Gresham House Energy Storage Fund - London-based Investment fund with a portfolio of utility-scale battery energy storage systems - Says that Tuesday's T-1 capacity markets auction cleared "slightly higher than expected" at a price of GBP35.79 per kilowatt. Gresham says it has secured additional 1-year contracts across 13 of its projects, with a total derated capacity of 90.491 megawatts. These additional contracts will bring in GBP3.2 million in additional revenue from October 2024 to September 2025, Gresham says. The NAV benefit from these contracts will be recognised at the company's next valuation date of March 31.
Ben Guest, fund manager at Gresham, says: "We're pleased with these results from the latest annual capacity market auction, as well as their expected positive contribution to our NAV from 31 March 2024.
"These revenues include both contracted income such as the capacity market auction results we're announcing today, as well as merchant, or trading, revenues."
Current stock price: 63.80 pence per share, down 0.2% in London on Friday morning
12-month change: down 61%
By Hugh Cameron, Alliance News reporter
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Gresham House (GRID)