Gore Street Energy Storage Fund Plc

-0.40 (-0.38%)
Share Name Share Symbol Market Type Share ISIN Share Description
Gore Street Energy Storage Fund Plc LSE:GSF London Ordinary Share GB00BG0P0V73 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -0.40 -0.38% 104.00 533,293 16:35:01
Bid Price Offer Price High Price Low Price Open Price
103.20 103.60 104.20 103.20 103.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Finance Services 49.02 42.53 1.20 11.60 500.66
Last Trade Time Trade Type Trade Size Trade Price Currency
16:56:48 O 6 104.005 GBX

Gore Street Energy Storage (GSF) Latest News

Gore Street Energy Storage (GSF) Discussions and Chat

Gore Street Energy Storage Forums and Chat

Date Time Title Posts
12/5/202317:40Gore Street Energy Storage Fund160
30/7/202214:15::: Gore Street Energy Storage Fund PLC :::568

Add a New Thread

Gore Street Energy Storage (GSF) Most Recent Trades

No Trades
Trade Time Trade Price Trade Size Trade Value Trade Type

Gore Street Energy Storage (GSF) Top Chat Posts

Top Posts
Posted at 02/4/2023 10:17 by cocopah
#NickGrant2 really good share thank you! I’m not too fazed about his response because it’s probably tied to the 0.7 dividend cover which IMHO will improve to 1.0 this autumn. 🤔
Posted at 20/3/2023 17:29 by scruff1
52 week low at the moment despite being 52 weeks closer to greater cash generation and greater need for energy storage. Apart from making guesses I cant see whats producing the constant drip downwards or why we seem to be the black sheep. I think all my other stocks have had a bounce of some sort today. This is the only one that has regressed. Im not one for keep nattering about adding but I am thinking if I have confidence in the eventual success of GSF then now must be a good time to up my holding and if I havent then perhaps I should sell the lot. The constant drip makes me wonder if there is some fundamental problem of which I am unaware. Although even GRID hasnt moved much since last summer. Any views/opinions as to how this may play out?
Posted at 16/3/2023 17:04 by yump
Well some folk certainly don't like the look of it. No permanent recovery in the share price. Probably too many unknowns at the moment, but whether that's an opportunity or not is tricky to work out. As that set of comments hints at, there is a risk of more than one factor affecting the progress of projects and their future returns.
Posted at 27/2/2023 09:27 by the deacon
To me it says whilst trading at a discount a cash call is highly unlikely, and something GSF really want to avoid.
Posted at 17/2/2023 15:36 by scruff1
GSF is more a building company at the moment with more jobs on the go than Wimpey. I suppose now is the time to buy though - they should start `coming on stream this year - though it may not be so if there is a placing on its way down the track
Posted at 17/2/2023 10:39 by archy147
When I bought in here 2 years ago, it was a toss of a coin whether I went for GSF or GRID.

Obviously whatever criteria I used at the time to choose (can't remember what it was now), I got it badly wrong.

Can anyone explain why GSF has languished but GRID has gained c50%?

Posted at 15/2/2023 12:56 by a0002577
This stock has an interesting dividend policy :

"The Company targets dividends in each financial year based on a 7% yield on the average NAV per Ordinary Share during that financial year, subject to a minimum target of 7p per Ordinary Share in each financial year. The annual target dividend will increase by 0.5p increments per Ordinary Share based on a certain progression of the average NAV per Ordinary Share in any financial year above 100 pence (subject to rounding). "

" The target dividend will increase by 0.5 pence per Ordinary Share for each 7.0 pence increase in average Net Asset Value per Ordinary Share in any /financial year above 100 pence. "

This equates to one half penny increase on the dividend for every 7 penny increase in the NAV over 100 pence.
Latest NAV : 111.1 on 30 Sept

When NAV gets to 150 this means a dividend of 10.5 %

Posted at 25/1/2023 07:19 by cwa1
Blimey, that's going to be quick :-)

5 January 2023

Gore Street Energy Storage Fund Plc

('GSF' or the 'Company')

Significant Acquisition and Construction Milestone Achieved

75 MW / 150 MWh Texas Asset, the Largest Acquisition to Date in the US

Gore Street Energy Storage Fund plc (ticker: GSF), London's first listed energy storage fund supporting the transition to low carbon power in the UK and internationally , is pleased to announce that it has agreed to acquire a 75 MW / 150 MWh energy storage project (the "Project") located in Texas, United States. Following this acquisition, GSF's internationally diverse portfolio will consist of 26 projects with a total capacity of 973.2 MW in operation and construction across the UK, Ireland, Germany and the United States.

The project will be the Company's largest acquisition in the ERCOT Market to date and brings the Company's total US portfolio to 144.7 MW. The pre-construction project has secured all land rights, grid connections and planning consents and is expected to be of two-hour duration. The grid connection is scheduled for H1 2024, with commercial operations to commence shortly thereafter.

