NEM grid-scale battery revenues increased 25% month-on-month to $44k/MW/year in July 2026. This is the second consecutive monthly rise after May's record low. Despite the improvement, battery revenues remained just over half the 12-month average of $85k/MW/year and were still 72% below July 2025.

Two evening price events on 8 and 30 July supported the recovery. They added a combined $9k/MW/year, or 20% of July revenues. Underlying market conditions also strengthened, as cooler temperatures and higher heating demand lifted evening price spreads.

Victoria recorded the highest battery revenues in the NEM at $53k/MW/year, becoming the top-performing state for the first time since May 2025. South Australia, which led in June, was the only state where battery revenues declined.

This article reviews July 2026 NEM battery revenues, covering the month's key price events, energy and FCAS revenue contributions, and state and asset-level performance. Find June’s NEM battery revenue report here.

Executive summary

• Revenues rose 25% month-on-month to $44k/MW/year, with energy arbitrage contributing 97%. Two evenings (8 and 30 July) contributed 20%.
• Victoria recorded the highest battery revenues in the NEM at $53k/MW/year, up 80% month-on-month. Wider spreads and the 8 July scarcity event lifted the state's revenues.
• South Australian battery revenues fell 17% to $33k/MW/year, the only state to see a decline. June's price-cap event was not fully supplemented by 8 and 30 July.
• July was not a full winter recovery. June and July battery revenues averaged 15% of last winter's average, reflecting fleet saturation, and El Niño suppressing cold-weather volatility.

Two evenings drove 20% of battery revenues

Two evenings, on 8 and 30 July, contributed $9k/MW/year, or 20% of revenues. The 8 July price event was driven by elevated winter demand coinciding with wind generation declining to 10% of its average in Victoria, alongside partial coal outages. Prices reached $19,070/MWh in Victoria and $16,971/MWh in South Australia. For full coverage of the event, see the analysis here.