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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 551 to 573 of 1000 messages
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I quite regularly pass the Enderby BESS, and the other week I noticed a crane off loading multiple new containers onto the site. It looks to me like they are starting the upgrade to 2hours. I imagine they still need to put in the batteries, but it's a start. From the pictures off the developers webpage, you can clearly see they have already prepared the site for more batteries.
How pathetic. The self-styled adventurous investor and NED here David Stevenson, who tipped GRID as a buy at 130p in the Summer, finally gets his chequebook out for a couple of tiny adds. At 82p and 103p. The man is a mouse, and a cowrin tim'rous one at that.

Maybe 80p was a bargain. I will wait to see how deep the inevitable NAV correction proves to be when they summon the guts to reset, and whether they have done anything to deliver delayed projects or extend durations or improve cashflow with new ESO arrangements.

What is the likely impact on revenues and roll outs?
Nice update today about BESS utilisation by ESO.
One necessary condition for all these hard asset trusts to move meaningfully higher, as well as small-caps, is interest rates tapering off. Enough people will look at >5% risk free from savings accounts and think that is 'good enough' for them and park their capital there.

Rates are slowly coming down, and the withdrawal of the 6.1% NS&I thing recently is a sign of that. On the other side of the borrowing/lending equation, mortgage rates are coming down too - a 5 yr rate which i've been looking at as a benchmark to monitor for consistency is down 40bps in the last couple months. It's a start, but needs to move further.

I know some people will argue to the contrary but a lot of the forces which have caused low inflation and low interest rates historically are still present - more people in retirement, piles of savings in teh far east, technology being deflationary...and you can add to that the fact that people will naturally be more cautious and run with higher savings rates after the recent experience.

As a result of these factors, we'll be back in low growth / inflation / interest rate world at some point before too long - my guess is late 2024 or into 2025. But we need to move further along the path to that point to get these going again.

Price reverting to reality.

Too much battery storage in UK equals low opportunity and they are all competing with other and driving prices down further. Prices on the floor but market worried they go even lower yet.

Too much gearing and yet no recognition of this yet from the Board or fund manager.

Cripes. What's happening?
WTF. Down nearly another 5% today? Oh dear.
Fighting talk from GSF, a statement in support of its own sp, a favourable response up 3-4p but still a 40% discount which is where GRID has slumped to. Cherrypicking some operational highlights such as a good event in the Texas ERCOT market.

No attempt to reset NAV in light of what it admits were previously over-optimistic revenue forecasts in the GB market.

Claiming the crown of the best covered dividend in the sector but not actually saying what the cover was. Not hard to beat GRIDs 60-70% cover.

Saying it is well capitalised blah blah. Talked the manager in to buying some shares in a show of support.

Actually spearing GRID with the remark that its portfolio diversification in Germany, Ireland and the USA is helping to offset the poor GB performance.

Otherwise scant on detail, I would wait for some hard numbers and the inevitable NAV reset before getting enthusisatic about either GRID or GSF again.

The reasons why the share price has halved in a year are pretty well exposed and have been discussed here at length. Some due to problems with management strategy and execution, some macro and sectoral rather than specific to GRID or GSF, some down to the way things go. Hardly grounds for legal action. By all means write to them with your complaints and difficult questions if it makes you feel better, or present your concerns in person at the next meeting. It won't get your money back if you bought high and have lost a packet.

I addressed the board when things started to look more difficult, they weren't interested then and despite some tactical revisions they retain an unshakeable belief in their expertise and the wisdom of their broad strategy. So I divested. The share price is looking daft but I'm still not ready to reinvest.

@nickelmer the problem here is these were nothing special assets but NG ESO pushing the use of batteries for frequency response, to reduce the impact of lack of inherent system inertia from big turbines, by high fixed rates initially got the market into its first hype then Ukraine impact sent leccy prices miles higher than they would have ever been. The money men thought they had won the lottery and got carried away and imv disregarded the risks there supposed to clever at managing 1. Leccy prices would return to norms and that 2. a stash of developers have built out batteries so what did they think was going to happen to the frequency response mkt.

Good luck with your quest


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

Good to see a director share purchase. Only ~£10,000 but showing some confidence.
Here we are back under 100p the IPO price from Nov 2018.

Reasons for the share price crash must include the suspicion that there should have been further NAV correction at half way and/or there is further correction to come. The paper discount pushing through 30% is pricing it in.

GRID can't keep slipping project deadlines, observing an outlook for lower revenues, moaning that the customer ESO is not on-boarding battery services how GRID would like, supplementing income with cash to pay the dividend, drawing credit in the face of rising interest rates.

NAV adjustment something presumably GRID are reluctant to do, it would erode management fees and might sour Searchlight's bid interest in Gresham House. A bit like they were reluctant to tell us about the project problems and the tumbling revenue, and don't like to use hard operational and income metrics preferring to keep it all about assets and pipeline.

So doubts whether we can trust them. I have watched Ben Guest's investor presentation, reedy voice, under pressure or bluffing. He wants us to believe that we can expect a return to the wholesale price volatility caused by the Ukraine war on gas markets, blames ESO for failing to make proper use of batteries, and suggests they are working on "exciting" ways to sell services to other customers but no detail. All a bit thin and too late. And then refers to tiering up capacity without having to issue more equity, but we know the programme is not in control so how and when is that going to save the day. At least a year.

