Gore Street Energy Storage Share Discussion Threads

[cocopah] 12/4/2024 16:58

So here is my issue with the latest update:⬇ʊ39;

HIGHLIGHTS:

1) GSF has increased its Irish asset base through the acquisition of the remaining 49% in two of its existing
projects alongside the addition of Project Mucklagh, a 75 MW asset in the Republic of Ireland. (Good because Irish assets are {currently} more profitable than U.K. ones … BUT … What did it cost? What was the consideration given?).

2) High winds in March continued the strong revenue performance by the Irish portfolio across FY Q4 and
the preceding winter months, with additional trading capacity resulting in an upside during periods of
lower revenue from DS3 ancillary services linked to System Non-Synchronous Penetration (SNSP). (So, is that more revenue overall, less revenue or the same?).

3) Scheduled generation outages and low evening renewable generation in Texas on 4 March resulted in
real-time prices spiking as high as $1,000/MWh, with 1 GW of battery energy storage capacity responding to rapid increases in net load on the ERCOT grid. (Good news, even though it was only for one day, but what is the impact on revenues for the period? - It’s a bit like Tesco’s saying they’ve had a busy hour!)🫣€514;

4) Overall battery energy storage volumes dispatched in the Great Britain (GB) Balancing Mechanism have
increased since the reintroduction of bulk dispatch but revenues remain minimal for capacity from small
assets, which is aggregated together when procured by National Grid (So, is that more volume at a lower price? What does it really mean?).

It seems absurd to release a newsletter which poses more questions than answers!

GSF senior management seem incapable of giving a monthly NAV … so we have to cross our fingers and hope. Then there is the market development commentary below which needs simplifying! ⬇️ …

“The first weeks of Balancing Reserve (BR), a new service introduced by National Grid ESO to reduce balancing costs, have also seen opening prices fall for battery energy storage systems as conventional generators like coal and gas plants have entered the market and lowered positive and negative reserve prices. As a reserve service, units are unable to stack other revenues for the isolated capacity allocated to BR, meaning alterative stackable revenue streams remain attractive.” … so the first part of the paragraph says that oil and gas are hurting BESS … but … the second part of the paragraph seems to make no sense at all! 🤷‍a94;️🫣

It’s really hard to continue making sound investment decisions when faced with all the above variables and lack of clarity!🤷205;♂️

[cocopah] 12/4/2024 16:32

Nothing of much value in the monthly update. I notice that the amount of cash consideration remains elusive … quite why that are so opaque with investors remains a mystery! 🫣🫣

[brucie5] 12/4/2024 13:47

Doubled up. I may come to rue the day, but the chart suggests a bottom; and the dividend/discount suggest it's cheap as.
(I know, I know, but I'm a sucker for a bargain...)

[mirandaj] 11/4/2024 17:57

Can be downloaded if wished. March now there.

[cwa1] 11/4/2024 09:00

* Gore Street Energy Storage Fund GSF.L : RBC initiates coverage with sector
perform rating



* Gore Street Energy Storage Fund GSF.L : RBC initiates coverage with target
price 85p

[cocopah] 10/4/2024 17:57

I think today’s late fall might have more to do with the surge in US Treasury bond yields with the 2-year yield at 4.93%, the 5-year yield at 4.56% and the 10-year yield at 4.51%. All three yields rose more than 2% following the hot inflation data from the US. If that’s the case, we may expect more pain in the near term future.🤷R05;♂️🫣

[waterloo01] 10/4/2024 16:35

The BESS industry is looking at ways to leverage the 45X tax credit for domestic cell manufacturing in the US, with the domestic content investment tax credit (ITC) bonus still unclear.

That was according to delegates interviewed at Solar Media’s Energy Storage Summit (ESS) USA 2024 last month when discussing the Inflation Reduction Act’s (IRA) numerous incentives that are relevant for energy storage – a market that is booming in the US.

