Gresham House Energy Storage Fund PLC provides a trading and regulatory update, highlighting an expected rise in full-year portfolio revenues for 2024 compared to 2023. The company, the UKs largest fund investing in utility-scale battery energy storage systems (BESS), attributes this improvement to increasing portfolio capacity and revenue per MW rates. As of November 2024, portfolio revenues for the first 10 months of the year were £33.8 million, and the company anticipates outperforming 2023s full-year portfolio revenues of £38.7 million.
The update also mentions several positive regulatory developments that are believed to enhance the outlook for GB BESS. These include NESOs commitment to improving dispatch rates in the Balancing Mechanism and the inclusion of lithium-ion batteries in the Cap and Floor arrangement for long-duration energy storage. The companys fund manager, Ben Guest, expresses optimism about the improving revenues and the regulatory focus on decarbonizing the electricity system by 2030.
Additionally, the trading statement mentions a Capital Markets Day Update, where Fund Manager Ben Guest will outline the companys three-year plan, including capacity, revenue, and EBITDA targets. The company remains committed to providing investors with attractive and sustainable dividends while targeting net asset value total returns.