In March 2026, grid-scale battery revenues in the National Electricity Market (NEM) fell 19% month-on-month to $44k/MW/year, the lowest monthly revenue since Modo began tracking the index in July 2022. Mild peak demand and increasing competition across the battery fleet narrowed energy spreads in March, while FCAS prices remained subdued.

This is typical of shoulder months, when demand is lower, and sustained price volatility is absent. Revenue outcomes were lower and more compressed across the mainland than in February. Winter is now approaching, when battery revenues are usually more concentrated in shorter periods of high volatility.

This article reviews grid-scale battery revenues for March 2026, including month-on-month comparisons, the contribution from energy and FCAS, state-level outcomes, and asset-level performance.

Check out last month’s report here.

​Executive summary

• NEM-wide battery revenues fell 19% to $44k/MW/year in March, the lowest monthly revenue since Modo began tracking the index in July 2022.
• Mild peak demand narrowed energy spreads across the mainland, while continued battery deployment increased competition for a limited pool of merchant value.
• FCAS prices remained subdued in March, with limited support for battery revenues outside isolated periods of Contingency volatility in Queensland.
• Revenue outcomes converged across the mainland, with much less separation between states than in February. In a weaker market, asset-specific factors such as duration, availability and optimisation mattered more.

March was a typical shoulder-month outcome

The main feature of March was not one weak state, but a weaker market across the mainland. Revenue outcomes converged, with much less separation between states than in February.

This reflects a shoulder-month market. Demand was not strong enough to produce sustained evening price strength, and FCAS markets remained subdued. As a result, no region saw the level of volatility needed to materially outperform.