How Victoria's grid-scale batteries performed in Q1 2026: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $17.58M in estimated gross energy and FCAS market revenue in Q1 2026, from 12 grid-scale units tracked by NEMPulse. Figures cover the full period.
Normalised across 1,620 MW and 3,296 MWh of registered capacity, the region earned $11k/MW and $5,333/MWh for the period.
Total revenue was down 17% on Q4 2025, which returned $21.23M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 15% at $121/MW/day. Optimal capture slipped 5 points, from 61% to 55%.
Energy arbitrage supplied 95% of the total and FCAS 4%, with estimated Frequency Performance Payments adding $200k. Within FCAS, regulation accounted for 84% and contingency 16%; the single largest market was raise regulation at $488k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $128/MWh, down 18% on the previous period, and the highest spot price reached $3,026/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 55% of what hindsight would have earned, an estimated $13.27M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Melbourne Renewable Energy Hub Connection A3 (66%), Melbourne Renewable Energy Hub Connection A2 (62%), Melbourne Renewable Energy Hub Connection A1 (60%). At the other end: Phillip Island BESS (32%), Victorian Big Battery (26%), Bulgana Green Power Hub (12%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 27 Jan 2026 at $1.40M, and the best single battery-day was Melbourne Renewable Energy Hub Connection A3 on 27 Jan 2026 with $388k. Revenue stays concentrated: five of the period's 90 days delivered 22% of everything Victoria batteries earned.
Melbourne Renewable Energy Hub Connection A3 led the region with $4.77M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
Victoria saw 11 price events this period, the sharpest a price spike peaking at $3,026/MWh.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Melbourne Renewable Energy Hub Connection A3 | $4.77M | $24k/MW | $5,964/MWh | 66% |
| Melbourne Renewable Energy Hub Connection A2 | $2.64M | $13k/MW | $6,609/MWh | 62% |
| Melbourne Renewable Energy Hub Connection A1 | $2.58M | $13k/MW | $6,451/MWh | 60% |
| Rangebank BESS | $2.31M | $12k/MW | $5,783/MWh | 60% |
| Koorangie Energy Storage System | $2.08M | $11k/MW | $5,617/MWh | 58% |
| Victorian Big Battery | $1.07M | $3,555/MW | $2,370/MWh | 26% |
| Latrobe Valley BESS | $967k | $9,668/MW | $4,834/MWh | 48% |
| Hazelwood Battery Energy Storage System | $771k | $5,138/MW | $5,138/MWh | 44% |
| Gannawarra Energy Storage System | $155k | $5,181/MW | $3,118/MWh | 40% |
| Ballarat Battery Energy Storage System | $102k | $3,406/MW | $3,406/MWh | 36% |
| Bulgana Green Power Hub | $78k | $3,905/MW | $2,297/MWh | 12% |
| Phillip Island BESS | $52k | $10k/MW | $4,394/MWh | 32% |
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 — Q1 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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