[scruff1] 10/4/2024 13:12

Yep. Maybe the selling has stopped. Was expecting a shareholding RNS this week. We do seem to have had a few days of trickling upwards which is not what we have been used to. Still very tenuous

[panshanger1] 10/4/2024 11:00

Maybe seen the bottom here Next update very important

[scruff1] 10/4/2024 09:26

But they havent issued the latest trading update yet and the last one wouldnt have covered March. Trouble is the revenue figure given is across all assets

[cocopah] 09/4/2024 22:20

#scruff1 I’m sure when they had increased income last year, they communicated it. Not sure whether it was by RNS but I don’t think so.

[scruff1] 09/4/2024 20:27

Bit optimistic coco expecting an RNS for that. What would you expect em to say>
?

[cocopah] 09/4/2024 17:41

A 45% rise in monthly trading revenues has raised hopes of a recovery in the three energy storage funds after their devastating first-quarter sell-off.

“Shares in Gresham House Energy Storage (GRID), which had plunged to a discount of more than 70% after cutting its dividend, yesterday jumped nearly 7%, while Harmony Energy Income (HEIT) and Gore Street Energy Storage (GSF) rose over more than 2% after data from Modo Energy showed revenues from battery energy storage systems (Bess) in England, Scotland and Wales leapt from £23,000 per megawatt per year in February to £32,000 per MW per year in March.”

The above is from a Citywire article this morning … nothing, zilch, nada from #GSF on this though. A great opportunity to control the narrative missed yet again! 🫣

[marksp2011] 07/4/2024 20:42

You might be right.My biggest invididual holding is JGGI which I have had for 7 years or so. I only have sub 1% in this but it still annoys me. I don't like losing money.When I look at the total returns I do have some great winners but renewables generally aren't amongst them Re US, I sold half my S&p 500 market cap weighted and bought an equal weight instead. it has done ok

[spectoacc] 06/4/2024 16:48

Valid points, but perhaps looking in rear-view mirror.

Is the US in a bubble or not? I'd say yes - just how many trillion dollar co's can they have? Sure, NVID is coining it, on huge margins, but $2.3trn?? They make tens of billions in profit.

So - starting from the bubble point, the S&P at (just off) all-time highs, the huge returns over recent years - consider that a global equity tracker is something like 60% USA.

You mention GGRP as an alternative to the global tracker. It has MSFT, Apple, and J&J as its top 3. All good co's, but again - MSFT £3.1trn market cap, Apple $2.6trn, J&J $371bn.

Not saying any of these are bad co's - I'm quibbling valuation/bubbles/whether the recent years of huge outperformance extrapolates into the distant future for US stocks.

Meanwhile, LGEN looks pretty cheap to me, GSF definitely, and I'd rather buy cheap than dear.

Caveat - am in GSF from slightly higher (but at least have had the divi!).

UK has been dire for so long, but to my mind that's the market to buy, just as Japan was (but, admittedly, Russia wasn't).

It's a fair point about many of the giant divi payers often seeming to fall by a similar amount to the divi - got to pick the wheat from the chaff, and try to avoid the dross (I'd put HEIT in that category for eg).

[marksp2011] 06/4/2024 16:36

A global quality tracker looks so much better than this.
The "quality" theme beats a standard global by about 3% a year. I am getting less and less interested in dividends

Whats the point of an 8% dividend and a 10% capital loss?

LGEN total return over 5 yeards 3.59% pa
GGRP 12.59% pa over 5 years
GSF 0.39% PA

I really wonder why I keep buying the wrong things to drag down my overall performance

[scruff1] 05/4/2024 19:13

This loser hasnt sold. But hes been sorely tempted :-)

[waterloo01] 05/4/2024 18:24

Onwards to the new tax year. Hopefully some of the selling has been for the loses.

[scruff1] 05/4/2024 13:43

Not often this goes against the flow.

[waterloo01] 04/4/2024 17:58

Also odd in the face of increasing oil costs.

[spectoacc] 04/4/2024 15:52

@panshanger1 - spot on.

[scruff1] 04/4/2024 15:10

Rathbones must have dumped well over 1m since last month. Should get an RNS soon - maybe next week.