How Victoria's grid-scale batteries performed in September 2026: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $82k in estimated gross energy and FCAS market revenue so far in September 2026, from 16 grid-scale units tracked by NEMPulse. Figures cover September 2026 to date (through 1 Sep 2026).
Normalised across 2,510 MW and 5,336 MWh of registered capacity, the region earned $33/MW and $15/MWh for the period.
Total revenue was down 61% on the same days of August 2026, which returned $211k. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 75% at $33/MW/day. Optimal capture slipped 32 points, from 63% to 31%.
Energy arbitrage supplied 93% of the total and FCAS 7%, with estimated Frequency Performance Payments contributing the remaining 0% ($81). Within FCAS, regulation accounted for 93% and contingency 7%; the single largest market was raise regulation at $4k.
Against the perfect-foresight energy benchmark, Victoria batteries captured 31% of what hindsight would have earned, an estimated $169k of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Terang BESS (62%), Latrobe Valley BESS (45%), Melbourne Renewable Energy Hub Connection A2 (39%). At the other end: Melbourne Renewable Energy Hub Connection A3 (26%), Victorian Big Battery (16%), Mortlake Battery Energy Storage System (1%) — 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 2026 at $82k, and the best single battery-day was Terang BESS on 1 Sep 2026 with $12k.
Terang BESS led the region with $12k. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Terang BESS | $12k | $116/MW | $58/MWh | 62% |
| Melbourne Renewable Energy Hub Connection A1 | $10k | $51/MW | $25/MWh | 35% |
| Melbourne Renewable Energy Hub Connection A3 | $10k | $51/MW | $13/MWh | 26% |
| Melbourne Renewable Energy Hub Connection A2 | $10k | $49/MW | $25/MWh | 39% |
| Rangebank BESS | $9k | $43/MW | $22/MWh | 34% |
| Koorangie Energy Storage System | $8k | $43/MW | $22/MWh | 34% |
| Latrobe Valley BESS | $8k | $79/MW | $39/MWh | 45% |
| Victorian Big Battery | $5k | $18/MW | $12/MWh | 16% |
| Hazelwood Battery Energy Storage System | $4k | $26/MW | $26/MWh | — |
| Mornington BESS | $4k | $16/MW | $6/MWh | — |
| Pine Lodge BESS | $705 | $3/MW | $1/MWh | — |
| Phillip Island BESS | $684 | $137/MW | $57/MWh | — |
Capture = actual energy revenue as a share of the perfect-foresight LP benchmark; shown only for units with material modelled upside.
Keep reading: Previous period: August 2026NEM-wide wrap — September 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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