** Shares of Australia's Frontier Energy FHE.AX rise as much as 3.6% to A$0.29, their highest level since October 10

** The renewable energy firm says Australian Energy Market Operator assigned an 88.06 MW of peak capacity credits for its Waroona Renewable Energy project in Western Australia for the 2027-2028 reserve capacity cycle

** Co says revenue from capacity credits in the first year will be nearly A$32 million ($20.79 million)

** Around 523,00 shares change hands, nearly 1.2x 30-day average

** Frontier Energy stock up 137.5%, YTD

($1 = 1.5389 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))