How Victoria's grid-scale batteries performed in Q3 2026: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $20.73M in estimated gross energy and FCAS market revenue in Q3 2026, from 15 grid-scale units tracked by NEMPulse. Figures cover the full period.
Normalised across 2,260 MW and 4,736 MWh of registered capacity, the region earned $9,175/MW and $4,378/MWh for the period.
Total revenue was up 53% on Q2 2026, which returned $13.57M. Per MW per day — which strips out both fleet growth and the length of the window — earnings were up 8% at $100/MW/day.
Energy arbitrage supplied 97% of the total and FCAS 2%, with estimated Frequency Performance Payments contributing the remaining 1% ($149k). Within FCAS, regulation accounted for 90% and contingency 10%; the single largest market was raise regulation at $348k.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $134/MWh, up 35% on the previous period, and the highest spot price reached $19,070/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 54% of what hindsight would have earned, an estimated $16.67M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Terang BESS (71%), Melbourne Renewable Energy Hub Connection A3 (63%), Rangebank BESS (60%). At the other end: Ballarat Battery Energy Storage System (33%), Mornington BESS (30%), Pine Lodge BESS (-8%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 8 Jul 2026 at $2.50M, and the best single battery-day was Rangebank BESS on 8 Jul 2026 with $675k. Revenue stays concentrated: five of the period's 92 days delivered 21% of everything Victoria batteries earned.
Melbourne Renewable Energy Hub Connection A3 led the region with $4.70M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
Victoria saw 11 price events this period, the sharpest an extreme price event peaking at $19,070/MWh.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Melbourne Renewable Energy Hub Connection A3 | $4.70M | $23k/MW | $5,869/MWh | 63% |
| Rangebank BESS | $2.63M | $13k/MW | $6,576/MWh | 60% |
| Koorangie Energy Storage System | $2.59M | $14k/MW | $7,003/MWh | 59% |
| Melbourne Renewable Energy Hub Connection A1 | $2.51M | $13k/MW | $6,264/MWh | 51% |
| Melbourne Renewable Energy Hub Connection A2 | $2.48M | $12k/MW | $6,199/MWh | 51% |
| Victorian Big Battery | $1.76M | $5,876/MW | $3,917/MWh | 41% |
| Latrobe Valley BESS | $1.22M | $12k/MW | $6,118/MWh | 57% |
| Hazelwood Battery Energy Storage System | $947k | $6,314/MW | $6,314/MWh | 52% |
| Terang BESS | $912k | $9,122/MW | $4,561/MWh | 71% |
| Mortlake Battery Energy Storage System | $518k | $1,726/MW | $797/MWh | 43% |
| Bulgana Green Power Hub | $163k | $8,142/MW | $4,789/MWh | 34% |
| Gannawarra Energy Storage System | $139k | $4,649/MW | $2,798/MWh | 38% |
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: Q2 2026NEM-wide wrap — Q3 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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