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| 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
|
|
|---|---|---|---|---|
| 3.30 | 7.17% | 49.30 | 09:23:06 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 47.50 | 47.00 | 49.50 | 46.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 19/4/2024 17:37 by cruelladeville Does anyone have a link to a recording of today's investor presentation please? Nothing on the GRID website or YouTube. Thanks. |
Posted at 19/4/2024 14:02 by nickrl Watched the second Ben Guest show this morning which didn't tell us much more than the RNS but did answer three of my questions answered. I was trying to understand what revenue is needed to restore divi and he mentioned that for 7p need to be at 70k/MWh/mth i believe. I did like the way he thought that it was more an analysts question so clearly they don't realise how genned up private investors are. Anyhow with declared intention of not paying divi in 24 this is just a watching game for now. |
Posted at 15/4/2024 19:45 by genista71 I think the rolling 90 day performance chart at the bessanalytics homepage is the most informative in terms of trends.Problem with modo is that as soon as things go well, they shout it from the rooftops, in fact this month breaking form and doing an intra month update, but when it turns down they are silent. Th majority of their revenues come from the vested interests, not the investor side. |
Posted at 07/4/2024 19:02 by nickrl @PJ84 revenue per MW/yr has picked up since the start of the year as the ESO system changes in the Balancing Mechanism are driving increased utilisation of BESS. Also the new balancing reserve product is new revenue stream for them. Current run rate is around 50% of the 2022 average so there maybe a potential for some divi reinstatement but my guess is they will want to wait to see whether these revenue streams hold in the face of ever more new BESS systems being commissioned over next few years. GRID has dropped back considerably over last couple of weeks so many investors still aren't convinced its investable yet but will wait on results to decide as its now on a par with HEIT since share price dropped. |
Posted at 07/4/2024 16:28 by pj84 I decided to have a look here after seeing GRID mentioned in the following article Clearly for long standing investors this has been a difficult time, particularly, following the decision to not pay the last quarterly dividend and to decide to rerate it, in the upcoming results. However, for new shareholders this looks like an interesting entry point even with the uncertainty over the dividend. The NAV for the half year results was 146.66p and the article is factoring in a 38% fall since then to a NAV of around 91p which if it is in the right ball park would mean even after the fall the shares are still on a 55% discount to NAV which still leaves quite a margin for error. The last full years dividend was 7p and for the year just ending it would have been 7.35p before the cancellation reducing it to 5.5p. If the new dividend is close to 3.5p a 50% cut on the previous full year level that would at the current price be yield of 8.5%. It's clearly not without risk, but I am hoping that most of the risks are now fully reflected in the price. |
Posted at 14/3/2024 18:41 by dickiehhh As usual it looks like some "news" has been leaked out. Institutions probably selling. Let's wait for the RNS over the next two weeks to tell us private investors what's going on. Just like what happened earlier this year Shameful really |
Posted at 01/2/2024 11:30 by marktime1231 So maybe it would have been better if they hadn't announced anything!Yes it looks like the "news" was circulating earlier this week, but actually unusually large sells began on 24 Jan. Someone was pretty sure ahead of the market. Plan A - deliver the pipeline failed. But we will redouble our useless efforts to get it done, blaming others, and continue to extend durations which was a no-brainer yonks ago. Plan B - we promised OBP would save the day but it doesn't. Plan C - there is no plan C. So much for rumours of commercial storage services to private enterprises. Cut the ambition, cut the dividend, cut the borrowing, cut capex, cut the dividend a bit more. How about cutting some of the people who were "pleased" while presiding over this collapse? Unbelievable that they admit they don't have the cash cover to honour the final dividend but will find some cash ... raiding the bank ... for an unspecified buyback. And, even if revenue stabilises they now say the previous dividend rate, which was raised at the start of this year, was unsustainable. That was a con then? What about NAV, how do we know what the discount is? If this is now such an unreasonable discount of a reliable investment sufficient to deserve an emergency buyback with shareholder cash uncovered by income perhaps the board and key investors would care to communicate their confidence in that proposition with a series of substantial purchases of their own. And then I might buy some back when we hit ... 30p, 20p, 10p anyone? |
Posted at 01/2/2024 09:48 by bsdjj I wouldn't give Jeffries much credit. I believe they are GRIDs broker and have been marketing the fund to investors from the beginning along with the company on the basis of producing "sustainable" dividends which incidently is still on the spiel from the company at the bottom of the announcement. As recently as last summer they raised £50m for GRID last summer at 155p on projections that were woefully optimistic.Getting back to GRIDs prospects given the majority of the shareholder base arewealth managers whose clients are probably income based it is no surprise that there is a rush for the exit but as long as the NAV remains comfortably above 100p there should be some support.Would be good to see a (non-token) share purchase or two from the board and Mr. Guest. |
Posted at 10/10/2023 20:21 by nickelmer TO GRESHAM HOUSE INVESTORS.I am a shareholder in Gore Streety Energy Fund, I would urge you to ask the same questions of your company "I have emailed the company (GORE) for a response, my question to them being. If BESS as an industry is so vital to the Net Zero project, why are they performing so badly, either the management is utterly incompetent, or they have hoodwinked investors to put money into something that has no value or chance of success. Other BESS plc's are also failing, if they cannot answer these questions then I would suggest investors consider taking legal action against directors and management of GORE and other such companies. I would urge you to place increasing pressure on management to provide answers to these questions, and those you most likely also have |
