​Capture rates across the NEM battery fleet fell to 52.8% in Q1 2026, the lowest in over 12 months. The state picture remained uneven, with Queensland leading on trailing capture rates and South Australia lagging the mainland.

Mild peak demand and near-zero FCAS contingency prices reduced revenue opportunity across the fleet, leaving fewer high-value intervals for batteries to differentiate themselves. Outside of a brief heatwave in January, evening prices remained weak through the quarter. In this lower-volatility environment, optimisation quality and asset duration were the main differentiators between batteries.

This report benchmarks battery optimiser performance over Q1 2026. It explores the factors that influenced capture rates and revenues across the NEM. Read our Q4 2025 analysis here.

Executive summary

• ​NEM battery capture rates fell to 52.8% in Q1 2026, the lowest in over 12 months. Queensland again led the mainland, while South Australia recorded the weakest results.
• Autobidder performance converged, with low volatility leaving little room for operators to distinguish themselves.
• ​Optimisation quality, asset duration, and availability mattered more than commercial structure in separating battery performance.
• Riverina 1 topped the quarterly leaderboard, followed closely by Victorian Big Battery, and Brendale.

Queensland batteries continue to achieve the highest capture rates

Queensland batteries recorded the highest capture rates across the fleet, supported by consistent arbitrage conditions and the fleet's longer duration. Intermittent Lower Contingency FCAS volatility added value, though far less than the islanding events of Q3 2025.