How Victoria's grid-scale batteries performed in Q2 2026: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $13.10M in estimated gross energy and FCAS market revenue in Q2 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 $7,615/MW and $3,747/MWh for the period.
Total revenue was down 25% on Q1 2026, which returned $17.58M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were down 31% at $84/MW/day. Optimal capture slipped 4 points, from 55% to 52%.
Energy arbitrage supplied 93% of the total and FCAS 5%, with estimated Frequency Performance Payments adding $160k. Within FCAS, regulation accounted for 91% and contingency 9%; the single largest market was raise regulation at $495k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $99/MWh, down 23% on the previous period, and the highest spot price reached $450/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 52% of what hindsight would have earned, an estimated $11.28M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Melbourne Renewable Energy Hub Connection A3 (63%), Melbourne Renewable Energy Hub Connection A2 (60%), Melbourne Renewable Energy Hub Connection A1 (59%). At the other end: Phillip Island BESS (13%), Terang BESS (12%), Mornington BESS (-105%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 5 Apr 2026 at $391k, and the best single battery-day was Melbourne Renewable Energy Hub Connection A3 on 22 Jun 2026 with $136k. Revenue stays concentrated: five of the period's 91 days delivered 14% of everything Victoria batteries earned.
Melbourne Renewable Energy Hub Connection A3 led the region with $3.26M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
Victoria saw one price event this period, negative pricing peaking at $-615/MWh.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Melbourne Renewable Energy Hub Connection A3 | $3.26M | $16k/MW | $4,081/MWh | 63% |
| Melbourne Renewable Energy Hub Connection A2 | $1.75M | $8,771/MW | $4,385/MWh | 60% |
| Koorangie Energy Storage System | $1.72M | $9,301/MW | $4,651/MWh | 55% |
| Melbourne Renewable Energy Hub Connection A1 | $1.71M | $8,572/MW | $4,286/MWh | 59% |
| Rangebank BESS | $1.67M | $8,363/MW | $4,182/MWh | 54% |
| Victorian Big Battery | $1.27M | $4,248/MW | $2,832/MWh | 32% |
| Latrobe Valley BESS | $997k | $9,969/MW | $4,985/MWh | 56% |
| Hazelwood Battery Energy Storage System | $327k | $2,181/MW | $2,181/MWh | 20% |
| Bulgana Green Power Hub | $130k | $6,501/MW | $3,824/MWh | 17% |
| Gannawarra Energy Storage System | $122k | $4,072/MW | $2,451/MWh | 36% |
| Ballarat Battery Energy Storage System | $90k | $2,998/MW | $2,998/MWh | 34% |
| Phillip Island BESS | $44k | $8,758/MW | $3,672/MWh | 13% |
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: Q1 2026NEM-wide wrap — Q2 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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