In March 2025, average annualised battery energy storage revenues in the NEM were $64k/MW/year, over 40% lower than in February. Lower volatility led to lower revenues for batteries in most states. New South Wales was the exception, with an extreme price event resulting in batteries there earning double the NEM average.
Executive Summary
- Battery energy storage revenues decreased by 41% from February to March, decreasing in all mainland NEM states except New South Wales
- Energy revenues decreased by 48% to $54k/MW/year, only slightly mitigated by a rise in FCAS revenues to $10k/MW/year
- 85% of battery revenues came from energy trading, with FCAS revenues increasing in March due to increasing FCAS contingency prices
NEM-wide battery revenues decreased by 41% from February
Merchant grid-scale battery revenues in the NEM averaged $64k/MW/year in March 2025, a 41% decrease from the previous month but only 3% lower than in March 2024.