Posted at 29/10/2022 20:23 by jonwig From The Times, 24/10 (pinched from the GSF thread, the poster thanked):In a field in Leicestershire neat lines of identical green shipping containers stretch into the distance. Each container is stuffed full of black plastic boxes a bit like car batteries. A forest of electrical apparatus and switchgear sits close by in its own fenced compound. Workmen and engineers bustle by, putting the finishing touches to the project. “From this one site we can boil one million kettles,” Ben Guest declared, gesturing around himself. Guest is the driving force behind a growing new industry, battery storage, that might just play a significant part in the battle to slow global warming while making attractive returns for investors. This site in Enderby, just across the road from the Next head office, is the eighteenth of what Guest hopes will be a fleet of 28 battery sites scattered across the UK by the end of next year. He is the manager of Gresham House Energy Storage (GHES), a listed company valued at more than £800 million. It is by far the biggest player in UK battery storage, claiming about 29 per cent of the market. It is an industry (known as Bess: battery energy storage systems) that has sucked in hundreds of millions of pounds from investors intrigued by the modern-day alchemy of buying power from National Grid in the middle of the night when it is cheap, storing it for a few hours and selling it back at breakfast time for a profit. The wholesale price of energy can oscillate between minus £100 per megawatt hour and £4,000 per megawatt hour in the space of a few hours. It is an arbitrageur’s dream. The minus price occurs when battery operators are paid to take excess power from the system in a process known as curtailment. Batteries help to solve the problem at the heart of renewable energy: its intermittency. Wind and solar farms could provide even more of the nation’s power but only if it could be cheaply and reliably stored. Guest, an employee of the investment manager Gresham House, an engineer by education and hedge fund manager by background, has raised more than £620 million from investors, most recently tapping them for £150 million in May. It was a bumpy start. At the launch of the company in 2018 he raised only half the £200 million he had hoped for in his first capital-raising. Investors were hesitant about the untested business model. Everything from planning consent (the sites are not beautiful and the batteries hum slightly) to doubts about battery life worried potential investors. GHES has so far, however, largely done what it promised, opening sites from Byers Brae in West Lothian to Littlebrook in Kent and all the while paying a 7p dividend in a world where investors have been starved of yield. The shares, first priced at 100p, are now trading at 156p. Total return since flotation is a very respectable 87 per cent. Enderby is a few months behind schedule and has not yet supplied a watt of electricity. Just getting the equipment has taken longer than expected because of supply chain interruptions. Then there are delays in connecting to the wider electricity system. Local grid companies can be “twitchy” So far Guest and GHES’s third-party contractors have built and opened 429 megawatts of installed capacity. Confusingly the industry measures capacity in terms of power (megawatts), not energy (megawatt hours), because power determines the speed of charging and discharging the batteries, which is the most important factor in operational success. Indeed, this nimbleness has proved to be such a competitive advantage that it has for now entirely changed the business model: GHES has increasingly switched from trading its power to selling a service called “frequency response” to National Grid. To avoid blackouts the Grid needs to keep its power frequency stable and to do that it needs batteries, which can feed in with a notice period of less than one tenth of a second. Coal-fired stations, which used to do the job, are mostly shut down. About 80 per cent of GHES’s revenues come from frequency response. The industry is growing quickly, Guest said, but not quickly enough. “Why? Because the rate of deployment of renewables is far in excess of the rate of deployment of batteries.” Existing renewables capacity plus projects in the pipeline amount to 51 gigawatts in the UK, he said. Batteries, by contrast, are for now a tiny 1.5 gigawatts. This is an industry that needs to grow at least tenfold, he said. He is relatively relaxed about the recent turmoil in the prices of raw materials: lithium carbonate has gone up fivefold in the past 12 months, pushing up the price of batteries. “It’s going to be deeply cyclical,” Guest said, confident that at these prices more lithium mining capacity will be opened up. He competes with the car industry for the batteries, which come from China. Another common concern is how long the batteries will last. They tend to degrade relatively slowly and then suddenly fail completely. Manufacturers provide ten-year warranties but the speed of degradation very much depends on how aggressively they are used. Guest is confident that his batteries will last 15 to 20 years. “What I can say anecdotally is that the degradation of our batteries has been far less than the warrantied case.” GHES’s scale gives it an advantage here, he added. The company is building a huge database that helps it to run its batteries in the most efficient way while designing new projects as optimally as possible. This is partly about the business of coaxing the longest life out of his batteries. Another potential threat is the recent widening of the energy windfall tax. So far the assumption has been that this will only be imposed on renewable energy generators, not batteries, but with the coming post-Truss administration desperate for tax revenues, no one can be sure that it might not be extended. Meanwhile, rising interest rates are posing a risk because of the way battery sites are valued by calculating all future cash streams discounted back to the present day. Guest uses a discount rate of 10.8 per cent, which he describes as conservative compared with the competition. If that had to be raised it would hit the company’s net asset value, which is 145p per share. There is undeniable nervousness in the industry. Earlier this month a rival battery operator, Harmony Energy, received only £15 million in a fundraising in which it had hoped to raise up to £130 million. It called it “a very challenging market backdrop”. As a hedge fund manager at Lazard 25 years ago Guest rode both the dotcom technology boom and subsequent bust, profiting on the way up and on the way down because he was able to short-sell. He does not have that same two-way flexibility with this new technology. He is confident, though, that he has the scale, the head start on competitors and the expertise to flourish further even if the headwinds intensify. And, he pointed out, he is well aligned with stockholders: £22 million of his own fortune is invested in GHES shares. |
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