How Victoria's grid-scale batteries performed in November 2026: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $212k in estimated gross energy and FCAS market revenue so far in November 2026, from 13 grid-scale units tracked by NEMPulse. Figures cover November 2026 to date (through 1 Nov 2026).
Normalised across 2,140 MW and 4,502 MWh of registered capacity, the region earned $99/MW and $47/MWh for the period.
Total revenue was up 57% on the same days of October 2026, which returned $135k. Per MW per day — which strips out both fleet growth and the length of the window — earnings were up 34% at $99/MW/day. Optimal capture improved 13 points, from 22% to 35%.
Energy arbitrage supplied 98% of the total and FCAS 2%, with estimated Frequency Performance Payments contributing the remaining 0% ($57). Within FCAS, regulation accounted for 93% and contingency 7%; the single largest market was raise regulation at $3k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $53/MWh, down 60% on the previous period, and the highest spot price reached $99/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 35% of what hindsight would have earned, an estimated $352k of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Melbourne Renewable Energy Hub Connection A1 (51%), Terang BESS (50%), Mortlake Battery Energy Storage System (46%). At the other end: Melbourne Renewable Energy Hub Connection A3 (5%), Hazelwood Battery Energy Storage System (-3%), Latrobe Valley BESS (-27%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 1 Nov 2026 at $212k, and the best single battery-day was Mortlake Battery Energy Storage System on 1 Nov 2026 with $35k.
Mortlake Battery Energy Storage System led the region with $35k. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Mortlake Battery Energy Storage System | $35k | $115/MW | $53/MWh | 46% |
| Melbourne Renewable Energy Hub Connection A1 | $30k | $152/MW | $76/MWh | 51% |
| Rangebank BESS | $28k | $138/MW | $69/MWh | 43% |
| Koorangie Energy Storage System | $26k | $141/MW | $71/MWh | 41% |
| Melbourne Renewable Energy Hub Connection A2 | $24k | $118/MW | $59/MWh | 44% |
| Mornington BESS | $23k | $97/MW | $40/MWh | 38% |
| Terang BESS | $19k | $189/MW | $95/MWh | 50% |
| Melbourne Renewable Energy Hub Connection A3 | $18k | $90/MW | $23/MWh | 5% |
| Victorian Big Battery | $11k | $35/MW | $23/MWh | 25% |
| Gannawarra Energy Storage System | $821 | $27/MW | $16/MWh | — |
| Phillip Island BESS | $668 | $134/MW | $56/MWh | — |
| Hazelwood Battery Energy Storage System | $329 | $2/MW | $2/MWh | -3% |
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: October 2026NEM-wide wrap — November 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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