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 $46.94M in estimated gross energy and FCAS market revenue so far in 2026, from 14 grid-scale units tracked by NEMPulse. Figures cover 2026 to date (through 15 Sep 2026).
Normalised across 2,020 MW and 4,146 MWh of registered capacity, the region earned $23k/MW and $11k/MWh for the period.
Energy arbitrage supplied 95% of the total and FCAS 4%, with estimated Frequency Performance Payments contributing the remaining 1% ($470k). Within FCAS, regulation accounted for 88% and contingency 12%; the single largest market was raise regulation at $1.27M.
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 $41.02M of unrealised upside.
On capture of the perfect-foresight energy benchmark, the strongest performers were Melbourne Renewable Energy Hub Connection A3 (62%), Terang BESS (61%), Rangebank BESS (58%). At the other end: Bulgana Green Power Hub (14%), Mornington BESS (12%), Pine Lodge BESS (-1%) — 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 258 days delivered 13% of everything Victoria batteries earned.
2 batteries earned their first market revenue in the period — Terang BESS, Mortlake Battery Energy Storage System — adding 400 MW of earning capacity.
Melbourne Renewable Energy Hub Connection A3 led the region with $11.78M. 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 | $11.78M | $59k/MW | $15k/MWh | 62% |
| Rangebank BESS | $6.31M | $32k/MW | $16k/MWh | 58% |
| Melbourne Renewable Energy Hub Connection A2 | $6.27M | $31k/MW | $16k/MWh | 54% |
| Melbourne Renewable Energy Hub Connection A1 | $6.19M | $31k/MW | $15k/MWh | 54% |
| Koorangie Energy Storage System | $6.10M | $33k/MW | $16k/MWh | 58% |
| Victorian Big Battery | $3.53M | $12k/MW | $7,834/MWh | 30% |
| Latrobe Valley BESS | $3.00M | $30k/MW | $15k/MWh | 53% |
| Hazelwood Battery Energy Storage System | $1.61M | $11k/MW | $11k/MWh | 34% |
| Terang BESS | $660k | $6,596/MW | $3,298/MWh | 61% |
| Mortlake Battery Energy Storage System | $427k | $1,422/MW | $656/MWh | 34% |
| Gannawarra Energy Storage System | $409k | $14k/MW | $8,203/MWh | 39% |
| Bulgana Green Power Hub | $284k | $14k/MW | $8,353/MWh | 14% |
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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