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Gresham House Energy Storage sees recovery in portfolio revenue

11th Nov 2024 11:01

(Alliance News) - Gresham House Energy Storage Fund PLC on Monday said it expects full-year portfolio revenue to outperform the prior year as market conditions trend favourably.

The energy focused fund investing in utility-scale battery energy storage systems revealed expectations of surpassing 2023 operational portfolio revenue of GBP38.7 million as it identified ongoing growth drivers in the market.

Despite recording a weaker on-year performance in the first six months of 2024, when portfolio revenue fell 13% to GBP17.9 million from GBP20.5 million, Gresham reported strong growth in the second half to date of GBP15.9 million, indicating to the firm that it will surpass last year's figure.

This takes portfolio revenue for the first 10 months of 2024 to GBP33.8 million.

The firm highlighted growth drivers of an improving regulatory backdrop, improving market fundamentals and further growth in capacity in explaining its expectation.

Gresham noted that it has seen an improving trend since the first-quarter of this year as revenue per megawatt rates recover and portfolio capacity grows.

Shares were up 2.23% at 48.66 pence on Monday morning in London.

Gresham House Energy Fund Manager Ben Guest said: "We are pleased to see revenue in Great Britain improving as the natural volatility of renewable generation rises, creating more opportunities for our assets in wholesale markets.

"On top of this, we are seeing the benefit of our ongoing capacity rollout and duration increases come through as we begin to capitalise on the market's recovery."

"We also welcome the positive regulatory steps being taken as part of the government's focus on decarbonising the electricity system by 2030. This is moving the focus to immediately deployable technologies and hence onto the benefits BESS can offer the whole system today."

By Christopher Ward, Alliance News reporter

Comments and questions to [email protected]

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