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GRID Gresham House Energy Storage Fund Plc

41.80
0.30 (0.72%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
0.30 0.72% 41.80 16:14:00
Open Price Low Price High Price Close Price Previous Close
42.50 41.80 42.50 41.80 41.50
more quote information »
Industry Sector
EQUITY INVESTMENT INSTRUMENTS

Gresham House Energy Sto... GRID Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
17/11/2023InterimGBP0.01837507/12/202308/12/202321/12/2023
07/09/2023InterimGBP0.01837514/09/202315/09/202329/09/2023
05/05/2023InterimGBP0.01837518/05/202319/05/202308/06/2023
10/02/2023InterimGBP0.017502/03/202303/03/202327/03/2023
31/10/2022InterimGBP0.017524/11/202225/11/202216/12/2022
25/05/2022InterimGBP0.017506/10/202207/10/202228/10/2022
04/05/2022InterimGBP0.017512/05/202213/05/202227/05/2022
14/02/2022InterimGBP0.017503/03/202204/03/202225/03/2022
15/11/2021InterimGBP0.017525/11/202126/11/202117/12/2021
01/07/2021InterimGBP0.017508/07/202109/07/202130/07/2021
28/04/2021InterimGBP0.017513/05/202114/05/202104/06/2021
19/02/2021InterimGBP0.017504/03/202105/03/202126/03/2021
27/10/2020InterimGBP0.017505/11/202006/11/202011/12/2020
01/09/2020InterimGBP0.017510/09/202011/09/202025/09/2020
11/05/2020InterimGBP0.017521/05/202022/05/202012/06/2020
17/02/2020InterimGBP0.0127/02/202028/02/202020/03/2020
26/11/2019InterimGBP0.0105/12/201906/12/201920/12/2019
28/08/2019InterimGBP0.01105/09/201906/09/201920/09/2019
26/04/2019InterimGBP0.01416/05/201917/05/201907/06/2019

Top Dividend Posts

Top Posts
Posted at 14/3/2024 21:15 by marktime1231
GSF was able a couple of days ago to announce a sustained 2p quarterly dividend, albeit one which appears to be only about 75% covered by current cash flow. They also took some NAV medicine by de-ramping their expectations for GB-based revenues, better reflecting the dire income in recent quarters. And yet the net movement on their NAV was only a shave down.

Has GRID been exposed by that release from GSF? Or has someone in the GRID camp whispered of a rotten report on its way by 5 Apr, and a painful cut to the dividend? Heads rolling perhaps because we have been misled and can't trust them any more?

GRID tumbling this afternoon but GSF ending firmly up.
Posted at 11/2/2024 12:43 by wskill
By year end 2024 it will be a different story presently the ESO is constrained by the below.

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
Posted at 07/2/2024 12:15 by cc2014
@nickrl Many thanks for your latest post. It created a lightbulb moment for me.

This is what I came up with.

Based on the BESS data GRID has got 34k/MW/yr inc. the CM contracts for the last 30 days. The BESS data does not contain all the GRID batteries as far as I can see but I've got to start somewhere.

So,

Revenue based on 740MW currently installed £25m
Interest at 8% on debt of £110m £9m
Running costs inc. fund manager fee at 1.25% £10m
Profit £6m
equals EPS of 1p vs dividend before axe of 7.35p


If I re-run based on 45k/MW/yr (which seems optimistic given how much is coming on stream) and 2024 ramped to 1072MW and assume it all came on stream on Jan 1st which is obviously hasn't and add £20m of debt for the build out and drop the NAV to 100p I get an EPS of 5.35p vs the revised dividend of 5.51p


Not only is the spot price hurting GRID but it's strategy of going spot rather than fixed price capacity market contracts is also hurting it. Only 29% of GRID's revenue is CM, the lowest of the major 3. GSF's is 42% as it has made a far greater effort to match it's long term revenue with long term cost of build.
Posted at 03/2/2024 10:42 by marktime1231
So following some of the conversation above we should wait to hear an audited revised NAV figure before we can judge the risk-opportunity here.

On 6 Apr last GRID reported a BDO-audited NAV as at 31 Dec 2022 of 155.51p.

Since when (unaudited):

155.61p as at 31 Mar, plumped up just ahead of the last placing
146.66p as at 30 Jun, down due to declining revenue forecasts
146.08p as at 30 Sep, higher (!) revenue forecast offsetting project delays

We will have to wait until April to hear what the FY23 audited NAV might be, but I wonder how we might judge for ourselves ahead of time. FY22 ebitda was £48.8M, operational dividend cover of 1.28x.

"Operational" eg cashflow dividend cover so gross rather than net

1.32 FY21
1.46 Q3 FY22
1.28 FY22
0.97 Q1 FY23
0.67 H1 FY23
0.45 Q3 FY23

And reportedly according to Jefferies that dividend cover slumped to 0.1 in Q4. Except there wasn't a Q4 dividend.

Where might that drive NAV to? If it was just about cashflow then my sums say NAV has plunged to 57p but it isn't, there is much more to NAV than current cashflow it is about subjective guestimates of future cashflow etc.
Posted at 01/2/2024 07:11 by nerja
Looks like another bath,

Dividend policy - Given the recent difficult revenue environment, the Board has decided not to declare a dividend for Q4 2023. In terms of the dividend for 2024, if the current revenue environment endures, it will be challenging to generate the cash required to cover the dividend this year. As such, the Board intends to recalibrate the Company's dividend target for 2024, as well as the Dividend policy on an ongoing basis to better reflect the predominantly merchant nature of the Company's revenues. A further announcement in this regard will be made as soon as possible and not later than the announcement of our Annual Results.
Posted at 31/1/2024 13:36 by cc2014
One of the impacts of the new bulk dispatch system (which GRID said would make them more money in their last RNS) is that the number of dispatches has doubled but the volume has increased just a bit, 8% for the first week and that's all the data I have.

