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Research

NEM battery revenues fall to $85k/MW in September 2025 as volatility eases

02 Oct 2025

In September 2025, battery energy storage revenues in the National Electricity Market (NEM) fell 61% as South Australia’s contingency markets cooled. Warmer weather reduced peak demand across the NEM, pushing energy revenues lower. Queensland revenues ...

NEM Battery Revenues: South Australian BESS earn $43k/MW from FCAS in August 2025

04 Sep 2025

In August 2025, battery energy storage revenues in Australia’s National Electricity Market (NEM) rose by 37% despite mild energy price volatility. This rise was due to intense and frequent price spikes in Lower 1-second (L1) Contingency FCAS for South...

Frequency Performance Payments deliver limited value to batteries in the NEM

Ancillary Services

21 Aug 2025

Frequency Performance Payments (FPP) replaced the old Causer Pays methodology for frequency deviation penalties on 8 June 2025, adding new incentives for assets to stabilise the system’s frequency. The previous system penalised assets for deviating from their dispatch target but offered no rewards. The new two-sided FPP scheme rewards helpful frequency correction too, creating an additional revenue stream for assets. But how much value does this service generate today, and how does it compare to the old system?

NEM Battery Revenues: FCAS delivers for South Australia BESS in July 2025

07 Aug 2025

In July 2025, battery energy storage revenues in Australia’s National Electricity Market (NEM) fell by over 60% as energy price volatility eased. While this marked a return to typical market conditions after an exceptional June, performance across the ...

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