澳大利亚国家电力市场，电池储能收入下降61%

Core Insights - The Australian National Electricity Market (NEM) is experiencing a significant decline in battery storage revenue, dropping by 61% to AUD 85,000 per megawatt by September 2025, following a trend of volatility compression that began in July [2] - The importance of cap contracts as risk management tools for battery storage systems in NEM is increasing, providing revenue certainty and optimizing risk-adjusted returns for developers [3] - The deployment of grid-forming battery storage systems is unlocking additional revenue opportunities beyond traditional energy arbitrage and frequency control ancillary services (FCAS) [5] Revenue Trends - Battery storage net revenue in NEM averaged AUD 157,000 per megawatt annually in June, which represents a decline of over 60% by September [2] - In August, net revenue increased to AUD 215,000 per megawatt before falling again to AUD 85,000 [2] Cap Contracts - Cap contracts are becoming essential for managing income volatility and uncertainty while enhancing revenue [3] - The largest battery auction in Australia to date resulted in 16 projects totaling 15.37 GWh receiving capacity investment agreements, which provide income certainty and support grid reliability [3] Government Support - The Australian government continues to support energy storage deployment while pursuing higher emissions reduction targets [4] Grid-Forming Technology - Grid-forming battery storage systems are providing necessary system services, such as maintaining voltage and frequency stability during grid disturbances, which traditional systems cannot achieve [6] - Over 6 GW of grid-forming battery storage capacity is expected to be delivered by 2027, helping operators avoid costly system strength fees and receive payments from transmission network service providers [6] Market Dynamics - The transition to a higher proportion of renewable energy in the power system necessitates enhanced grid stability services, making additional revenue streams from grid-forming technologies increasingly important [6] - The retirement of coal-fired generation capacity is creating sustained demand for grid-forming storage assets, which are critical for maintaining grid reliability [6]