Can't find a report on the q&a webinar, not sure who the key shareholders are who might have had tough questions. Blackrock, Schroders ... ? Given up trying to engage with Stevenson the NED private investor who tipped GRID as looking like a bargain when it hit 130p in July. No-one challenging on our behalf.

Sorry if I am harping on here, I wish I had something more positive to say. At some stage I will want to get back in here, not ready even at this price though.

Why would you bother? 7.35p uncovered dividend rising to covered in due course, then plan to ramp up borrowing to invest in more assets making it uncovered again.
Chairman Leg It stumps up a measly 5 grand and the stock drops like a stone. Even good stocks were pummelled this afternoon but GRID is just laughable.
Renewable energy stocks hit hard by higher interest rates
Sector falls 20% in two months, with some wind turbine shares weighed down by contracts struck at unfavourable prices

......However, Anaconda’s Saleur said he was no longer shorting solar companies and had bought in to some stocks in the sector. “We believe the large part of the value destruction is over,” he said.

Explains the fall. Sector based

So they say not needing an equity raise to complete build out but given they want to expand many exiting site to two hour duration (which is sensible but too late again) they will have to draw down more of the debt to build them although my read is they are using kit destined for new sites so maybe not too much draw but increased finance costs for sure. The whinge about the BM is relevant although how much more they will benefit from that depends on pricing and the thing here is a lot of battery capacity is coming into the mkt so pricing will be competitive like we've seen in the ancillary services but should provide a boost to income albeit means cycling the batteries a lot more frequently.

In propcos at least the valuation is externally done here this effectively done by the mgr and clearly the mkt doesn't believe it given how much share price has been smashed down in last month when IRs haven't moved either. As ive said before GRID chose not disclose any operational data on its assets unlike UKW who are very transparent. Then you have all the subsidiaries not being consolidated and yes you can look at companies house but accounts are min 9mths stale and often a lot worse so its meaningless.

Still have more faith in HEIT but not invested there either but maybe an entry point given gas prices have crept up a fair bit recently.

Yes, happy to be on the outside looking in until things resolve.

Collapsing revenue stream, complaining that ESO are cutting them out, well maybe ESO doesn't need the way batteries are being offered so much, get with it GRID.

They say the dividend will not be covered until 2023 deployments are complete, latest estimate is sometime H1 2024 but don't bank on it. Not much chance of further dividend increases then.

They say happy with funding of committed programme without needing another issue, but we know the last raise fell short of what the US venture requires, so it will have to be expensive debt then. Already eating in to the available credit facility.

Restating the low risk wisdom of extending the duration of existing sites to 2hrs, solves the problem of grid connection delays at new developments. A bit late. While still pursuing early stage new developments including in new markets.

I'm sure I've missed other bad snippets, but that is depressing enough.

The devastating collapse here in the last six months, as problems with strategy and execution slowly reveal themselves, worth a bit of contrition if not heads rolling. I imagine the investor Q&A this morning had a bit of atmosphere to it. But the chairman applauds the track record of the manager, and there is a whole page in the Interim Report about how the manager is adding value and enhancing revenue.

Oh, and the management fee/admin was £4.85M for all that dreadful investor value destruction. A 37% increase!!!

Worse still to come.

Happy to be watching GRID from the sidelines...

Half-year results to 30 June 2023 -

Wow, closed down at 108p. Is this now so cheap it is worth getting back in?

A 25% discount to NAV (but which may be falling) and 6.7% yield on offer. Well some good renewable energy ITs are trading at a 15% discount so is 25% off a bad one about right? Similarly beleaguered rival GSF on a 29% discount is yielding 9%, so if GRID is possibly worth betting on again then GSF certainly is.

But I'm not warming to either, watching from the sidelines for good news, or the end to bad news, and for signs that they are behaving more like lower risk income managers and less like fee-driven higher risk asset developers.

Hi Adam,

Our opinions of the economic situation are pretty close. I'm in agreement that there may or may not be one more rate rise in September and if does happen it's very likely to be the last one. I'm also in agreement that base rates will start to fall at some time. This is a bit hard to predict as I see it as difficult for the BOE to reduce rates whilst inflation is above 2-3% but I'd say sometime next year.

Let's call it June for the sake of discussion. There are two things though. I see the era of low term rates is now gone. That's a failed economic experiment. So, maybe they will drop to 4% and that fits with say 10 year gilts when are sitting at around 4.5%

If rates fall to 4% is that going to make any significant impact on the asset value based upon some DCF cash flow model. Well yes a little. But not that much. It helps. But in the other direction we have lower inflation in the DCF models but more importantly for me is QT.

By June next year that's another $900bn of QT done roughly in the US and IIRC correctly perhaps another £60b in the UK. That's a constant drag on asset prices.

Sure, I see the possiblitiy of some relief rally based on interest rates falling but I don't think it will be that great and could be from a lower low than where we are now.

Just my thoughts. As you say it takes two to make a market and that's the beauty of it.


I take the opposite view. I think inflation will continue to come down sharply from here and be around 4% by year end. That will mean that we're probably at peak interest rates - max there would be 1 more rate rise in Sept and therefore that market expectations of peak rates at 5.7% needs to come down further. Falling rates will therefore support the price of this sort of thing, as well as small caps, commodities etc. I plan to be 100% invested before long.

Guess our different opinions is what makes a market!!!


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