In June 2026, grid-scale battery revenues in the Wholesale Electricity Market (WEM) fell 20% month-on-month to $42k/MW/year. RCM payments accounted for 102% of the total, but the merchant component fell back below zero at -$2k/MW/year.

​Market conditions improved through winter. Peak demand rose, average energy prices reached their highest level in more than two years, and the 2-hour spread widened to $133/MWh. But 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, with charge and discharge prices sitting within $5/MWh across the month. This left little margin after round-trip efficiency losses.

This article reviews WEM battery revenues for June 2026, including asset-level merchant performance, realised charge and discharge prices, market conditions, fleet growth and contracted revenue. Read last month's report here.

Executive summary

• ​WEM battery revenues fell 20% month-on-month to $42k/MW/year in June. RCM payments accounted for 102% of total revenues, but the merchant component fell back below zero at -$2k/MW/year.
• Energy spreads widened as winter demand returned. The 2-hour spread rose to $133/MWh from $89/MWh in May, while baseload prices increased to $134/MWh - the highest in 2 years.
• Four of the six operational batteries recorded merchant losses. Neoen’s two Collie units were positive, while Synergy’s four batteries finished negative.
• 20 June was the worst day for Synergy’s fleet. Its four batteries charged through the early afternoon price peak, while Neoen’s two batteries discharged into the same window.

Energy spreads recovered as winter demand returned

June marked the return of winter demand in the WEM. Peak operational demand rose to 3,733 MW from 3,092 MW in May, and average energy prices increased to $134/MWh, their highest monthly level in more than two years.

This created more price separation across the day. However, the wider spread did not translate into positive merchant returns across the fleet. Four of the six operational batteries still recorded merchant losses.