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  6. Gresham House Energy Storage Fund Plc (GRID)

  7. Gresham House Energy Storage Fund Plc (GRID) Share Price

GRID

Gresham House Energy Storage Fund Plc

155.00
0.00 (0.0%)
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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 Shares Traded Last Trade
Upgrade Icon
  0.00 0.0% 155.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
154.60 155.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trust,ex Ed,religious,charty 225.44 217.14 - 0.27 59.32
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 155.00 GBX
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Gresham House Energy Sto... (GRID) Latest News (1)

Gresham House Energy Sto... News

Date Time Source Headline
07/6/202307:00UKREGGresham House Energy Storage Fund Notice of GM
31/5/202315:45UKREGGresham House Energy Storage Fund Total Voting Rights
31/5/202309:24UKREGGresham House Energy Storage Fund Director/PDMR Shareholding
30/5/202317:41UKREGGresham House Energy Storage Fund Director/PDMR Shareholding
30/5/202317:40UKREGGresham House Energy Storage Fund Director/PDMR Shareholding
30/5/202317:39UKREGGresham House Energy Storage Fund Result of AGM
25/5/202310:33ALNCNewsIN BRIEF: Gresham House Energy Storage raises funds for Project Iliad
25/5/202307:00UKREGGresham House Energy Storage Fund Result of Issue and Total Voting Rights
18/5/202311:33ALNCNewsIN BRIEF: Gresham House Energy Storage sets GBP80 million fundraise
18/5/202307:01UKREGGresham House Energy Storage Fund REX Retail Offer

Gresham House Energy Sto... (GRID) Discussions and Chat

Gresham House Energy Sto... Forums and Chat

Date Time Title Posts
25/5/202321:24GRESHAM HOUSE ENERGY STORAGE FUND PLC (GRID)458
12/7/202211:00GRID Takeover-
30/4/202123:07GRID scaling up1
27/1/200321:58GRIDIRON - The greatest game on earth!24

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Gresham House Energy Sto... (GRID) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-06 15:29:16155.406,66810,362.07AT
2023-06-06 15:24:44155.405,9209,199.68O
2023-06-06 15:16:39156.203,3255,193.72O
2023-06-06 14:56:09156.223,2004,999.04O
2023-06-06 14:53:35156.00261407.16AT

Gresham House Energy Sto... (GRID) Top Chat Posts

Top Posts
Posted at 19/5/2023 12:24 by marktime1231
That was a really good summary of broker perspective. Some on the sell side saying this will be an attractive diversification and lowers the risk of long term income. Combining solar with longer duration battery storage an obviously good strategy. Others sharing my disappointment asking where the rest of the money will come from to implement the shrinking and delayed portfolio pipeline. You have to agree with the conclusion that expenditure has run too far ahead of income, mostly because of the extra time it is taking new projects to complete. Should fund raising and portfolio expansion pause to allow income to come through?

Yes if you are income investor, let projects catch up to put some shine back on the yield.

No if you are a portfolio manager getting paid according to AUM and doing deals.

What if you are a NAV growth trader or share price speculator, where do you think things will turn in the short term? What would the effect be of having to borrow to fill the funding gap, not just on income but on perceived value? If and when delayed projects go live will NAV momentum be restored?

Well unusually it is a week-long placing so you would think that for the time being the share price will be held at the offer price of 155.5p. But no, there are open market buyers at 156-156.5p. Go figure! Maybe there is more appetite for GRID than I expected, with punters expecting the share price to return to a premium shortly.
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Posted at 18/5/2023 16:12 by speedsgh
GRID tests fragile market with £80m fund raise for US expansion - HTTPS://citywire.com/investment-trust-insider/news/grid-tests-fragile-market-with-80m-fund-raise-for-us-expansion/a2417189

... Analysts mostly welcomed the fund raise, saying Iliad offered good diversification and was in line with a broadening of the remit last year.

However, there is a risk of ‘cash drag’ should GRID decide not to proceed with the project after doing due diligence and have nowhere to invest the money.

Winterflood’s Emma Bird said: ‘We believe the fund’s diversification into the US is a positive development and enhances the fund’s appeal.’

Numis analysts Gavin Trodd and Colette Ord said: ‘Management had flagged its intention to invest overseas and given GRID’s already notable market share of the UK battery market we can understand the logic. It will be interesting to see if investors are happy to support the new assets with additional equity.’

Stifel’s Sachin Saggar was concerned at the timing of the fund raise as wholesale revenues in the UK were falling. He suggested GRID should pause all developments in UK until rates of return improved. ‘Until there is better visibility on how GB assets achieve a sustainable revenue stream, we think requesting additional capital is fraught with risk,’ he said. ‘In our view, there is a better way.’

