We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Gresham House Energy Storage Fund Plc | GRID | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.70 | -1.10% | 62.80 | 16:35:28 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 62.60 | 62.60 | 64.00 | 62.80 | 63.50 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 17/11/2023 | Interim | GBP | 0.018375 | 07/12/2023 | 08/12/2023 | 21/12/2023 |
| 07/09/2023 | Interim | GBP | 0.018375 | 14/09/2023 | 15/09/2023 | 29/09/2023 |
| 05/05/2023 | Interim | GBP | 0.018375 | 18/05/2023 | 19/05/2023 | 08/06/2023 |
| 10/02/2023 | Interim | GBP | 0.0175 | 02/03/2023 | 03/03/2023 | 27/03/2023 |
| 31/10/2022 | Interim | GBP | 0.0175 | 24/11/2022 | 25/11/2022 | 16/12/2022 |
| 25/05/2022 | Interim | GBP | 0.0175 | 06/10/2022 | 07/10/2022 | 28/10/2022 |
| 04/05/2022 | Interim | GBP | 0.0175 | 12/05/2022 | 13/05/2022 | 27/05/2022 |
| 14/02/2022 | Interim | GBP | 0.0175 | 03/03/2022 | 04/03/2022 | 25/03/2022 |
| 15/11/2021 | Interim | GBP | 0.0175 | 25/11/2021 | 26/11/2021 | 17/12/2021 |
| 01/07/2021 | Interim | GBP | 0.0175 | 08/07/2021 | 09/07/2021 | 30/07/2021 |
| 28/04/2021 | Interim | GBP | 0.0175 | 13/05/2021 | 14/05/2021 | 04/06/2021 |
| 19/02/2021 | Interim | GBP | 0.0175 | 04/03/2021 | 05/03/2021 | 26/03/2021 |
| 27/10/2020 | Interim | GBP | 0.0175 | 05/11/2020 | 06/11/2020 | 11/12/2020 |
| 01/09/2020 | Interim | GBP | 0.0175 | 10/09/2020 | 11/09/2020 | 25/09/2020 |
| 11/05/2020 | Interim | GBP | 0.0175 | 21/05/2020 | 22/05/2020 | 12/06/2020 |
| 17/02/2020 | Interim | GBP | 0.01 | 27/02/2020 | 28/02/2020 | 20/03/2020 |
| 26/11/2019 | Interim | GBP | 0.01 | 05/12/2019 | 06/12/2019 | 20/12/2019 |
| 28/08/2019 | Interim | GBP | 0.011 | 05/09/2019 | 06/09/2019 | 20/09/2019 |
| Top Posts |
|---|
Posted at 26/7/2024 08:35 by cc2014 It's my view CDeV that it's currently hard to build a compelling case for GRID.On a short term basis the price per unit generated is low and whilst it has not yet got as low as the January low's it's starting to get there. That will change when the wind starts blowing in autumn but what we are seeing are long periods of time when there is little to arbitrage. And if there is little to arbitrage in "trading" there's also little demand for the balancing mechanism when the weather is so stable. On a longer term basis there are two issues. The price of lithium and potential improvements in technology means newer batteries can produce economic returns at lower power prices than GRID can. That imho will tend to drive revenues down for GRID (or at least mean revenues don't rise as technology improvements offset inflation) Then finally we have the interconnectors. Britain is no longer an isolated island. The interconnectors with Europe are squashing the peaks and troughs in pricing. Further we are building more interconnectors between Scotland and the SE coast of the UK which will further squash arbitrage opportunities. So, I end up with an investment model that instead requires 15 year tolling agreements and 15 year capacity market contracts. But the market does not currently offer 15 year tolling agreements and GRID chose not to take part in the 15 year CM contracts as it though there would be more revenue from trading. GRID's next immediate problem is surely the expiry of it's 1 year CM contracts which it will have to rebid for. I would assume/guess/have a stab in the dark that given the current low revenues in the market for trading, the supply of bids will be high and prices for next year will be lower than this year. On the other hand the share price is 63p... which perhaps reflects a great deal of uncertainty about future revenues... |
Posted at 04/7/2024 07:36 by george stobbart Deutsche Bank Numis initiates coverage of Battery Storage Funds with Positive RatingLondon, July, 4 2024 The significant share price volatility across battery storage investment companies in 2024 (average -31% ytd) reflects the impact of lower actual and forecast GB revenues on earnings, dividends and NAVs. Ultimately, we believe battery storage has a significant role to play in the energy transition and in our view the inherent variability of the current merchant-based revenue model is masking upside potential of the listed peer group. Although we reiterate our view that the variable revenue profile is less suited to the high fixed dividend targets that underpinned initial investment pitches, we note the composition of returns is evolving with the introduction of greater contracted revenue visibility and earnings-based dividend policies. We do not rule out the possibility of further near-term share price volatility, but in our view the significant increases in operational capacity, expected over the coming