Gore Street Energy Storage Share Discussion Threads

[cc2014] 10/10/2024 13:23

Fortin.

Sorry but you are wrong on that point.

When the interconnector trips ESO (now NESO) phone Dinorwig. That's been the go-to solution for a decade. That's what GRID are moaning about, saying that batteries can do the job quicker and cheaper.

Read this article as a example.



It seems some progress is now being made on the issue although if a third of the gap was closed from batteries, I'll bet the rest was filled from Dinorwig plus something else.

[fordtin] 10/10/2024 12:05

CC2014 - re "SSE no longer needs GSF." I doubt hydro storage could have reacted swiftly enough to address the failures mentioned in Waterloo's post #1902.

[craigso] 10/10/2024 11:39

hxxps://www.edisongroup.com/edison-tv/premier-miton-global-renewables-trust-executive-interview-2/34029/

Interesting interview with the manager of Premier Miton Renewables Trust. At one point, he talks about the differences in BESS between the UK and the US, with the UK being "market based" and the US being "fixed contracts". He doesn't mention names, but IIRC, the only BESS fund they own is GSF.

[cc2014] 10/10/2024 11:13

I've been puzzling this through with regard to trading strategy (not capacity market or frequency response). Thoughts appreciated

SSE makes electrons
GSF buys electrons from SSE overnight at cheap price.
GSF sells electrons back to SSE during peak load times at higher price.
SSE sells electrons to consumers


SSE builds big battery as above link.
SSE no longer needs GSF.

[waterloo01] 10/10/2024 08:55

Battery energy storage systems (BESS) from several firms helped the energy system recover after the NSL interconnector, which connects the UK and Norway, suddenly stopped exporting power to the UK.

At 8:47am local time, 8 October, Norwegian power exports via the North Sea plummeted from 1.4GW to zero, with frequency on the network falling as low as 49.59Hz in two seconds—well below the National Energy System Operator (NESO) operational limits of 49.8 – 50.2Hz. However, the system recovered within two minutes thanks to fast-acting frequency services, particularly BESS operations.

Roger Hollies, CTO at Arenko Group, posted on LinkedIn that 1.5GW of batteries across NESO’s network were able to inject power into the grid during the disruption, including 12 batteries on Arenko’s Nimbus platform. According to BESSAnalytics.com, Arenko is the optimiser for around 333MW of BESS assets in the UK.

Meanwhile, Kraken, an offshoot of Octopus Energy, also saw BESS assets optimised through its platform jump in to help rebalance the grid during the failure of the Norwegian interconnector. In another LinkedIn post, Charlotte Johnson, global director of markets at Kraken, stated that BESS operations that were contracted for frequency services delivered over 450MW of response; this volume is equivalent to around a third of that lost during the interconnector failure.

In an unrelated incident which occurred last month, the Moyle Interconnector tripped while transmitting 442MW of power from Great Britain to Ireland.

The interconnector, which links Northern Ireland’s County Antrim and Ayrshire in Scotland, failed on 30 September – coincidentally, this was the same day that the UK’s last coal-fired power plant closed for good.

As Statkraft explained in a post on its website, batteries on both sides of the interconnector were able to activate within fractions of a second to stabilise the British and Irish electricity grids. As the Irish grid frequency sank to almost 49.7Hz, the 26MW Kelwin Battery project in County Kerry, Ireland – which is owned by Statkraft – began exporting power within seconds, while the Scottish Greener Grid Park began importing additional power to help keep the grids balanced.

[fordtin] 10/10/2024 08:32

So, the new Labour Government plan to increase the greenhouse gas emissions of wind and solar energy sources.


"Often regarded as one of the oldest forms of renewable energy, hydroelectric dams and their reservoirs are responsible for the release the equivalent of almost one billion tonnes of carbon dioxide into the atmosphere (with much of these greenhouse gas emissions in the form of methane) as water approaches and then tumbles its way through the turbines that generate electricity. Methane is a greenhouse gas that's more than 80 times more potent than carbon dioxide over a 20-year lifespan, but it also breaks down faster in the atmosphere than CO2.
These hidden emissions mean that hydroelectricity is perhaps not as clean as it first seems."

[waterloo01] 10/10/2024 08:08

UK confirms cap-and-floor mechanism for long-duration energy storage from 2025
ByGeorge Heynes
October 10, 2024

[cocopah] 10/10/2024 06:46

The fund level dividend cover just shows how much is being milked by GSC …. the CEO of GSF doesn’t care because he’s a huge beneficiary of that milking process, just examine the accounts in detail and you will see!

