​In June 2026, grid-scale battery revenues in the National Electricity Market (NEM) rose 22% month-on-month, from $29k/MW/year to $35k/MW/year. The rise followed May's record low, but the market stayed well below the 12-month average of $85k/MW/year.

Crucially, the winter rebound that batteries historically rely on did not arrive. June 2026 came in at 14% of last winter's $259k/MW/year average.

That missing winter revenue rebound is attributed to the rapid expansion of battery capacity cannibalising its own spreads. We have also seen El Niño suppress the cold that historically widens winter spreads.

Two days in June made up 60% of the month-on-month increase. A record wind drought left South Australia relying on gas and imports, and state prices hit the $20,300/MWh market cap twice.

This article reviews grid-scale battery revenues for June 2026, including month-on-month comparisons, the contribution from energy and FCAS, state-level outcomes, and asset-level performance. For last month's record low and an explanation of the drivers behind it, read the May 2026 report and the accompanying explainer.

Executive summary

• Revenues rose 22%, from $29k/MW/year to $35k/MW/year. This is up from May's record low but well below the 12-month average of $85k/MW/year. FCAS contributed less than 8%.
• A 2-day wind drought drove 60% of the month-to-month rise. Without those two days, revenues would have been $32k/MW/year.
• No winter rebound arrived. June was 91% below June 2025 and 86% of last winter's average, as BESS market saturation and an emerging El Niño held spreads and FCAS down.
• The NEM-wide average capture rate fell to 30%, skewed by inflated potential in South Australia. Some assets captured the first price spike but ran out of charge for the second. The rest of the fleet captured 53%.

South Australia’s spikes accounted for half of the state’s battery revenues, against an otherwise low month

Where other states’ revenues stayed within 25% of May, South Australian revenues tripled, from $13k/MW/year to $40k/MW/year. This was driven by a 5x jump in 2-hour spreads, from $106/MWh to $573/MWh. Queensland and Victoria lifted 16% and 11%; New South Wales fell 29% as its May lead did not repeat.