In November 2025, battery energy storage revenues in the National Electricity Market (NEM) fell 21% to $68k/MW/year. Peak demand stabilised as we move into the warmer months, and stronger renewable output has kept energy market revenues low. Volatility in Queensland’s Lower Contingency FCAS markets has returned to normal, reducing revenues for batteries in the state. At the same time, transmission constraints in South West New South Wales re-appeared. While several price spikes created strong revenue opportunities in the state, the constraints limited how much some batteries could capture, reducing potential earnings by around 30% across just seven intervals.
This article provides an overview of NEM grid-scale battery revenues in November 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 $68k/MW/year, down 21% from October and below the 12-month average of $135k/MW/year.
- Mild demand and high renewable generation suppressed price spreads for all regions except New South Wales. This translated to lower energy revenues in these regions.
- New South Wales was the only state to see revenue growth from October. A reduction in rooftop solar from a cloud passing caused price spikes across several days in November.
- Transmission constraints reduced potential revenues by over 30% for batteries in South West New South Wales. Local pricing constraints prevented dispatch in just seven intervals, leading to a huge reduction in potential revenues.
November battery revenues fell 21% month-on-month as Queensland’s Lower Contingency volatility eased
NEM-wide battery revenues averaged $68k/MW/year in November, well below the 12-month average of $135k/MW/year. Queensland’s Lower Contingency FCAS earnings dropped as transmission constraints in northern New South Wales eased and market conditions normalised, averaging only $4k/MW/year. Energy revenues also declined as demand steadied with warmer conditions and increasing renewable generation.