So, instead of routing to a small number of batteries about 8% more volume is being routed to double or in some cases 4 times as many batteries. My guess, because I don't have any detail on the information is that under the old system the volume was routed (through a manual process) to the batteries that had been around the longest (and that was GRID as first mover.

Now, I suggest some of the volume that was being routed to GRID is now being routed elsewhere with HEIT and others with newer installations being likely beneficiaries.

So, perhaps the pot got bigger, but GRID's slice of it got smaller.

I am kind of fitting the facts here to the share price reaction as my hypothesis whilst based on some facts could do with more evidence. For sure though GRID is faring worst.
Posted at 29/1/2024 08:57 by spangle93
From Citywire weekly summary



There was no reprieve for energy storage and other specialist renewable infrastructure funds. Battery funds Gore Street (GSF), Harmony Energy Income (HEIT) and Gresham House (GRID) tumbled between 5%-19%. This left the shares trailing their asset values by 37%-52% with yields of about 9%-11% suggesting the market anticipates dividend cuts from the alt-income funds this year.

Falling UK revenues left dividends of all three funds uncovered last year and with no sign of a let-up in 2024, Jefferies analyst Matthew Hose believed they would have to reassess their distribution policies.

‘We estimate calendar 2023 dividend cover to be 0.1 times for GRID, 0.5 times for GSF and 0.0 times for HEIT (ie, costs are offsetting cash income). Coupled with the funds’ capital constraints, requiring capital to fund constructions projects, this results in material risks to current dividends, particularly as the pressures on GB battery revenue are unlikely to ease until at least the fourth quarter this year,’ Hose said in a note yesterday.
Posted at 17/11/2023 14:07 by marktime1231
Can't even get a dividend announcement right, what a shambles.

Noticed a snippet yesterday that the Swedish global pe firm EQT Infra has bought up Statera, on whom GRID are waiting for very overdue projects. Were they having capital problems maybe, is this good news perhaps - versus whether these delayed projects are the ones blocking the grid connectivity pipeline and might be pushed aside?

And last evenings's grid event where we came close to not being able to meet electricity demand (nuclear reactor shut downs, imports from France cut back, no wind, for some reason emergency coal plant not running, a household £3/kWh sit-in-the-dark event ...) causing prices to spike to £260/MWh later on was a good opportunity for GRID or had batteries run out of stored energy by then?

GRID may not have deserved to slump to 80p but I can't see why it has recovered to 100p either.
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.
Posted at 25/2/2023 10:51 by marktime1231
Puzzled by last year's jiggery pokery with the dividend timetable, at Christmas I wrote to Ben Guest accusing him of squeezing up NAV as part of planning for another big fund raising issue, something I had guessed had been imminent when the share price broke through 175p in September - that was my rough calculation of the point where a share issue was more economic than debt funding. Only for the market to take a sharp knock courtesy of Truss-Kwarteng and GRID subsequently announced £155M debt extension instead.

A blustering denial of course. But I am sure that was the game.

I also challenged him on project delays, was it really all down to waiting for grid connections, noting Harmony had just announced the commissioning of Pillswood claiming it was ahead of schedule. The GRID "NAV report" in early November was also a performance summary to end September except that details such as the portfolio status had been put in a separate Fact Sheet published at the same time. It confirmed my suspicions that there was slippage, and a bit of desperation eg putting things in the "live" column but with a note "in commissioning". A contrast to the bullish trading statements and outlook we have been treated to up until now.

Edison too have picked up on the slippages. By my reckoning 300-400MW which should have been energised by 2023 Q1 according to original plans at the time of fund raising or project acquisition is already late or will be very soon. Through a winter of extreme pressure on the grid, eg National Grid ESO paying households to switch off 4-7pm, and yet sometimes having to curtail surplus wind generation. I challenged Ben Guest to provide a transparent report and to reset the timetable to something investors can rely on.

Again more blustery denial, it was all other people's fault and they were working hard on getting connections. And yet the delays also come with increased delivery costs, at our expense, so it is not all or just third party problems. Never mind the loss of income.

So it was a bit telling that the 10 February announcement of yet another flat dividend came without a NAV or trading update. No announcements of sites being commissioned, the size of the ones overdue would represent a material increase to income and so worthy of an individual rns. Silence. Not at all like the bull story we have come to expect.

My conclusion is that GRIDs shifting strategy from acquiring live sites to acquiring earlier stage projects, in order to squeeze out more NAV gains, has backfired. They have not managed the execution risk well. An asset manager behaving like an asset manager rather than an income investment trust manager. Their fees are not suffering it is our income which is suffering.

The exceptional energy market situation and more aggressive asset-optimisation has probably saved the day, compensating for the lack of MWh versus plan. Here for example is how hard some of GRIDs smaller sites are working ...



... a splendid tracker of how UK BESS sites are performing. These smart people recently did their own analysis of GRID on twitter and concluded things are looking trickier.

The chance remains of course for GRID to put out a super report on 2022 and progress since, something we might expect to get in early April. Or they might wait a bit longer until there is really positive headline news. Funding remains healthy, they might have managed to complete some projects, new opportunities are available, etc. But I think NAV progress may have stalled and the missed surplus income opportunity means we might have to endure a flat or weakly improving divided. The future should still be bright but the current loss of momentum suggests a 10% premium over NAV-as-at-Sep-2022 is looking rich.

Should we give GRID a chance and wait for a report in April or should we take some profits if the share price rises to meet ex-div next Thursday?

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