How Victoria's grid-scale batteries performed in May 2026: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $3.00M in estimated gross energy and FCAS market revenue in May 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 $1,746/MW and $859/MWh for the period.
Total revenue was down 54% on April 2026, which returned $6.51M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 55% at $56/MW/day. Optimal capture slipped 29 points, from 69% to 40%.
Energy arbitrage supplied 90% of the total and FCAS 9%, with estimated Frequency Performance Payments adding $58k. Within FCAS, regulation accounted for 92% and contingency 8%; the single largest market was raise regulation at $182k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $92/MWh, down 13% on the previous period, and the highest spot price reached $300/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 40% of what hindsight would have earned, an estimated $3.84M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Melbourne Renewable Energy Hub Connection A3 (53%), Koorangie Energy Storage System (50%), Melbourne Renewable Energy Hub Connection A2 (48%). At the other end: Hazelwood Battery Energy Storage System (14%), Bulgana Green Power Hub (4%), Phillip Island BESS (-11%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 5 May 2026 at $252k, and the best single battery-day was Melbourne Renewable Energy Hub Connection A3 on 18 May 2026 with $97k. Revenue stays concentrated: five of the period's 31 days delivered 37% of everything Victoria batteries earned.
Melbourne Renewable Energy Hub Connection A3 led the region with $686k. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Melbourne Renewable Energy Hub Connection A3 | $686k | $3,429/MW | $857/MWh | 53% |
| Koorangie Energy Storage System | $537k | $2,905/MW | $1,452/MWh | 50% |
| Rangebank BESS | $460k | $2,298/MW | $1,149/MWh | 45% |
| Melbourne Renewable Energy Hub Connection A2 | $316k | $1,580/MW | $790/MWh | 48% |
| Melbourne Renewable Energy Hub Connection A1 | $304k | $1,520/MW | $760/MWh | 44% |
| Victorian Big Battery | $266k | $888/MW | $592/MWh | 18% |
| Latrobe Valley BESS | $235k | $2,348/MW | $1,174/MWh | 47% |
| Hazelwood Battery Energy Storage System | $96k | $639/MW | $639/MWh | 14% |
| Bulgana Green Power Hub | $37k | $1,862/MW | $1,095/MWh | 4% |
| Gannawarra Energy Storage System | $29k | $958/MW | $576/MWh | 32% |
| Ballarat Battery Energy Storage System | $18k | $607/MW | $607/MWh | 23% |
| Phillip Island BESS | $10k | $1,942/MW | $814/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: NEM-wide wrap — May 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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