Australia’s Battery Boom Starts to Crowd Lucrative Power Trade

Australia’s big-battery build-out is starting to crowd the lucrative trade that made the assets attractive: buying up power when prices are low and selling it back when they spike, capturing the difference.

When normalized by capacity, batteries’ profits from trading price swings fell in most regions in 2025 as more projects were competing, according to BloombergNEF’s annual energy storage report.