Income is the critical issue for investors (because it is highly unlikely that the milking process will be curtailed) … so what is happening on the income front? … well they have said that they are unwilling to tie-in to a fixed stream of income because it would generate less revenue than they can achieve in the market. Unfortunately they don’t back this up with any performance metrics and nothing can be gleaned from the monthly updates.

Onwards and downwards until December!

[route1] 10/10/2024 04:36

I agree completely.They should provide CLARITY to their investors,private or otherwise.They have the means to communicate with us via Investor Relations!

[george stobbart] 09/10/2024 18:46

Money is just a piece of paper with printed pictures on so that we don’t have to kill each other to eat food.

Don’t worry about GSF losses

Remember to homeschool your children, go to church every Sunday and make sure you have more than 5 children.

Don’t worry about money, everything will be fine

[ghhghh] 09/10/2024 18:21

SteMis

The NEDs are unlikely to be able to validate the NAV assumptions but they have an overwhelming responsibility to ensure that the independent valuation is conducted by truly independent and credible experts who have full access to all the data?

[waterloo01] 09/10/2024 17:45

From last published full yr results.

"The Company achieved an operational dividend cover of 0.78x and a fund-level dividend cover of 0.56x."

EBITDA agreed, but interest will be small, tax is outlined in results (was no tax last yr) and depreciation should also be known.

[stemis] 09/10/2024 16:57

OK. If it's not fair, tell me how much consolidated profit the Group made and therefore what it's dividend cover is on a Group basis. What is it's consolidated tangible net asset value?

[waterloo01] 09/10/2024 16:47

Not sure that's totally fair. They have much more open as to cover ratios, and been fairly clear the objective is to get the divi fully covered by increasing revenue as the remaining sites are developed and online (hence mid 25 comment). What they don't know as yet is where the market will be and what revenues will accrue, given fluctuating prices. What is less clear is if management will reduce charges so that whatever the revenue, it at least covers the 7p divi. That is partly in their control, so we wait and see.

[stemis] 09/10/2024 15:47

I think the problem is that it's almost impossible to know and the market hates uncertainty. The company (like others in this area) 'hides' it's financial performance (perfectly legitimately, unfortunately) behind a presentation which doesn't allow us to know how the Group (because that's what it is) is performing financially. How much profit is it making? What does it's real balance sheet look like? Are it's dividends covered by Group profits? Are these things getting better?

It could present these figures. But it doesn't, and the share price continues to fall...

[ghhghh] 09/10/2024 15:35

Call me gullibly naive but the NEDs look highly credible with serious reputations to protect.

The elephant is the self assessed NAVs and whether inflated. They must be aware of this marker concern and hence the discount to NAV.

I’m betting they are satisfied

[waterloo01] 09/10/2024 15:15

OK thanks.

Guess Enderby will be the end of any UK buildout, assuming they don't progress, or sell Middleton. Most likely they will sell or mothball all pre construction assets so by mid 25 should see what sort of revenues can be expected. We also have a potential capital rtn with the US tax receipts.

Just need to get core overhead of the manager down to something more reasonable.

[cc2014] 09/10/2024 14:42

It's two different sites.

But it does beg the question whether they will be competing in the FRR provision

[waterloo01] 09/10/2024 14:39

Confused by Enderby, which should be live. It features in both GSF and GRID accounts.

How's it split or two different sites?



Enderby battery energy storage site visit

The Manager will be hosting a tour for shareholders of its Enderby battery energy storage site on Tuesday 8 October. Enderby is located in Leicestershire and is one of the largest sites within the portfolio at 50MW capacity. It was recently extended to become a two-hour duration project.

The event will include a site tour followed by a presentation by Fund Manager, Ben Guest alongside members of his team and the Board.

[cocopah] 09/10/2024 13:40

Continuing the study drip drip down. Can only assume that in the short term income is dire. December can’t come soon enough! 🫣

[cc2014] 09/10/2024 10:35

The market really does not like this share. It does not seem reassured about the US revenue stream, which would stabilise this fund.

My issue is that I have little information to work with on the US and I can't actually get behind whether what GSF are telling us is realistic, nor do I trust anything that GSF build will ever get energised on time.

