In Q2 2026, NEM battery capture rates fell again, dropping from 52.8% in Q1 to 45%. This extended the decline recorded in Q1, when capture rates had already reached their lowest level in more than a year.

Most of the fleet’s performance was consistent with recent quarters. Queensland recorded the highest average capture rate at 59%, and Victoria recovered to 57%. New South Wales fell to 42%, driven by weaker outcomes from several large assets.

South Australia’s result reflected the shape of the quarter’s revenue opportunity. A small number of high-priced intervals accounted for much of the state’s available value, and only batteries holding charge into those intervals captured a meaningful share.

This report benchmarks battery optimiser performance over Q2 2026. It explores the factors that influenced capture rates and revenues across the NEM. Read our Q1 2026 analysis here.

​Executive summary

• NEM battery capture rates fell to 45% in Q2 2026, down from 52.8% in Q1. South Australia drove most of the decline, while Queensland recorded the highest average capture rate.
• South Australia recorded the weakest result at 18%, after most batteries missed the late-June cap events. Queensland recorded the strongest result at 59%, followed by Victoria at 57%.
• Optimisation quality, state-of-charge management and availability mattered more than commercial structure in separating battery performance.
• Melbourne Renewable Energy Hub A1 topped the quarterly leaderboard, followed closely by Phillip Island and Melbourne Renewable Energy Hub A2.

​Queensland and Victoria recorded the highest capture rates

Queensland batteries recorded the highest capture rates across the fleet, supported by consistent arbitrage conditions and the NEM's highest average cycling rate. The state had fewer extreme price events than South Australia, but batteries captured a higher share of the value available to them.

Victoria recovered from its weaker finish in 2025, led by the Melbourne Renewable Energy Hub fleet, with A1 and A2 recording the strongest outcomes in the state. Phillip Island also performed well, supported by a Regulation FCAS strategy suited to its small size (5 MW).