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Gresham House Energy Storage Fund - GRID.

Green investment room for those with a green conscience or following environmental, social and governance (ESG) principles
BullDog
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Re: Gresham House Energy Storage Fund - GRID.

#506098

Postby BullDog » June 9th, 2022, 4:14 pm

BullDog wrote:Very satisfying to see GRID having a decent week. I heard (but haven't seen for myself) that Blackrock are taking an interest in the trust. Big guns 8-)

Blackrock has taken a 5% stake in GRID. Glad I got there first! :lol:

RNS - https://www.lse.co.uk/rns/GRID/holdings ... ymlhx.html

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Re: Gresham House Energy Storage Fund - GRID.

#529739

Postby BullDog » September 14th, 2022, 9:22 am

And Tempus rates GRID a buy this morning. I'm not so sure at the large premium to NAV. Happy to have bought at 103p though 8-)

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Re: Gresham House Energy Storage Fund - GRID.

#533200

Postby richfool » September 29th, 2022, 6:48 am

GRID battles rate fears and hints at special dividend after powering through first half
28 September 2022
The £844m battery fund – the renewables sector’s best performer this year – reports an ‘exceptional’ half-year result just as its shares are caught in the post-Budget selloff.
Gresham House Energy Storage (GRID ), the £844m battery fund that is the renewables sector’s best performer this year, has reported an ‘exceptional’ half-year result just as its shares are caught up in the post-Budget selloff of stocks exposed to rising interest rates.

GRID, which impressed investors in April when it reported a 20% return for last year, has benefited more than most renewables funds from the surge in power prices by providing a valuable balancing service when the grid faces outages of wind and solar power.

The company, which runs a portfolio of 28 battery storage projects in the UK, had already guided investors to expect a profitable first half. Yesterday it duly reported a 27.2% total investment return, including dividends, with net asset value (NAV) jumping 28.25p to 145.11p, just above the top of its forecast range

https://www.theaic.co.uk/aic/news/cityw ... ng-through

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Re: Gresham House Energy Storage Fund - GRID.

#540818

Postby BullDog » October 24th, 2022, 9:13 am

Article in today's Times business section highlighting GRID. Nothing really new in the article for those familiar with the business though. Article as usual is paywalled.

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Re: Gresham House Energy Storage Fund - GRID.

#541271

Postby BullDog » October 25th, 2022, 3:46 pm

BullDog wrote:Article in today's Times business section highlighting GRID. Nothing really new in the article for those familiar with the business though. Article as usual is paywalled.

And very nice to see a bounce back in GRID shares today. Nothing obvious in the news. GRID and peers have been under the cosh recently due to electricity price cap proposals. I wonder if our latest Prime Minister is against them?

eventide
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Re: Gresham House Energy Storage Fund - GRID.

#565242

Postby eventide » January 31st, 2023, 2:49 pm

Revisiting this thread after some recent weakness in GRID. It's possible that all the battery funds are being priced aggressively - or at least have their NAVs based on pretty rosy expectations for revenues which appear to have collapsed in the last month or so from the great levels of 2021 and 2022. Somehow linked to the gas price falling and less electricity price variability.


What runrate does a utility scale battery need to earn a 9% IRR over a useful life of 15 years?


Utility scale battery duration and wholesale revenue opportunity, or present lack of it

dundas666
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Re: Gresham House Energy Storage Fund - GRID.

#587897

Postby dundas666 » May 8th, 2023, 3:35 pm

Gresham House Energy Storage Fund (GRID) dividend for June has increased from 1.75p to 1.838p per share, an increase of slightly over 5% and putting the current yield at 4.35%.

The forward yield - assuming the other quarterly dividends are maintained at the same level - comes in at a smidge over 4.5%

As a holder of GRID I'm happy with that.

https://www.theaic.co.uk/companydata/gr ... gy-storage

BullDog
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Re: Gresham House Energy Storage Fund - GRID.

#590113

Postby BullDog » May 19th, 2023, 11:33 am

Equity raise to fund expansion in the USA announced. Offer available to existing shareholders. It doesn't look like a bargain at the 155.5p offer price though?

richfool
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Re: Gresham House Energy Storage Fund - GRID.

#617385

Postby richfool » September 27th, 2023, 9:37 am

27 September 2023

Gresham House Energy Storage Fund plc (GRID)

Half-year results to 30 June 2023


Targeting 2.5GWh by mid-2025: 300% capacity growth with no further equity capital[1]

Gresham House Energy Storage Fund plc, the UK's largest fund investing in utility-scale battery energy storage systems (BESS), announces its half-year results for the period ending 30 June 2023.

Performance highlights in H1 2023


· Net Asset Value (NAV) of £841.0mn (31 Dec 2022: £841.7mn, 30 June 2022: £785.4mn)

· NAV per share (pence): 146.66p (-5.7%) (31 Dec 2022: 155.51p, 30 June 2022: 145.11p)

o driven by lower third-party revenue forecasts resulting in lowest forecasts since IPO

· NAV Total Return: -3.5% in H1 2023: +90.0% since IPO in November 2018

· Share price total return of -8.3% vs FTSE All Share Index total return of +2.6% in H1 23

· Dividends of 3.675p per share paid in H1 2023 (30 June 2022: 3.5p)

o Committed to pay 7.35p per share for 2023 despite a drop in Operational Dividend Cover to 0.63x in H1 2023, following Operational Dividend Cover of 1.32x in 2021 and 1.28x in 2022.


o Run-rate dividend cover expected to be approximately 1x once the 2023 Pipeline projects are commissioned.