months as companies execute existing build out programmes, gives rise to attractive potential earnings. This will improve cash cover for existing dividends and enable a return to distributions from funds where dividends are currently suspended. This, combined with the potential for asset sales and corporate action, will underpin a positive share price trajectory in our view. To download the full note (41 pages) please click here: Download battery storage note Evolution of revenues: The weakness in revenues for GB batteries over the past 12 months has been driven by falling prices for ancillary services amid increased supply, coupled with limited opportunities in wholesale markets. The picture has improved more recently, aided by the first steps of a programme to evolve the grid balancing systems, but it is expected to be some time before the impact of this is fully felt. Gore Street Energy Storage’s international exposure has partially cushioned the impact of this weakness in the GB market on overall revenues, while Gresham House Energy Storage has responded to the challenging environment with the introduction contracted revenues through a tolling arrangement. This two-year contract will reduce the volatility of earnings, but we expect some investors will question the potential returns upside that has been sacrificed. Do discounts offer value: Wide discounts are reflective of investor scepticism towards NAVs and portfolio valuations that are based on long-term, third-party revenue forecasts in a nascent market. As a result, we focus on nearer-term cash earnings and undertake a scenario analysis which assesses the likely run-rate earnings potential of each fund by the end of 2024 and underlines potentially attractive distributable returns going forward. We believe evidence of this translating into a more sustained period of improved returns will be required for share prices to see a significant further re-rating, but we note that there is also scope for value to be unlocked through M&A and asset sales, given significant capital is seeking access to the storage thematic. Preferred exposure: Based on our analysis we believe Gore Street Energy Storage offers investors the most compelling exposure to the BESS sector. Its significant anticipated growth in operational capacity in H2 gives rise to attractive forward-looking earnings potential, which should be relatively stable based on the portfolio’s international diversification across five uncorrelated grids. In addition, we note that shares of Harmony Energy Income also benefit from potential nearer-term catalysts, with the prospect of asset sales and other corporate action. |
Posted at 03/7/2024 00:08 by george stobart Jefferies turns bullish on Battery Storage funds for the first time since 2022.Jefferies Equity Research July 3, 2024 Battery Storage - Q2 State of Charge During Q2 GB battery revenue improved for the first time since summer 2022, predominately driven by frequency response. We expect the volume required for dynamic response services to remain high in July and August, and we also see signs of the trading environment improving going into Q3. Elsewhere, we take a look at grid code change GC0166 in more detail. Overview: Modo Energy's revenue benchmark (now including CM revenue) indicates that GB BESS revenue improved in Q2, achieving c.£10,700/MW for 1-hour batteries and c.£14,600/MW for 2-hour batteries, versus c.£8,400/MW and c.£12,200/MW in Q1, respectively, and versus c.£14,900/MW and c.£18,500/MW, respectively, in Q2 2023. The quarter-on-quarter improvement was largely driven by stronger seasonal demand in frequency response, and helped by a better trading performance. The balancing reserve, introduced in March, saw declining prices over Q2 and therefore remains a very limited part of the overall revenue stack. Ancillary services: Higher volume required in dynamic responses has resulted in a price improvement, which in turn contributed positively to battery revenue in Q2. The dynamic containment volume required will likely remain seasonally high throughout July and August before softening in September. This should provide support to ancillary services revenue in Q3. Trading: Day-ahead intraday spreads have increased in Q2 to a monthly average of £52/MW, from £44/MW in Q1, and £51/MW in Q2 2023. UK forward power prices have picked up over Q2 (here), which along with the heightened possibility of zero and negative wholesale prices during summer, should improve the trading environment for batteries in Q3. Elsewhere, we see some evidence of the 30-minute rule and balancing reserve helping to increase batteries' dispatched volume into the balancing mechanism since March. Grid code change GC0166: