In the quarter ending June 2025, batteries in the NEM were able to gain substantial revenues. Potential revenues came from multiple periods of extreme prices, both in energy and Contingency FCAS markets. But the performance of these batteries in capturing revenues highly varied.

In this article, we benchmark optimiser performance over the quarter ending June, and discuss what factors led to battery outperformance.

This report is the Q2 2025 update of our BESS optimiser benchmark series. For more information, read our launch article from May.

Executive summary

• Batteries with high capture rates use operational strategies to avoid network constraints and be able to dispatch optimally. These include rebidding ramp rates, aggressive provision of Raise Regulation FCAS, and high cycling;
• Availability moderately impacted revenues for most batteries, but the worst-hit missed out on over half of potential revenues over the quarter;
• The location-based factors of MLFs and constraints had a minor impact on revenues for most batteries. However, batteries in some locations lost up to 20% of their potential revenues to these factors.

Capture rates varied highly in Q2, even for similar batteries

This article uses our adjusted capture rate methodology to account for factors affecting potential revenues not related to battery optimisation - such as location, contracts, and availability - to isolate optimiser performance, focusing on the period between April and June 2025.

In the quarter ending June 2025, batteries of similar duration and region had highly varying capture rates. This is a continuation of the trend that we have seen over the past year.