Battery optimisation in the NEM continues to evolve as the fleet expands and market dynamics shift. Each quarter brings new challenges for operators and the autobidder - from managing exposure to volatile FCAS prices to balancing dispatch against revenue maximisation.

While some batteries consistently outperform, others struggle to capture value under changing market conditions. Differences in bidding strategies, market exposure, and availability all shape how each asset performs.

In this report, we benchmark battery autobidder performance over Q3 2025 and explore the factors that influenced capture rates and revenues across the NEM.

This report is the Q3 2025 update of our BESS autobidder benchmark series. For more information, read our Q2 2025 report and our capture rate methodology report.

Executive summary:

• Queensland batteries maintained their 12-month lead with the highest capture rates. Assets captured value from more than 20 days of elevated Lower Contingency prices.
• South Australian batteries led the NEM revenue index despite recording the lowest capture rates. Infrequent but high-value Contingency events boosted earnings, but many batteries failed to fully capture these.
• CS Energy’s battery portfolio overtook Shell Energy in revenue performance in Q3 2025. Both of its Queensland assets captured a lot of value from Lower Contingency prices.
• Operators had to balance maximising dispatch with avoiding price collapse. Bidding into shallow markets requires consideration of both revenue and dispatch maximisation.

Queensland batteries continue to record the highest capture rates in Q3

Over the last quarter, Queensland batteries achieved five of the top eight capture rates across the fleet, as they were well placed to capture value from more than 20 days of elevated Lower 6-second (L6) Contingency FCAS prices.

In contrast, South Australian batteries had the lowest capture rates, due to a few high-value days of FCAS prices in August. Several South Australian batteries either bid out of merit or faced during periods of elevated contingency prices, further impacting performance.