Gore Street's investment manager, Gore Street Capital Limited (the "Investment Manager"), estimates the Project will have an unlevered IRR in the range of 10-12%, in line with GSF's target. Total expenditure on the project to commission is expected to be a minimum of GBP50m .

North America remains a key target for the Company. The current regulatory landscape is becoming more favourable, with the Inflation Reduction Act introducing policies supporting energy storage deployment. The Electric Reliability Council of Texas (ERCOT) is the grid operator for most of Texas; GSF's operational portfolio in ERCOT balances the grid by providing ancillary services and derives further revenue through participation in the wholesale market. ERCOT continues to be a lucrative market due to the high penetration of renewables, creating a unique opportunity for battery storage. ERCOT has seen ancillary prices clear to almost $ 3,000 / MW / hr. in 2022.

Construction Milestone Achieved

The non-contestable works, including grid transformers dedicated to the Stony project, were energised on the 23rd of January, on schedule for its expected operational start next quarter.

Alex O'Cinneide, CEO of Gore Street Capital Limited, the Company's investment manager, commented:

"We are pleased to announce this acquisition in the high-growth market of ERCOT, US, adding to the Company's existing international portfolio of energy storage assets. This is a continuation of our diversification strategy of reducing single-point risk while gaining exposure to high-growth markets that demonstrate favourable characteristics similar to the GB and Irish markets. We see this unique geographical diversification in energy storage as increasingly beneficial to shareholders during the current political and economic climate.

"I look forward to sharing our progress over the next 12 months as 187 MW of additional operational capacity is scheduled to become operational in GB. The assets will provide critical services to the National Grid and form a necessary part of the infrastructure required for the continued deployment of renewable energy generation whilst further increasing the diversification of the Company's revenue streams."

Posted at 16/12/2022 09:33 by davebowler
Gore Street Energy Storage

6.5% interim NAV TR

Mkt Cap £531m | Share price 110.2p | Prem/(disc) -0.8% | Div yield 6.4%


Gore Street Energy Storage's NAV per share increased by 3.7% to 111.1p in the interim period to 30 September 2022, reflecting a 6.5% NAV total return. The NAV of portfolio SPVs increased by £0.9m in the period, net of £53.1m in acquisitions and capex. GSF received £26m in distributions from SPVs in the period. Near-term inflation assumptions were updated in the period and a 2% inflation rate is assumed over the long term across GSF's markets. The weighted average discount rate increased by 100bps to 9.3%. The annual dividend target is 7% of NAV, with a minimum 7p target.

GSF's portfolio comprises 25 projects located in the UK, Ireland, Germany, and the US. The 898MW (including the 200MW post-period acquisition) portfolio currently includes 292MW of operational capacity.

GSF's revenues are primarily derived from ancillary services. Operating revenues were £20.2m in the period, with a portfolio average hourly revenue per MWh of £16.50, ranging from £21.60 in the UK to £10.50 in the US.

Construction and pipeline update

At the period-end, GSF's total pipeline was 1.5GW (2.6GWh), with 75MW (150MWh) in exclusivity. Cash and short-term investments held at the period-end totalled £303m.

With respect to construction, GSF notes that commercial operation for GB-basedStony (79.9MW) and
Enderby (57.0MW) remains forecast for Q2 and Q4 2023. Grid connection works at Ferrymuir (50MW) have been delayed, with commercial operation now expected in Q2 2023. The full construction summary is shown below:

Liberum view

GSF is focused on shorter-duration batteries, which are best suited to ancillary services. More than 95% of revenues are attributable to shorter-duration balancing services. This remains the key focus, which distinguishes the strategy from the peer group, which is increasingly focused on longer-duration batteries that are more suited to trading. Frequency response revenues should remain high while commissioning remains a wider challenge.

Posted at 28/7/2022 00:01 by marktime1231
Wow coco so the "dividend was covered x1.09" is only true if you ignore about £19M of fund management and central costs, equivalent to about 5% of AUM which is indeed eyewatering. Are they saying those fund-level costs are all special one-offs? Otherwise the real story is that dividend was not covered by income net of all expenses, the cover was only x0.7.

Feels like we are being bluffed. Where are the auditors (EY eek) and non-execs supposed to be looking after shareholder interests and telling the plain truth. Not impressed, at all. How did GSF fund the shortfall to pay the dividend and to what extent will that be ongoing?

Did that income deficit cause a 2.1p drag on the NAV per share performance, did you spot a clear calculation to show how GSF got from 103.9p at 31 Dec 2021 to 107.1p at 31 Mar 2022? What might it be now, about the same taking all the plus and minus since March? With GSF share price at 121.5p that is a 13.4% premium.

GRID on the other hand with a share price around 157.5p is at an 8.6% premium to a NAV per share which it has already guided will be about 145p as at 30 Jun. In contrast to GSF that seems reasonable. Whereas GSF suddenly looks way over bought.

Gore Street Energy Storage share price data is direct from the London Stock Exchange
Your Recent History
Gore Stree..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 |

V: D: 20230529 04:31:16