Australian grid-scale battery storage earns $69.5M in Q4, 2024
The Australian Energy Market Operator (AEMO) has detailed in its regular quarterly reporting that grid-scale battery energy storage systems (BESS) output achieved new quarterly high net revenues.
Reporting on the final quarter of 2024 of Australia’s National Electricity Market (NEM) energy flows and costs, AEMO’s report said the estimated net revenue for grid-scale batteries or big BESS, covering both energy and frequency control ancillary services (FCAS) markets, reached $69.5 million (USD 43.6 million). Year-on-year, the rise is more than double Q4 2023 revenue of $31.5 million.
Regarding the components of revenue, the energy market net revenue increased by $34.6 million (up 257%) to a total of $48.1 million, representing 69% of revenue. The growth in energy arbitrage revenues largely came from energy generation, that is, discharging of batteries, growing at 300% year on year to $38.4 million.
Additionally, charging during negative price periods contributed an increase of $3.9 million, for a total of $7.2 million for the quarter. However, energy costs for charging above $0/MWh also rose substantially, reaching $7.7 million, a 298% increase.
Finally, FCAS contributed $21.3 for the quarter, up 19% or $3.4 million.
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