GSF are going to update us on Enderby by the factsheet which is due soon, so I guess I don't have long to wait on that one.

[mirandaj] 07/10/2024 12:16

"Software provider Arenko has secured a deal with Gore Street Energy Storage Fund, the companies exclusively told our sister site, Solar Power Portal.

The deal will see Gore Street Energy Storage Fund use Arenko’s Nimbus software across its operational portfolio. Over the next six months, an initial 18 grid-scale battery energy storage projects, with a capacity totalling just under 500MW, will be onboarded onto the AI-enabled Nimbus platform. The first asset is expected to be fully integrated within a few weeks of the deal’s completion.

The deal will see Gore Street provide standardised data, advanced multimarket dispatch, enhanced asset operations capabilities, real-time asset telemetry, performance insights, and alerting and reporting capabilities designed to help drive technical performance across its portfolio.

The beta version of the Nimbus platform was launched in November 2022, pledging to enable battery developers and asset owners to accurately monitor and track the performance of a battery within a project. In doing so, owners can effectively check the status of the technology and optimise projects accordingly.

It standardises data flows, streamlines connectivity and integrations with existing IT systems and third-party software, and automates key processes for asset managers.

Alex O’Cinneide, CEO of Gore Street Capital, which is the energy storage fund’s investment manager, said the integration is an “exciting step” in the company’s “data-driven asset management approach”.

He continued: “This integration streamlines our capabilities to optimise projects and enhances the tools available to maximise commercial revenues. In addition, it delivers significant safety benefits and unlocks Opex improvements available from our industry-leading portfolio insurance policy.”

Arenko founder and CEO, Rupert Newland, said: “This deal is further evidence of a growing trend among the most advanced asset owners using software to drive performance across their portfolios, projects and stakeholders.”

This is not the first time the companies have collaborated to optimise Gore Street assets. The software company provided its services as a route to market for a 10MW Gore Street asset, enabling the battery asset to enhance its financial and technical performance in 2021."

Source:

[george stobbart] 03/10/2024 12:28

Just posted on the company’s website and LinkedIn. Why don’t they release an RNS???

As the Investment Manager of Gore Street Energy Storage Fund (LSE: GSF), we are pleased to announce that GSF has finalised an agreement to implement Arenko’s Nimbus software platform across nearly 500MW of operational battery portfolio.

This software will provide standardised data, advanced multimarket dispatch, enhanced asset operations capabilities, real-time asset telemetry, performance insights and alerting and reporting capabilities designed to help support technical performance across the portfolio, aligning with our data-driven approach and broader strategy of enhancing analytics for the active management of our managed assets.

Arenko’s Nimbus software is compatible with the Accure software implemented at Lower Road and Stony which led to lower insurance premiums due to the software being able to improve safety on site.

Rupert Newland, Founder and CEO of Arenko, said:
“Gore Street has built one of the most advanced, internationally diversified energy storage portfolios in the world, and we are delighted they have selected Arenko to support the digital transformation of their assets as they enter this next phase of operations.
This deal is further evidence of a growing trend among the most advanced asset owners using software to drive performance across their portfolios, projects and stakeholders. Our Nimbus enterprise software is consistently being chosen to support some of the most complex and active asset portfolios across batteries and renewables.”

Alex O'Cinneide, CEO of Gore Street Capital, the Investment Manager to GSF, said:
"Integrating our operational assets with Nimbus marks an exciting step in our data-driven asset management approach. This integration streamlines our capabilities to optimise projects and enhances the tools available to maximise commercial revenues. In addition, it delivers significant safety benefits and unlocks Opex improvements available from our industry-leading portfolio insurance policy."

[craigso] 27/9/2024 10:10

What would actually happen if management listened to the mob and wrote down NAV "to be more accurately reflect the market's views" and cut the dividend so that it was fully covered today? A share price crash most likely... (DGI9 is a good example how a more "honest" NAV cost shareholders another 20%)

These BESS funds could certainly end up being a massive scam - I don't have the same handle on the appropriate value / MW installed as I would do for other power technologies - and batteries probably ought to be nestled within a major power trading entity rather than as stand-alone ITs. But there is a lot of capacity coming online soon for GSF, with little to no outstanding capex. And GSF has no debt at the holdco level to worry out, but lots of cash.

I wish I was buying in today at 58p instead of holding my average cost in the 70s, but I think we'll be fine here.