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Research

​Australia: State-specific factors shaped autobidder performance in Q3 2025
Benchmark Report

16 Oct 2025

Battery optimisation in the NEM continues to evolve as the fleet expands and market dynamics shift. Each quarter brings new challenges for operators and the autobidder - from managing exposure to volatile FCAS prices to balancing dispatch against reven...
September 2025: BESS in CAISO earn merchant revenues of $2.54/kW
Benchmark Report

06 Oct 2025

Merchant revenues for battery energy storage systems settled at $2.54/kW-month in September 2025, which represents a 45% decrease from September 2024.
NEM battery revenues fall to $85k/MW in September 2025 as volatility eases
BESS Revenues

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 ...
September 2025: ERCOT revenues expected to settle at $3.16/kW-month
Benchmark Report

01 Oct 2025

In September 2025, batteries in ERCOT are projected to settle at $3.16/kW, as revenues improve year-on-year due to higher price spreads.

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