Our recent expert call with Caroline Still from Aurora Energy Research (here) highlighted the importance of grid code change GC0166. Currently, National Grid relies on a workaround using the unit's grid connection metrics (Maximum Import Limit and Maximum Export Limit) and caps batteries' dispatches to 30 minutes. The proposed change will bring in new parameters designed for limited duration storage (including Maximum Delivery Bid, Maximum Delivery Offer, and Future State of Energy). As these parameters reflect the batteries' operational state and commitments at the selected point in time, they enhance the communication between battery operators and National Grid's control room, which in turn will enable longer dispatches into the balancing mechanism. The workgroup on GC0166 expects to finalise the solution in September, and the grid code's implementation date is provisionally set for the end of March 2025. |
Posted at 06/6/2024 07:40 by cc2014 There was one question in the presentation which I think worth repeating. I'm long so perhaps I'm looking for things that aren't there.The question was broadly something along the lines of "if ORIT are contracting for half GRID's output"... "why wouldn't they seek to acquire that output themselves" Which GRID couldn't answer of course as it was not for them to answer. But they did say Octopus needed 1500 capacity vs the 1000ish they have taken from GRID. As a shareholder I'm left wondering why Octopus don't just offer 90p for GRID? Conjecture I know, but maybe this is a good way for Octopus to take a "look, see" first. it will be interesting to see where the share price goes as the market settles down and has had time to digest this. I suspect a bit higher yet. (Also I note we are back to negative pricing last night as we had some wind) |
Posted at 05/6/2024 18:03 by pj84 "Christopher Brown, an analyst at JP Morgan Cazenove, estimated the deal with Octopus could lift GRID’s annual revenues to about £70m and see it reinstate a covered dividend of 4.7p per share, more than expected though well below the 7.35p it originally aimed to pay last year.‘Overall this is an interesting transaction that locks in an acceptable level of revenue at a time of uncertainty, and while the portfolio is being ramped up,’ he said." Even a reduced dividend of around 4.7p would give a dividend yield of almost 8% at the current share price. |
Posted at 24/5/2024 08:45 by cc2014 That's a bit harsh CousinIT although a fair challenge.I have made lots of posts about DGI9 but I'm not sure I ever fell in love with DGI9. I sold all mine for about a half point loss as I posted at the time at 40p IIRC on the day DGI9 issued the outcome of the DGI9 tender. With DGI9 I knew I was playing with fire and it was the riskiest thing in my portfolio. There were lots of red and amber flags over DGI9 I have reflected on your challenge and I don't see red flags here. There are some amber ones. Is the NAV over-egged. Probably. Is GH's fee reasonable given the NAV. No. The paying of unfunded dividend was another one. However, what I do have is real time data on the revenue streams and visibility on ESO objectives. My risk here is not what other posters keep bashing on about but some new technology which produces a step change in battery prices (Sodium based batteries?) or potentially Lithium halving in price (although that does not look likely) or possibly at the margin lower takeup of electric cars or heat pumps. Or looking at it another way. If there's no money to be made in batteries why is the worldwide buildout so strong? For sure buildout costs are lower than they were but GRID are doubling their MWh now at those low build out costs. In fact GRID's buildout costs are going to be even lower than competitors as they don't need to pay for a new grid connection for much of it. For sure older installations cost more and we should take the average but anyone buying now is paying only 57p a share. As Stiefel says that's significant less than new buildout costs. It is my guess that the share price will stick down here for a while. I would expect a pickup as confidence arises as the new Mwh comes on stream and as volumes continue to pickup in the BM as skips slowly fall. |
Posted at 22/5/2024 12:19 by nickrl @CC2014 some energy companies are building big BEDS for their own energy mgt trading accounts and wont be participating in the ancillary mkt. GRID have about half exposed to wholesale only unlike HEIT which have committed everything to the BM. They have benefited from having 2hr units but with GRID and others catching up i suspect the pricing there will be commoditised later in the year. Also even with high wind the grid cant move the power South so its constrained off and thus less need for frequency response.Agree with @CC2014 that short term this isn't going to improve and see little prospect of more than 2p dividend from next year so share price is in the right ball park. |
