How Victoria's grid-scale batteries performed in 2026: energy and FCAS market revenue, $/MW, $/MWh, top performers, and price events.
Victoria (VIC1) batteries earned $37.97M in estimated gross energy and FCAS market revenue so far in 2026, from 13 grid-scale units tracked by NEMPulse. Figures cover 2026 to date (through 31 Jul 2026).
Normalised across 1,720 MW and 3,496 MWh of registered capacity, the region earned $22k/MW and $11k/MWh for the period.
Energy arbitrage supplied 95% of the total and FCAS 4%, with estimated Frequency Performance Payments adding $403k. Within FCAS, regulation accounted for 88% and contingency 12%; the single largest market was raise regulation at $1.08M.
For context on the trading conditions, the average daily price spread (top two hours minus bottom two hours) in Victoria was $121/MWh, and the highest spot price reached $19,070/MWh.
Against the perfect-foresight energy benchmark, Victoria batteries captured 52% of what hindsight would have earned, an estimated $33.07M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Melbourne Renewable Energy Hub Connection A3 (62%), Rangebank BESS (59%), Terang BESS (59%). At the other end: Victorian Big Battery (28%), Phillip Island BESS (23%), Bulgana Green Power Hub (15%) — 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 $2.49M, and the best single battery-day was Rangebank BESS on 8 Jul 2026 with $683k. Revenue stays concentrated: five of the period's 212 days delivered 16% of everything Victoria batteries earned.
One battery earned its first market revenue in the period — Terang BESS — adding 100 MW of earning capacity.
Melbourne Renewable Energy Hub Connection A3 led the region with $9.61M. Full dispatch, state-of-charge and bidding detail is available on each battery's page.
Victoria saw 23 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 | $9.61M | $48k/MW | $12k/MWh | 62% |
| Rangebank BESS | $5.43M | $27k/MW | $14k/MWh | 59% |
| Melbourne Renewable Energy Hub Connection A2 | $5.13M | $26k/MW | $13k/MWh | 54% |
| Koorangie Energy Storage System | $5.10M | $28k/MW | $14k/MWh | 58% |
| Melbourne Renewable Energy Hub Connection A1 | $5.06M | $25k/MW | $13k/MWh | 54% |
| Victorian Big Battery | $2.78M | $9,279/MW | $6,186/MWh | 28% |
| Latrobe Valley BESS | $2.39M | $24k/MW | $12k/MWh | 51% |
| Hazelwood Battery Energy Storage System | $1.33M | $8,889/MW | $8,889/MWh | 34% |
| Gannawarra Energy Storage System | $336k | $11k/MW | $6,744/MWh | 38% |
| Terang BESS | $261k | $2,615/MW | $1,307/MWh | 59% |
| Bulgana Green Power Hub | $240k | $12k/MW | $7,052/MWh | 15% |
| Ballarat Battery Energy Storage System | $218k | $7,281/MW | $7,281/MWh | 33% |
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 — 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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