, an estimated $15.63M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Terang BESS (67%), Rangebank BESS (60%), Koorangie Energy Storage System (59%). At the other end: Bulgana Green Power Hub (11%), Mornington BESS (9%), 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 73 days delivered 27% of everything Victoria batteries earned.
Melbourne Renewable Energy Hub Connection A3 led the region with $3.57M. 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 | $3.57M | $18k/MW | $4,461/MWh | 57% |
| Rangebank BESS | $2.26M | $11k/MW | $5,638/MWh | 60% |
| Koorangie Energy Storage System | $2.23M | $12k/MW | $6,022/MWh | 59% |
| Melbourne Renewable Energy Hub Connection A1 | $1.81M | $9,063/MW | $4,532/MWh | 43% |
| Melbourne Renewable Energy Hub Connection A2 | $1.79M | $8,964/MW | $4,482/MWh | 43% |
| Victorian Big Battery | $1.11M | $3,709/MW | $2,473/MWh | 32% |
| Latrobe Valley BESS | $993k | $9,931/MW | $4,966/MWh | 53% |
| Terang BESS | $593k | $5,927/MW | $2,963/MWh | 67% |
| Mortlake Battery Energy Storage System | $592k | $1,974/MW | $911/MWh | 47% |
| Hazelwood Battery Energy Storage System | $485k | $3,235/MW | $3,235/MWh | 32% |
| Gannawarra Energy Storage System | $126k | $4,206/MW | $2,531/MWh | 40% |
| Bulgana Green Power Hub | $71k | $3,558/MW | $2,093/MWh | 11% |
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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