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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
|
|
|---|---|---|---|---|---|
| -0.60 | -0.56% | 107.40 | 194,234 | 16:35:07 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 107.60 | 110.60 | 110.60 | 110.60 | 110.60 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 225.44M | 217.14M | 5.6732 | 0.19 | 42.33M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 17:03:06 | O | 2,202 | 107.389 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 22/11/2023 | 07:00 | UKREG | Gresham House Energy Storage Fund Quarterly NAV and Factsheet publication |
| 21/11/2023 | 11:02 | ALNC |  IN BRIEF: Gresham House Energy Storage energises West Didsbury project |
| 21/11/2023 | 07:00 | UKREG | Gresham House Energy Storage Fund West Didsbury Project Energisation |
| 17/11/2023 | 12:00 | UKREG | Gresham House Energy Storage Fund Correction: Declaration of Dividend |
| 17/11/2023 | 07:00 | UKREG | Gresham House Energy Storage Fund Declaration of Dividend |
| 25/10/2023 | 13:43 | UKREG | Gresham House Energy Storage Fund Director/PDMR Shareholding |
| 18/10/2023 | 16:13 | UKREG | Gresham House Energy Storage Fund Director/PDMR Shareholding |
| 18/10/2023 | 12:20 | UKREG | Gresham House Energy Storage Fund Update post National Grid ESO event |
| 13/10/2023 | 11:48 | UKREG | Gresham House Energy Storage Fund Director/PDMR Shareholding |
| 06/10/2023 | 14:58 | UKREG | Gresham House Energy Storage Fund Director Shareholding |
Gresham House Energy Sto... (GRID) Share Charts1 Year Gresham House Energy Sto... Chart |
|
1 Month Gresham House Energy Sto... Chart |
Intraday Gresham House Energy Sto... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 22/11/2023 | 18:57 | GRESHAM HOUSE ENERGY STORAGE FUND PLC (GRID) | 544 |
| 12/7/2022 | 10:00 | GRID Takeover | - |
| 30/4/2021 | 22:07 | GRID scaling up | 1 |
| 27/1/2003 | 21:58 | GRIDIRON - The greatest game on earth! | 24 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2023-12-05 17:03:07 | 107.39 | 2,202 | 2,364.71 | O |
| 2023-12-05 16:35:07 | 107.40 | 2,202 | 2,364.95 | UT |
| 2023-12-05 16:17:20 | 108.72 | 904 | 982.79 | O |
| 2023-12-05 16:00:50 | 108.93 | 9 | 9.80 | O |
| 2023-12-05 15:21:15 | 108.71 | 915 | 994.74 | O |
| Top Posts |
|---|
Posted at 05/12/2023 08:20 by Gresham House Energy Sto... Daily Update 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 108p.Gresham House Energy Sto... currently has 38,273,996 shares in issue. The market capitalisation of Gresham House Energy Sto... is £42,331,040. Gresham House Energy Sto... has a price to earnings ratio (PE ratio) of 0.19. This morning GRID shares opened at 110.60p |
Posted at 17/11/2023 14:07 by marktime1231 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. |
Posted at 12/10/2023 12:34 by marktime1231 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. |
Posted at 10/10/2023 21:18 by marktime1231 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. |
Posted at 03/10/2023 13:58 by marktime1231 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. |
Posted at 04/7/2023 08:01 by davebowler Liberum-Negative power prices returned on Sunday Analyst: Joseph Pepper Event Last Sunday (2nd July), the GB half hourly day-ahead power price was negative for c.15 hours, one of the longest periods of negative power prices in the history of the GB electricity market. This was a result of high generation due to strong solar irradiation and wind speeds across Europe combined with low power demand that is typical of a Sunday (especially following energy-saving initiatives since the Ukraine war). Liberum view Short-term negative power prices are not a new phenomenon in power markets and are an increasingly common event as the renewable build-out continues but the period of time that power prices remained negative on Sunday was exceptional. The event is also unusual in a year which has had lower than anticipated volatility due to an overall reduction in electricity demand across Europe, although we do note that monthly price spreads have in general been increasing in recent years as the GB grid becomes increasingly intermittent. Negative power price events provide lucrative trading opportunities for BESS assets (GRID, GSF, HEIT) which can be paid to charge before being paid again to discharge power once markets return to positive pricing. While clearly less positive for merchant generators we note that prices did revert to c.£70-80/MWh which is the YTD average and comfortably above pre-Covid levels. Furthermore, renewable generators with CfDs continue to be paid the CfD strike price for up to 6 consecutive hours of negative power pricing and still receive REGOs and as such can operate profitability in the short-term despite negative power prices. Negative power price events are inefficient for National Grid ESO which has to incur balancing costs to manage excess supply and demand in the grid. Such balancing costs totalled £20m on Sunday, roughly 15x the average c.£1.3m daily cost paid between 2017-2020. Spiralling balancing costs are a focus of increased regulatory and government scrutiny. However, negative power prices are not exclusively a GB market issue and indeed we note similar weather patterns in Europe on Sunday resulted in record-breaking negative prices reaching c.-500EUR/MWh in some European markets. Private Equity |
Posted at 19/5/2023 11:24 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. |
Posted at 06/4/2023 12:07 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. |
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 ... ... 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? |
Posted at 05/8/2022 11:50 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. |
Posted at 04/8/2022 11:19 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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