Christopher Brown of JPMorgan Cazenove said the issue was effectively capped at £84m by the trust’s annual 10% limit for new share capital. He said the £80m target left a £55m funding gap that could be filled by the project taking on debt, which given the long-term contracted cash flows might be easier to do than in the UK...
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Posted at 12/5/2023 08:31 by mammyoko
Any reason for this to trade on a premium now they have admitted

The market backdrop for energy storage in GB has reached a watershed moment. As long-expected, frequency response services have now commoditised, and prices have reached low levels.

Now they say they are going to focus on trading - hence much more volatility in earnings

GRID will focus more meaningfully on trading as well as earning a lower proportion of revenues from Frequency Response and continuing to earn contracted Capacity Market revenues.

Plus, they continue to miss promised targets for commissioning

High energy prices have pushed down demand. GRID are assuming that demand will rebound now that energy prices have dropped. But has some demand been permanently taken out?

High gas prices in 2022 have led to much higher electricity prices for consumers driving electricity demand down and it is this, in our view, that has driven lower volatility in electricity prices in recent months.

I did hold and sold out this morning. I still think that GRID will do well over the medium term but I see it trading below NAV in the short term until it is clear whether they can make up for lower revenue from frequency response by increasing revenue from trading and whether volatility returns. I would also like to see some improvement to delays in commissioning.
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Posted at 06/4/2023 13:07 by marktime1231
Redefining "excellent"?

More like terrible. Still only 590MW in operation, versus the 1197MW planned according to the report last year. Less than half a job. Rapidly drawing down debt eg at £50-60M per quarter, available funds must be getting low. More debt or dilution anyone? (Compare this to UKW for example, acquiring new assets from surplus cash flow while indexing the dividend with inflation). How can you / they be "pleased"? The named two projects, already miles late, are suffering further commissioning delays, something they couldn't see or didn't want to report in an update just four weeks ago. What does "close" mean, last time they said "imminent" it was several months not weeks away. So how can you believe anything they say about future expectations? Surely a significant chance GRID won't deliver the revised plan of 1GW operational by year end.

GRID has missed out on the bubble in energy prices, a massive opportunity squandered. And now prices are subsiding. Being intensively focused on developing early stage projects to drive up NAV has backfired versus paying the price to acquire operational capacity and maximise the income opportunity. GRID are not being frank, they are not delivering. The first dividend increase for three years, and even that is -5% on inflation! I suspect there is not much net NAV improvement to look forward to either, less than the premium in the share price anyway.

As I have said before it doesn't matter why projects are late, nor who is to blame, the damage to income has been done and is being done. The share price does not reflect the execution risk, the premium is unfounded.
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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 ...

hTTps://www.bessanalytics.com/

... 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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Posted at 15/9/2022 12:38 by marktime1231
GHE are

the excellent asset management parent company responsible for GRID's success

or

the guys raking in fees for not having to do much while GRID appreciates in value. OK maybe that's not fair, they ran a £150M fundraise at 145p in late May and the share price today is nuzzling 180p

and

presumably so thrilled with their own performance they have forgotten we are overdue a dividend and will soon be due a NAV / trading report here.

Notwithstanding those gripes, it was interesting to read in GHE's outlook that they are expecting further incremental progress in GRIDs asset value due to commissioning anticipated in H2. But none in H1. "There are a number of projects which are expected to become operational in H2 2022 and we shall update shareholders as this takes place". My foggy brain can't remember which projects are due to go live imminently.

GHE also heralds GRID international expansion. And says it is developing an exclusive renewable + battery storage portfolio using own funds so presumably small ventures on behalf of a new insitutional client ... eh? No longer feeding GRIDs pipeline then, or also working on major opportunities for GRID?

It would be nice to hear something direct and a bit more specific from GRID in these regards.
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Posted at 14/9/2022 12:17 by marktime1231
Tempus explaining that it is an awareness of the UK's lack of energy security and GRID's part in helping to solve the peak-demand problem which has spurred the share price onwards and upwards. GRID now trading at a 20%+ premium to the forecast 30 June 2022 NAV of 145p per share.

Still a forecast because GRID has failed to update the market or explain why it is silent despite saying to expect a dividend announcement in August, curiously long overdue. GRID could be waiting to see the detail of how the new government intends to put a lid on extreme energy prices to include the emergency half-hour-ahead services where GRID makes super profit.

Frustrating but hard to get too worked up about it while the share price is still gaining, despite or because of the lack of news.

I wonder if we might now get an exciting combined update later in September, no doubt to include a NAV beat, super trading report and who knows even the long awaited progress in dividend, or maybe news of the next expansion phase and funding round.

