​Grid-scale battery revenues held at $44k/MW/year in August 2026. This was unchanged from July, but revenues came from consistent daily spreads, with none of the high-price events that lifted June and July.

August prices did not exceed $500/MWh anywhere in the NEM. Operational demand was the lowest of the winter months, and evening prices were suppressed. But solar generation increased, creating cheaper charging windows that offset the evening price reduction.

Queensland and New South Wales batteries earned the most, driven by the highest capture rates, with more consistent duck-shaped intraday price profiles. South Australia and Victoria had wider average spreads and higher cycle rates, but their intraday profiles were less predictable. Many days inverted the duck curve, and capture rates trailed the eastern states.

Long-duration batteries are better positioned to earn during calm market conditions, especially when spread compression reduces short-duration premiums. In August, four-hour batteries earned twice as much per MW as the two-hour batteries in their same states. Queensland and New South Wales have a greater share of ≥4-hour capacity, which also lifted the per-MW benchmark.

This article reviews grid-scale battery revenues for August 2026: why the month stayed calm, the 30 August minimum-demand record, the duration premium, and state and asset-level performance. Find July's NEM BESS revenue report here.

Executive summary

• Battery revenues held at $44k/MW/year. August shows how NEM batteries can earn without scarcity events, with no five-minute price exceeding $500/MWh.
• Queensland led at $54k/MW/year, up 8%. Spreads widened 15%, where greater solar output created cheaper charging opportunities.
• Four-hour batteries earned twice the two-hour fleet in each state. Long-duration storage achieves higher capture, and 2-hour spreads lose their edge in less volatile markets.
• South Australia had the widest two-hour spread, but the lowest battery revenues. Inverted intraday price profiles and shorter-duration assets led to lower capture rates.
• The 30 August minimum operational-demand record shows batteries' growing role in absorbing excess solar. South Australian operational demand fell to -14 MW, while batteries absorbed almost the state's entire grid-scale generation at negative prices.

Queensland and New South Wales led battery revenues with consistent cheap midday charging and sustained evening prices

Queensland earned $54k/MW/year in August, the highest state revenue in the NEM, up 8% from July. New South Wales followed at $46k/MW/year, with the largest month-on-month increase of 26%.