How Victoria's grid-scale batteries performed in 2025: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $84.94M in estimated gross energy and FCAS market revenue in 2025, from 12 grid-scale units tracked by NEMPulse. NEMPulse data begins 13 Apr 2025, so figures cover 13 Apr 2025–31 Dec 2025 of this period.
Normalised across 1,620 MW and 3,296 MWh of registered capacity, the region earned $52k/MW and $26k/MWh for the period.
Energy arbitrage supplied 95% of the total and FCAS 5%, with estimated Frequency Performance Payments adding $544k. Within FCAS, regulation accounted for 62% and contingency 38%; the single largest market was raise regulation at $1.64M.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $293/MWh, and the highest spot price reached $17,500/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 64% of what hindsight would have earned, an estimated $38.25M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Koorangie Energy Storage System (83%), Melbourne Renewable Energy Hub Connection A3 (76%), Rangebank BESS (73%). At the other end: Ballarat Battery Energy Storage System (50%), Gannawarra Energy Storage System (49%), Bulgana Green Power Hub (43%) — capture reflects strategy, contracting and constraints as much as skill, so a low figure is not automatically underperformance.
The strongest single day was 26 Jun 2025 at $14.64M, and the best single battery-day was Victorian Big Battery on 26 Jun 2025 with $4.07M. Revenue stays concentrated: five of the period's 263 days delivered 42% of everything Victoria batteries earned.
Rangebank BESS led the region with $20.89M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
Victoria saw 28 price events this period, the sharpest an extreme price event peaking at $17,500/MWh.
| Battery | Energy + FCAS | $/MW | $/MWh | Capture |
|---|---|---|---|---|
| Rangebank BESS | $20.89M | $104k/MW | $52k/MWh | 73% |
| Koorangie Energy Storage System | $18.27M | $99k/MW | $49k/MWh | 83% |
| Victorian Big Battery | $17.33M | $58k/MW | $39k/MWh | 52% |
| Hazelwood Battery Energy Storage System | $8.50M | $57k/MW | $57k/MWh | 61% |
| Latrobe Valley BESS | $6.62M | $66k/MW | $33k/MWh | 66% |
| Melbourne Renewable Energy Hub Connection A1 | $4.10M | $21k/MW | $10k/MWh | 65% |
| Melbourne Renewable Energy Hub Connection A3 | $2.61M | $13k/MW | $3,268/MWh | 76% |
| Melbourne Renewable Energy Hub Connection A2 | $2.23M | $11k/MW | $5,569/MWh | 57% |
| Gannawarra Energy Storage System | $1.46M | $49k/MW | $29k/MWh | 49% |
| Bulgana Green Power Hub | $1.24M | $62k/MW | $36k/MWh | 43% |
| Ballarat Battery Energy Storage System | $1.16M | $39k/MW | $39k/MWh | 50% |
| Phillip Island BESS | $536k | $107k/MW | $45k/MWh | 57% |
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 — 2025Victoria 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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