Grid-scale battery revenues in the National Electricity Market (NEM) remained flat month-on-month at $47k/MW/year in October 2026. Revenues were 19% below the 12-month average and 46% lower year-on-year.

New South Wales’ BESS revenues declined despite the state's highest-earning day since 5 February. The 12th of October price spike lifted New South Wales batteries to $598k/MW/year for the day. But weaker earnings across the rest of the month outweighed that gain.

South Australia rose 64% to $64k/MW/year to lead the NEM. Negative prices covered a third of its intervals, offering batteries a way to get paid to charge.

This article reviews grid-scale battery revenues for October 2026, including energy and FCAS contributions, state-level outcomes, and asset-level performance. Find September's NEM BESS revenue report here.

Executive summary

• NEM battery revenues fell 5% to $47k/MW/year, down slightly from September’s $49k/MW/year and 46% below October 2025.
• South Australia led the NEM at $64k/MW/year, up 64%, as negative prices covered a third of intervals. Higher rooftop solar and reduced evening wind improved spreads.
• New South Wales revenues fell 25% to $42k/MW/year despite the 12 October price spike, which made up 46% of assets’ revenue for the month.
• Waratah reduced the NEM index by $3.4k/MW/year and New South Wales by $10k/MW/year as it offered limited capacity until late in the month.

Day-to-day price spreads were more important than the spike for battery revenues

NEM revenues held as gains in the southern states offset losses in the north. South Australia saw the biggest turnaround, moving from the lowest-earning state in September to the highest in October.