Gore Street Energy Storage Share Discussion Threads

[alan pt] 13/2/2024 12:49

Citywire today "The FTSE 100 continued to drift lower as the latest jobs data did nothing to lift hopes for an early interest rate cut."

Look at other infra (eg TRIG), REITS, you'll see that the curves look very similar - big jump before Christmas as interest rate optimism ruled, now back down to their lows

It may not entirely make sense, but this is the reality of how the market views all of these plays. As soon as the mood music on interest rates reverses, it will bounce

[scruff1] 13/2/2024 12:27

This has to be worrying. 7%+ down in a day and a half. Some very heavy selling it appears -and this is after we have congratulated ourselves on being the best in class. Something is seriously amiss. Any views?

[clissold345] 13/2/2024 11:18

scruff1 - Sorry I forgot about the Owner option on the Performance page on bessanalytics.com, which comes close to giving me the info I want.

[scruff1] 13/2/2024 09:20

Why is the website no good? Otherwise you would have to do similar for each of the 9 sites (or however many)

[clissold345] 13/2/2024 08:38

If I wanted to check GSF GB revenue once a month, what would be a good way of doing it? Eg using bessanalytics.com it seems easy enough to work out average MW/hr revenue for Hulley Road in a given week. Is there a better way of trying to check GSF GB revenue?

Edit: sorry I forgot about the Owner option on the Performance page on bessanalytics.com, which comes close to giving me the info I want. Eg GSF GB MW/hr revenue (including CM) for the last 30 days = £4-57. I think this is for balancing-mechanism-registered assets only, so not the whole picture.

[melody9999] 11/2/2024 10:33

Saw this commentary recently:

--
An upgrade, planned for December 2023 but not operational until late January, allowed National Grid ESO’s systems to call on multiple batteries simultaneously. This is a good first step.

Fast dispatch (to launch in the next few months) will make it easier for the grid to call on multiple batteries more quickly – increasing their usefulness.

However, the final upgrade in late 2024 is needed to allow batteries to dispatch energy to the grid for more than 15 minutes at a time. This is key. Most of the time the grid needs power for longer than 15 minutes. Battery storage is usually set up so it can deliver power for an hour or two hours. However, the grid’s systems will not currently let it call on batteries for longer than 15 minutes.
--

The good news is that:
1 this is temporary and NG are under pressure to resolve as battery storage is greener but also cheaper
2 in the meantime GSF have confirmed intention to continue a chunky 10% pa dividend (so we get paid handsomely for waiting) presumably because they have crunched the numbers and also understand the UK situation will improve, whilst they add capacity elsewhere.

Staying long and strong here.

[scruff1] 10/2/2024 08:12

If GSF is the quality play then the sector isnt. I guess we have all learnt that the hard way. The longer we are in the doldrums the more I worry about the effect of changing technology.

[spectoacc] 09/2/2024 17:47

Indeed, albeit divi coverage of 0.5.

GSF definitely the quality play; it's whether you want to be in the sector.

[waterloo01] 09/2/2024 16:44

Half decent write up in IC. Clearly drawing the difference with GORE compared to the others, noting not only its geographical spread but also zero debt at corp level.

[mirandaj] 08/2/2024 18:24

Acceleration of connections in UK - National Grid.

The slides are available also ref battery storage:

[scruff1] 08/2/2024 17:28

One nil to Rathbones !!

[scruff1] 08/2/2024 08:53

Agreed - it is harsh on GSF (and me :-)). They havent really put a foot wrong and got punished for the effort. You cant win currently. Comical really. Most countries are in a knot over inflation and in the states lower unemployment figures leads to sharp falls in the market. Today China is in a panic over deflation. Which one is it we want ??

[spectoacc] 08/2/2024 08:39

It's harsh on GSF, who are undoubtedly the quality play, but agree that if the recent announcement (and the one before it) hasn't stopped the rot, then the rot likely continues.

A better market would help, but right now there's a lot of Opportunity Cost out there too.

[scruff1] 08/2/2024 08:34

Ive got to admit that its not hard to understand. GSF have become stranded at these levels and are become a tad illiquid and Starmer's dumping of their £28bn green projects commitment wont help. Its going to be a waiting game for those that want to stick it out. Rathbones still have plenty skin in the game and I would expect the recent announcement wont have weakened it too much - we will see.
Well Specto the recent announcement hasnt put too much ooomph in the tank for sure. We are still well below the level at the start of the year and way below a couple of years ago levels

[spectoacc] 08/2/2024 06:53

Perhaps ;)

Still going to test the lows IMO.

[rogerrail] 07/2/2024 22:58

Clearly major shareholder Rathbones are in the process of rebalancing their portfolio seeing better value in infrastructure assets elsewhere or perhaps they were just overweight in GSF following their merger with Investec:hTtps://citywire.com/investment-trust-insider/news/selloff-tempts-rathbones-into-core-infrastructure-funds-for-the-first-time/a2435602?re=117229&refea=1742708

[scruff1] 07/2/2024 18:47

Thanks a lot coco - appreciated. I must admit I thought of you the other day when they released the update - I wondered whether it was a response to your badgering. Good man

[waterloo01] 07/2/2024 18:02

Thanks for the feedback and well done

[cocopah] 07/2/2024 17:58

#scruff1 … so as requested, some feedback from my discussion with Ben at Gore Street Capital Investor Relations.

Firstly, they are very welcoming of a discussion and interactions with private investors. I get the sense that they are frustrated with the current share price and whether the message is getting out to investors about income in the near-term future.

I asked about the difference between operational dividend cover and fund-wide dividend cover and the reason the latter is lower is that it includes more costs. I asked if this could be made clear to investors. I also asked about the income and whether or not they could be more forthcoming in terms of forward-looking statements. For example whilst Stoney may not be contributing at the average £15/kwh revenue, it is contributing in absolute terms (as will Ferrymuir when it is energised very soon). He is taking that feedback back to the decision makers.

He said it was unlikely that we would get a monthly unaudited NAV but understands that for GSF to be seen as a buy, investors need to be convinced that dividend cover is improving (ie. income) and NAV stability and growth is on an upward trajectory, because that drives the absolute level of the dividend.

I left him pondering about how investor information (that would assuage current concerns) could be packaged and communicated in a simple way.

[cocopah] 06/2/2024 14:55

I’m not sure I would call it whingeing! The fact is that Gore Street will be all over the daily figures and these will be computer modelled. Even a month after the results they will know whether income across the portfolio is holding up. The market is interested in the future and relying on a past statement (no matter how recent) is still a rear-view mirror picture. I would have been far happier if they had just said “now is not the time for more audited results, however on an unaudited basis we can confirm that there has been no material change in average income … blah blah blah”.

[scruff1] 05/2/2024 18:03

Tad disappointing finish after a promising start but lets hope its started a trend.

[scruff1] 05/2/2024 12:02

wassa. Agreed. That crossed my mind too. I personally dont think they have been too reticent. Most imo has been our frustration and of course its not free to put out a message

[mirandaj] 05/2/2024 11:18

Reports and presentations always worth reading and studying.