​In October 2025, battery energy storage revenues in the National Electricity Market (NEM) rose 2% to $86k/MW/year. Spring weather continued to reduce peak demand and increase renewable generation, keeping energy revenues low. Volatility in the Lower Contingency markets supported Queensland battery revenues, with the highest performers in the state using co-optimisation strategies to capture the revenue opportunities present.
This article provides an overview of NEM grid-scale battery revenues in October 2025: how these compared to previous months, the impact of energy trading and FCAS prices on earnings, revenues by state, and asset-specific factors that led to performance deviations from the index.
Find last month’s report here.
Executive summary
- NEM-wide battery revenues averaged $86k/MW/year, up 2% from September and below the 12-month average of $141k/MW/year.
- Elevated prices in Queensland’s Lower 6-Second and Lower 60-Second FCAS markets meant that batteries in the state outperformed the NEM-wide revenue index.
- Queensland batteries co-optimised to earn energy and FCAS revenues simultaneously, leading them to outperform the index.
- Batteries in New South Wales had improved earnings as they increased their availability in October. Meanwhile, South Australian and Victorian assets continue to earn low revenues due to low energy price volatility.
​October battery revenues decreased 2% month-on-month as energy price volatility remained low
Watch the video for an overview of the article.
