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GRID Gresham House Energy Storage Fund Plc

0.20 (0.29%)
21 Jun 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
  0.20 0.29% 68.40 67.60 68.40 68.20 67.60 68.20 437,136 16:35:24
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -100.1M -110.11M -0.1929 -3.50 385.79M
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 68.20p. Over the last year, Gresham House Energy Sto... shares have traded in a share price range of 36.90p to 148.00p.

Gresham House Energy Sto... currently has 570,701,073 shares in issue. The market capitalisation of Gresham House Energy Sto... is £385.79 million. Gresham House Energy Sto... has a price to earnings ratio (PE ratio) of -3.50.

Gresham House Energy Sto... Share Discussion Threads

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But only a month ago GRID said - "We have seen an increase in actions in the Balancing Mechanism (BM) for BESS assets. It is too early to point to the specific revenue impact, but the initial indications are positive and, based on provisional data, are expected to lead to increased revenue opportunities for our assets." I can't see any reason for the very poor recent share price performance.
GSF similarly down this year. Perhaps Mr Market knows something we mortals don't? Perhaps National Grid's new system not paying out well for battery storage??
income investor
I can't see any reason for the very poor recent share price performance here? Cheap as chips?
Lots of 10k and 2k trades been going through the last couple of weeks, seller shorter only time will tell but until they stop this goes down further ,imho
Saudi yesterday announced they are dropping their prices for Feb delivery. I wasn't paying particular attention but spot gas prices down about 8% at mid-afternoon yesterday and oil perhaps around 5%.

Basically perception long term electricity prices will fall I guess.

GRID for whatever reasons seems to have a particularly high beta. I don't own.

Wondering the same myself. Can't see any reason for the ~5% drop yesterday?
anyone know why the big fall today?
Do you think searchlight might list this on on the Nasca index
"National Grid needs to find ways to integrate growing supplies of intermittent electricity with demand. To achieve the goal of having a carbon-free electricity network by 2035, storage is needed to take renewable power when it’s abundant and discharge it when it is scarce. Up to now, the UK has been underusing available battery capacity and relying on gas assets to fine tune supplies.

“As of today, they will literally let the system cobble together the most competitive assets and they will almost always be batteries,” said Ben Guest, managing director at Gresham House, an alternative asset manager with an energy storage fund. “We’re going to see a dramatic change in how the grid is balanced as of today.”

Good news for renewables in the budget.

New projects will be exempt from Electricity generator Levy from today..


("GRID", "the Fund" or the "Company")

West Didsbury Project Energisation

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest fund dedicated to investing in utility-scale battery energy storage systems (BESS), is pleased to announce that its West Didsbury project (50MW/50MWh) has been successfully energised taking the portfolio's operational capacity to 690MW. It is expected to be revenue generating in December.

West Didsbury is planned to undergo a duration extension to two hours in early 2024 which will take the capacity of the site to 50MW/100MWh, increasing its earnings potential.

The project was developed and built by Statera Energy Limited, and trading will be optimised by Arenko Cleantech Limited.

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc and Managing Director of Gresham House New Energy, said:

"With three projects totalling 140MW energised so far in 2023, we are making good progress towards fully commissioning our 2023 pipeline and reaching our target of 1GW of operational projects by H1 2024 and 1.1GW/1.7GWh by the end of 2024, excluding any potential disposals.

"With each new MW and MWh of capacity added, we drive down the threshold of cashflow per MW and per MWh required to cover our dividend. We look forward to announcing new project energisations, which will drive further operational scale, in the coming months."


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.

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.

Picked some up at the opening this morning. Already showing a 5.5% gain after costs.
@nickrl My worry with HEIT is its smaller market cap and only GB Assets. I have some shares in all 3 BESS trusts, currently most in HEIT, but have been considering changing that by moving more into GSF or GRID. Leaning towards GRID at the mo, as they have been better at growing NAV. Q3 Nav updates should be out soon, so prob sit on my hands a bit longer.
Certainly tells a good story on the podcast. Although if you listen to previous20, there are many seemingly compelling Investment trusts I'm wide discounts to NAV and generous dividend yields. Some have initially risen following podcast, only to fall heavily during the next few weeks/months. Eg AUGM closed at 107.5p on 7th July, rose to 110p, Following money makers podcast afew days later. Subsequently drifted down over 25% to 82p now, on a 49% discount to nav.
38% discount to Nav11% discount rateYield >8%Something truly disastrous is needing to happen to the business for this price level to be justifiedIn terms of income stream, a drop in rates will decrease the discount rate, increase NAV and make the income stream more attractive versus risk free so......the share price should rise.The moral here is that current holders are at the bottom and starting to recover new buyers will be starting in a great position
@jimjam listened to that and reinforces my view that they got taken in by the easy money from frequency response 18mths ago and didn't effectively get themselves prepared for what was coming once the BESS mkt got saturated. They have reacted now and actually have to give them credit that they have been easily been able to upgrade many existing sites with extra batteries very quickly (ie no planning or grid connections dramas) so will soon have plenty of 2hr duration assets. The new grid despatch mechanism comes on line in a few weeks which will generate more revenue for sure but batteries will be cycling more and like frequency response it could just end up pushing prices down as more BESS start competing.

Not in here currently but they've recovered a fair bit now so favour HEIT who have treaded water.

Podcast interview with Ben Guest @ 18 mins
Battery wholesale trading revenues reach highest level since 2022 in October
longer term this is good news for battery storage...


How did GRID manage a fall in share price today? Disappointing.
@jimjam thats interesting info surprised GRID dont promote this more but they are only interested in the numbers. If all the others can be easily extended like thats certainly a positive.
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.

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