Posted at 15/4/2024 20:54 by cc2014 A couple of points.The BESS index does not include capacity market contracts so that's additional revenue to add. I do not have time to go through them all but Thurcroft is an extra 7.1% revenue, Couper Angus an extra 20%, Port of Tyne is an extra 59%. All for the month to date. If you look at Port of Tyne for the last year it's an extra 70% on average. At your starting point of 740 MW GRID had 837 MWh By the end of 2024 GRID will have 1117 MW / 1817 MWh Note the doubling broad doubling of MWh as GRID are upgrading many of their batteries to 2hr, which is quick to do as it doesn't require a grid connection and will in itself bring in more revenue than just the new battery as 2 hour batteries are more attractive to the ESO. GRID say they can do this and more with no extra debt.. That kind of suggests nearly everything is built and relying on grid connections but whilst I take them at their word, I also take it with a pinch of salt. You are right about slippage. That's on on-going problem |
Posted at 15/4/2024 19:51 by marktime1231 Let's be careful reading too much in to figures in isolation. Thank you, but that linkedin chart from modo doesn't show earning rates before Q2 of 2023, at which stage operating income cover of the previous 1.75p quarterly dividend fell from x 0.97 to below x 0.5 I think. According to my looking at this back in February the dividend hasn't been covered since Q4 2022, when the average asset earning rate may well have been over £100k / MW / yr.Actually you raise an interesting point ... why haven't BESS trusts been publishing these transparent income figures so we can judge performance and outlook directly? I have been asking GRID to include them in trading and audited reports for three years, deaf ears. Actually it should be relatively straight forward to set an income breakeven benchmark. 4 x 1.8375p dividends over 569.55 million shares means GRID needs to earn £41.862M pa bottom line distributable profit. Ignore buybacks. Across 740MW of operational assets that requires £56.6K of distributable profit per MW per year to cover the current (former) dividend. So let's not cheer too loudly that gross revenues appear to have bounced back to around £50K according to modo. DISTRIBUTABLE Not revenue, not ebitda or operating income, not net income but distributable post tax profit. The margin ratios are severe ... To illustrate the difference, in FY 2022 gross revenues were £62.7M, operating income or ebitda was £48.8M, reported net income presumably after debt interest was £32.8M and bottom line profit after a further £8M or so "admin expenses" was £25.3M. Credit drawn has risen from £50M to £110M. Management admin fees have risen in line with AUM. There are too many variables to accurately calculate the revenues required to deliver £41.862M of distributable profit. For convenience lets assume x 2, which means each asset needs to earn revenues of £113.2K / MW / year to restore the dividend. Over 740MW assets. Of course if GRID energise the revised reduced target of 1,027 MW by year end the revenue run rate target reduces to £81.6K / MW / yr. Beware that GRID said in a previous trading update that should the revised reduced asset target of 1027MW be met the FY operating income would cover the dividend, not distributable profit. So £50K where revenues are now, actually not even £70K where revenues were this time last year, does not deliver. It should be pretty obvious it is not just a fall in prices scuppering GRID, it is the high debt cost, the high admin fees, but most of all the massive shortfall caused by the failure to deliver the pipeline ... just a year ago when GRID reported on FY2022 they were still outlooking 1.5GW of operational capacity through 2024. |
Posted at 17/11/2023 08:55 by speedsgh Declaration of Dividend - Gresham House Energy Storage Fund PLC (LSE: GRID) is pleased to announce a dividend of 1.8375p per Ordinary Share for the period from 1 July 2023 to 30 September 2023. The dividend will be paid on 21 December 2023 to Shareholders on the register as at the close of business on 7 December 2023. The ex-dividend date is 6 December 2023. Any such dividend payment to Shareholders may take the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investment trusts. Of this dividend declared of 1.8375 pence per Ordinary Share, 0.3375 pence is declared as dividend income with 1.5 pence treated as qualifying interest income. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
