In July 2026, grid-scale battery revenues in the Wholesale Electricity Market (WEM) fell 9% month-on-month to $38k/MW/year. RCM payments accounted for 115% of the total, up from 105% in June, but the merchant component fell further below zero at -$6k/MW/year.

Market conditions remained supportive for energy arbitrage. Average energy prices held at $133/MWh, close to June’s two-year high, and the 2-hour spread remained wide at $126/MWh. However, the wider spread was not captured evenly across the fleet.

Neoen’s two Collie batteries recorded positive merchant returns. Synergy’s four batteries all recorded merchant losses and had negative revenues on 25 days in July.

This article reviews WEM battery revenues for July 2026, including market conditions, fleet growth, asset-level merchant performance, daily loss frequency, and charging behaviour during high-price intervals. Read last month's report here.

​Executive summary

• WEM battery revenues fell 9% month-on-month to $38k/MW/year in July. RCM payments accounted for 115% of total revenue, whilst merchant revenue fell further to -$6k/MW/year.
• Spreads stayed wide. The 2-hour spread was $126/MWh, down from $133/MWh in June, but above every month from January to May.
• Four of the six operational batteries recorded merchant losses. Neoen’s two Collie batteries finished positive, whilst Synergy’s four batteries finished negative.
• 12 July was Synergy’s largest loss. Its four batteries charged through an overnight price rise, and the fleet lost -$383k across the day.

​Spreads stayed wide, but merchant returns fell further

Peak operational demand fell to 3,362 MW from 3,733 MW in June, but average energy prices held at $133/MWh. The 2-hour spread eased to $126/MWh from $133/MWh, remaining above every month from January to May.