​Battery capture rates rose to 53.5% in Q3 2026, up 4.6 percentage points from last quarter and recovering from two consecutive quarters of decline.

​​As batteries set prices more often in the NEM, the assets and strategies that capture the most value are changing. Optimisers are adjusting to flatter price curves and increased competition against other batteries.

​Executive summary

• Queensland recorded the highest capture rate at 65.8%. South Australia doubled its Q2 result to 38.8% but remained the lowest-performing state.
• Annualised revenue rose 23% to $46.5k/MW/year, despite a 3% lower potential revenue of $82.4k/MW/year.
• Longer-duration batteries led capture rates. Four-hour systems captured 66.9% against 51.7% for two-hour systems in Q3 2026.
• The capture rate for prices above $300/MWh rose from 10% to 24%. Potential revenue from high price events declined 61% to $7k/MW/year.

​Queensland and South Australia drove the recovery in capture rates

Queensland’s batteries had the highest average capture rates at 65.8%, supported by more stable prices and a longer-duration fleet. South Australia recorded the largest improvement, rising 19.7 percentage points to 38.8%. Better capture of prices below $300/MWh drove the increase.

Limondale recorded the highest capture rate of any asset at 91.7%. It can discharge for eight hours and charge for four, supporting higher potential earnings reflected in its benchmark. Of this potential, it captured a 15% greater share than any other asset in the NEM.