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01 April 2025

Regional and Custom Indices Live for NEM Battery Benchmarking

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Regional and Custom Indices Live for NEM Battery Benchmarking

Modo Energy’s battery energy storage indices provide transparency over BESS revenue performance across major markets globally, including the NEM in Australia. These indices help owners, operators and financiers track revenue trends, benchmark asset and portfolio-wide performance, and evaluate trading strategies.

Today we’re launching Regional and Custom Indices for the NEM.

These provide a more granular view into battery performance, and allow users to create their own bespoke benchmarking portfolios.

For more on our NEM indices, read the launch article for the ME BESS AUS NEM Index here.

New state-wide indices live for the NEM

Our new regional indices provide a clear, consistent view of battery revenue performance across the four mainland NEM regions: Queensland, New South Wales, Victoria, and South Australia.

The new regional indices are available to view here.

Each index reflects the average revenue performance (per MW or MWh) of batteries operating within that region. These regional benchmarks allow users to quickly compare performance across states, monitor trends over time, and identify where the most value is being captured in the market.

Asset-level breakdown available to subscribers

For users who want to go deeper, each regional index is fully transparent — you can explore the underlying asset breakdown to see which batteries are included, how they’re performing individually, and what’s driving the regional trends.

This detailed view includes:

  • State-wide revenues by revenue stream (energy, FCAS);
  • Asset-level revenue data;
  • The asset breakdown table, including key details for each battery energy storage system.

Create your own bespoke battery energy storage benchmark portfolios

For more tailored insights, our new Custom Index functionality enables users to build their own portfolios of batteries and track their revenue performance as a group.

Whether you're:

  • A market participant tracking a specific operator’s fleet;
  • An investor evaluating assets under management;
  • Or a policymaker analysing the effectiveness of battery deployment,

Custom indices provide the flexibility to benchmark any subset of assets, compare against regional averages, and assess the impact of operational strategies or location-specific factors.

Example - Build an index covering a single operator’s portfolio

In this example, we are building a custom index to track the performance of batteries under operation by AGL. This includes batteries they own, and toll physically and virtually.

On the Index Overview tab, just click the ‘Create new index’ button to launch to Custom Index flow. This goes through the following steps to

  • Select your market of choice (i.e. NEM, GB);
  • Filter for only certain battery systems - by region, duration, owner, operator, or your own manual selection;
  • Choose how to display the new index;
  • And finally, give it a name to track it within the Overview tab.

The new bespoke index is live and available to view. Clicking into the index provides the same asset-level breakdown as in our other indices, allowing you to compare performance of all the systems within the index.

Explore the full methodology

As a reminder, for a detailed breakdown of our approach - including data sources, assumptions, and validation steps - read our full methodology documentation here.