Research

8 min

WEM battery revenues rose in May 2026, but merchant returns stayed negative

In May 2026, grid-scale battery revenues in the Wholesale Electricity Market rose 43% month-on-month to $40k/MW/year. The increase came as daily price spreads widened, with the 2-hour spread rising 35% to $97/MWh from $72/MWh in April.Despite this, th...

4 days ago

“Super” El Niño: What could it mean for batteries in the NEM?

Explainers

7 min

“Super” El Niño: What could it mean for batteries in the NEM?

Modo Energy's modelling shows El Niño pulling NEM 4-hour BESS revenues 3.6% below the neutral baseline from June 2026 to February 2027. Winter compression concentrates in Victoria, while summer presents variance in outcomes. For developers and investors, the realised revenues hinge on heatwave-day frequency and coupling with other weather events.

4 days ago

The state of solar build-out in the NEM: every new committed project is a hybrid

Market Outlook

9 min

The state of solar build-out in the NEM: every new committed project is a hybrid

100% of committed NEM solar builds are paired with a battery, and existing assets are seeing BESS retrofits. Standalone is no longer viable. The first single-connection AC hybrid is finishing construction in 2026, while DC-coupled hybrids arrive in 2027.

05 Jun 2026

Battery revenues hit a record low in May, as bidding missed the shift in daily price shape

Revenue Benchmark

8 min

Battery revenues hit a record low in May, as bidding missed the shift in daily price shape

NEM battery revenues fell to a record-low $29k/MW/year in May 2026. Weather, compressed spreads, a flat duck curve, and pre-dispatch misses each played a part.

03 Jun 2026

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Modo Energy (Benchmarking) Ltd. is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority (Firm number 1042606) under Article 34 of the Regulation (EU) 2016/1011/EU) – Benchmarks Regulation (UK BMR).

Research

WEM battery revenues rose in May 2026, but merchant returns stayed negative

“Super” El Niño: What could it mean for batteries in the NEM?

The state of solar build-out in the NEM: every new committed project is a hybrid

Battery revenues hit a record low in May, as bidding missed the shift in daily price shape

More research

Products

Solutions

Resources

Company

Research

WEM battery revenues rose in May 2026, but merchant returns stayed negative

“Super” El Niño: What could it mean for batteries in the NEM?

​The state of solar build-out in the NEM: every new committed project is a hybrid

Battery revenues hit a record low in May, as bidding missed the shift in daily price shape

More research

Products

Solutions

Resources

Company

The state of solar build-out in the NEM: every new committed project is a hybrid