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(Alliance News) - Gresham House Energy Storage Fund PLC on Tuesday said its net asset value fell in the first half of 2020.
The investment company reported NAV per share as at June 30 of 98.16 pence per share, down by 2.6p due to downward revisions to forward curves in the wake of the Covid-19 pandemic and partially uncovered dividend due to cash weighting.
Total dividend declared for the half-year was 3.5p, up from 2.5p paid for the first half of 2019.
Going forward, the fund said Covid-19 impact on its operations remains low, despite slowdown in connections by distribution network operators.
"We are meeting the UK's challenge to rapidly expand storage capacity over the next few years. Our first wave of operational projects is now delivering revenues and system flexibility, and we remain on track to double our capacity by the end of 2020," said Chair John Leggate.
"While the national infrastructure and the country's power system both remained resilient, the lockdown period reduced energy demand and pushed a higher proportion of renewable energy onto the power grid. This unexpected step-up in the mix placed demands on system stability which the industry only expected to be experienced in a few years' time," added Leggate.
Gresham House Energy Storage Fund shares closed flat in London on Tuesday at 114.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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