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GRID Gresham House Energy Storage Fund Plc

0.80 (1.08%)
12 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gresham House Energy Storage Fund Plc LSE:GRID London Ordinary Share GB00BFX3K770 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.80 1.08% 74.80 73.10 74.80 75.00 74.40 74.40 288,766 16:35:03
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -100.1M -110.11M -0.1929 -3.89 422.32M
Gresham House Energy Storage Fund Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker GRID. The last closing price for Gresham House Energy Sto... was 74p. Over the last year, Gresham House Energy Sto... shares have traded in a share price range of 36.90p to 136.00p.

Gresham House Energy Sto... currently has 570,701,073 shares in issue. The market capitalisation of Gresham House Energy Sto... is £422.32 million. Gresham House Energy Sto... has a price to earnings ratio (PE ratio) of -3.89.

Gresham House Energy Sto... Share Discussion Threads

Showing 451 to 473 of 1000 messages
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The slowness to get grid connections is very real, the FT covered it recently, in addition to Edison highlighting it above.

Renewables groups sound alarm over UK grid connection delays
Solar, wind and battery storage developers say 13-year wait threatens investment and Britain’s net zero goals.

[I think if you copy the above text into a search box, you can bypass the paywall.]

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?

@erstwhile2 thanks for posting that link very interesting. Batteries will come back into play as spring and summer come and renewables have a higher penetration as the ESO will need more frequency response services to manage the variable output.
Edison note published yesterday:
2021 Results were out early April in 2022

Wonder if there will be scope to increase the yield to make it more attractive?

This is what was said in the interims
"The Board reaffirms a target dividend of 7.0p for 2022 and expects full Operational Dividend Cover for the full year. The Company will balance future dividend target levels with increases in Operational Dividend Cover

Q4 dividend announced today at 1.75p ps; XD 2/3/23 and pay 27/3/23
Ex dividend forecast at the beginning of March, payment end of March. Announced some time in February id imagine.
When is next dividend announcement
In the Business section of the Daily Telegraph of Friday 23rd December , there was a large comment piece by Nina Skorupska , head of the Association for Renewable Energy and Clean Technology . Titled “ Sunak’s renewables tax hits our wind and solar plans “ , Ms Skorupska describes the irrationality of this tax , stating that the Electricity Generator Levy “ is a tax on revenues , rather than overall profit “ . She states that the EGL is more onerous than the fiscal treatment of oil and gas companies , which can offset revenues against new investment . On the announcement of this tax , I sold my holdings in renewables funds , such as JLEN . I suspect that some investors might also shun investing in Gresham House Energy Storage , wrongly thinking that the EGL will negatively imoact this fund . In fact , as Ms Skorupska concludes in her article , the EGL will make it harder to solve this country’s energy crisis . In other words , my belief is that this stupid tax will prolong the increasingly dire disparity between supply and demand in our energy market , which makes battery storage provided by Gresham House Energy Storage all the more important .

Just to close out the conversation last week, HL, having paid the first part of the distribution (dividend) on Friday 16, paid the remaining interest distribution into my account on Monday 19

Trig announced they have purchased a barrery storage facility, in the North East. I do like this barrery storage sector. I hold Grid and Trig.
Is they an annual charge of 1.15 % from GRID on increase of net assets value .
Also pay the divi quiet late

The interest element of the dividend is a separate payment from the ordinary element. A broker might merge them before paying you the total, or (like ii) pay them separately.

If your shares are in an ISA, it's irrelevant; if not, they are treated differently for tax purposes.

thanks Spangle93. Makes some kind of sense - one of my other holdings paid this sort of split dividend recently as well and one part took significantly longer to come through than the other.

I'd just done what you did and before raising with HL I'd looked back at the previous dividend from GRID and saw it all came in one payment, so assumed it should be the same this time. Seems they have changed this time for some reason.

Likewise. I have a "dividend payment" in my hL account on 28 October and another today. Adding them together and dividing by the number of shares gives a dividend per share of 24p. Confused? so am I.
alter ego

The RNS on 31 Oct states "GRID is pleased to announce a dividend of 1.75p per Ordinary Share for the period from 1 July 2022 to 30 September 2022. The dividend will be paid on 16 December 2022 to Shareholders on the register as at the close of business on 25 November 2022. Of this dividend declared of 1.75 pence per Ordinary Share 0.65 pence is declared as dividend income with 1.1 pence treated as qualifying interest income."

I have a payment from HL titled "STDIV" equivalent to 0.65p/share. So, one would suspect the cash equivalent to 1.1p/share would show as a separate transaction

The RNS on 27 Sept also stated "GRID is pleased to announce a dividend of 1.75p per Ordinary Share for the period from 1 April 2022 to 30 June 2022. The dividend will be paid on 28 October 2022 to Shareholders on the register as at the close of business on 7 October 2022. Of this dividend declared of 1.75 pence per Ordinary Share, 0.65 pence is declared as dividend income with 1.1 pence treated as qualifying interest income."

In my HL account for 28 Oct it just has a single transaction called STDIV of 1.75p

So, having looked at it for myself, I don't know what they are playing at either.

Anyone else's divi with HL come through too low? Mine's come in at an equivalent of only 0.65p per share. I've raised a query with HL support.
Divi day today.
Record all time electricity prices prese. I hope GRID are making the best of arbitrage opportunities. Country needs WAY more energy storage than we have.
That's why.
The share price buzzing today, wonder why. Still waiting to hear the delayed Enderby and Coupar Angus sites have gone live, something promised "in the coming days" months ago now. The hugely impressive and mostly paid for pipeline is what we are here for, but having invested in earlier stage developments we need to know GRID can deliver.
How long you can deliver power for is an impossible question, its all about power curves, response times, the "friction" created by the rate at which cells are charged and discharged, the frequency and depth of cycles and the way that degrades performance etc.

The norm in Li-ion battery storage was initially half-hour and is now being extended from 1hr to 2hrs. As you say that goes a long way to balancing the capacity peaks in the UK daily cycle, along with a steadier underlying contribution from pumped hydro.

My guess is optimum duration is probably an economic question rather than a technical one.

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