In theory we ought to be trimming our holdings because the price looks so expensive and the income has not kept up, and yet the feeling is that there is more good news to come and the conviction that this is the place to be and remain invested right now.
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Posted at 05/8/2022 12:50 by nickrl
llef that site can deliver 20GWh GRID can barely muster 0.5GWh currently so at c 750k/MW that will need best part of 14.5B investment to match it so nearly 7 times the capital cost. Of course key advantage is it could be built out in a couple of years as long as materials for batteries are available. As Frederick says we really need to invest in Coire Glas on the same basis we just built Dinorwic 40 years ago for national strategic interest.

GRID share price going too well imv GSF/HEIT are both lagging behind by a widening margin. The main difference is they don't have so much capacity GSF or have none online yet HEIT but when the latter does this will inject more competition in the daily auctions and probably drive down the DC price. So whilst GRID are capitalising at the moment my view is this can't be taken as long term level on which to judge income to cover dividend so an increase is a way off still.
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Posted at 04/8/2022 12:19 by marktime1231
GRID share price at 164p starting to look hot in anticipation of the imminent Q2 NAV report etc. Based on a firm declaration we can be pretty sure the dividend is being held at 7p this year so a 1.75p quartlery to look forward to, and we have already been guided to a NAV uplift to around 145p.

A 13% premium cannot be ignored, will they want to tap the market again, surely not so soon?

In which case a NAV beat and signal that it is due further strong advances in the months ahead? Or a teaser of handsome dividend progression next year?
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Posted at 08/4/2022 10:28 by speedsgh
Battery fund GRID shoots lights out raising guidance after 20% return in 2021 - HTTPS://citywire.com/investment-trust-insider/news/battery-fund-grid-shoots-lights-out-raising-guidance-after-20-return-in-2021/a2384593

Gresham House Energy Storage (GRID) set out its stall as one of the leading growth opportunities in the renewables sector today with annual results showing increasing momentum from the UK’s largest battery operator.

Net asset value (NAV) of the £490m portfolio, which is backed by many wealth and fund managers, rose 10.2% to 116.86p last year as more of its 24 projects became operational and were revalued at a higher level.

Including quarterly dividends, the investment trust delivered a 20.3% total investment return, extending to 51.5% of the total return shareholders have received since launch over three years ago.

Shares in the closed-end fund managed by Gresham House’s Ben Guest jumped nearly 6% to 148p today as the company raised previous guidance for further growth this year and aimed to take advantage of an acceleration in the rollout of clean energy as the UK and Europe look to cut reliance on Russian oil and gas following the war in Ukraine.

As GRID’s business model shifts towards trading energy – and exploiting volatile power prices – rather than simply being a backup supplier, it anticipates NAV per share will rise to at least 124p on 31 March and to 140-145p by the end of June.

‘This would equate to a 6.1% uplift in the first quarter and a 20-24% increase in the first half,’ said Numis analyst Andrew Rees. This follows a 6% NAV gain in the fourth quarter of 2021, Jefferies, GRID’s broker, said.

Investors were also impressed with a surge in earnings to £36.25m from £14m in 2020. This strengthened cover for GRID’s 7p per share in dividends to 1.3 times, a big improvement on the previous year when the payout was uncovered.

The company is again targeting to pay 7p this year putting the trust on a 4.7% forward yield.

Morningstar data on the Association of Companies website puts GRID shares on a big 25% premium at last night’s share price of 140p. But, as Jefferies analyst Matthew Hose pointed out, this falls to 13% against the 124p 31 March NAV the company has published today.

Although GRID has £114.3m in cash after paying its fourth dividend for 2021 and a £180m debt facility to use, analysts expect it to raise more money from shareholders, having drawn in £100m in an oversubscribed share issue last summer.

‘The company says the remaining cash on the balance sheet of £120m is committed to new investments, and it anticipates using the £180m debt facility. Therefore, we expect an equity issue in the near term and some investors may wish to use this as a way to access the fund,’ said Stifel analyst Anthony Stern, referring to the practice of investment companies to issue new shares at slightly below their market price.

Chair John Leggate said the board was closely following the global response to Russia’s invasion of Ukraine and the impact on the energy market. ‘For the moment, the indications are pointing towards a much faster rollout of renewable energy globally with an associated increasing demand for energy storage projects,’ he said, pointing to the potential easing of planning restrictions for renewables projects in the UK.

Guest added: ‘2021 has been another year of growth focused on value creation. We have eight projects in construction and further projects set to enter construction. This will deploy all existing equity funds as well as the existing debt facility, improving the company’s structure while increasing portfolio cashflow significantly.’

As part of its growth plans, GRID will shortly seek shareholder approval to invest up to 10% in ‘shovel-ready’ construction projects and to expand internationally. Currently, the company can invest up to 10% in Ireland but wants to replace this with a new policy of allocating up to 30% in major OECD markets. This could include some investment in solar generation.
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