· Underlying Operational Portfolio Revenue fell 31.9% to £20.5mn (H1 22: £30.1mn) and EBITDA stood at £13.8mn (H1 22: £22.7mn) as long-expected saturation of ancillary services has not been replaced by the anticipated level of trading revenues.

· Recent weaker trading has been driven by:

o Low power price volatility; lower demand caused by higher energy bills and increased supply from rising renewable energy generation. Volatility is cyclical and is expected to normalise.

o Most significantly, current low utilisation of Batteries by National Grid ESO (ESO) in the Balancing Mechanism (BM). This is affecting the entire GB BESS industry.

· ESO is holding a key industry event on 16 October 2023 to discuss their initiatives to improve their control room's utilisation of Batteries in the BM. These include:

o Their previously announced new trading platform which ESO have publicly committed to launch on 15 December 2023;

o Parametric changes which will allow Batteries to input the actual capacity they have available to trade; currently Batteries cannot display more than 15 minutes' capacity at a time, and;

o Changes to make Batteries contractable, e.g., 4 hours, in advance. This is to address National Grid ESO's control room's concerns that Batteries are currently not contractable ahead of when they will be needed and so could, in theory, not be available when needed.

· GRID's projects are achieving operating uptime of greater than 95% and generating revenues at a competitive level compared with the rest of the sector, according to available market data[2].

· Weighted average discount rate of 10.9% (31 December 2022: 10.9%) for assets valued on a DCF basis. GRID only values projects on a DCF basis if they are fully funded and within nine months of commissioning.

https://www.investegate.co.uk/announcem ... 23/7779863

I hold GRID,

spasmodicus
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Re: Gresham House Energy Storage Fund - GRID.

#622686

Postby spasmodicus » October 24th, 2023, 10:53 am

BullDog wrote:Equity raise to fund expansion in the USA announced. Offer available to existing shareholders. It doesn't look like a bargain at the 155.5p offer price though?


I have had GRID on my watchlist for a couple of years now. Back in May at around 155p and prior to that the offer price of was close to the NAV, but subsequently the share price has fallen and at about 90p is now trading at a discount to NAV of around 37%. Backward yield at this level is around 7.8%, so on the face of it I am tempted to take the plunge. But I ask myself what ails the price?

Gresham House Energy Storage is an Investment Trust
To provide an attractive and sustainable dividend over the long term by investing in a diversified portfolio of utility scale operational energy storage systems, which utilise batteries and generators, located in Great Britain.

2 broker assements back in the Spring were overweight, with target 184p
chat on LSE website (for what it's worth) is broadly positive, speculating that it might be a takeove target

according to recent RNSs,
directors have been purchasing shares of late
2nd quarter dividend of 1.8375p, which if sustained would be a yield of around 8%
Latest trading update (Sept) said
2.5GWh target portfolio before potential disposals (310% growth vs 31 December 2022) by mid-2025 achievable with no further equity funding
· Lower H1 2023 revenues due to near-term systems and process challenges being addressed at National Grid Electricity System Operator (NG ESO), and cyclically low levels of power price volatility
· Strong revenue recovery potential from current levels boosted by growing operational portfolio

Total debt drawn at the end of period was £110mn from a £335mn facility

Half year results in June were mixed, see
[url]https://www.lse.co.uk/rns/GRID/half-year-results-to-30-june-2023-0jmqoclpj8ylqz1.html
[/url]
Some optimism regarding how they hope things might change for the better in the UK electricity system.
It really comes down to whether you believe in the future of large scale battery storage in the UK and whether the predictions come to pass.
Headwinds might include sluggish demand for electric cars, but balancing a supply increasingly dependent on unpredictable renewables (solar and wind power) and demand where electricity may increasingly replace gas is surely going to require significant load balancing capacity.

On balance, this seems like a reasonable opportunity so I bought a few £k worth at 89.1p

sparkily,
S

MDW1954
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Re: Gresham House Energy Storage Fund - GRID.

#628175

Postby MDW1954 » November 17th, 2023, 10:51 am

Results post posted on Company News:

https://www.lemonfool.co.uk/viewtopic.php?p=628143#p628143

(Thanks, Richfool!)

MDW1954

richfool
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Re: Gresham House Energy Storage Fund - GRID.

#628249

Postby richfool » November 17th, 2023, 3:48 pm

Amended RNS re dividend dates here:

https://www.investegate.co.uk/announcem ... nd/7888549
The ex-dividend and record dates have been updated to 7 December 2023 and 8 December 2023 respectively.

All other details remain unchanged.

The full amended text is shown below.

17 November 2023

GRESHAM HOUSE ENERGY STORAGE FUND PLC

("GRID" or the "Company")

Declaration of Dividend

Gresham House Energy Storage Fund PLC (LSE: GRID) is pleased to announce a dividend of 1.8375p per Ordinary Share for the period from 1 July 2023 to 30 September 2023. The dividend will be paid on 21 December 2023 to Shareholders on the register as at the close of business on 8 December 2023. The ex-dividend date is 7 December 2023.

Any such dividend payment to Shareholders may take the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investment trusts. Of this dividend declared of 1.8375 pence per Ordinary Share, 0.3375 pence is declared as dividend income with 1.5 pence treated as qualifying interest income.

richfool
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Re: Gresham House Energy Storage Fund - GRID.

#642386

Postby richfool » January 24th, 2024, 6:00 pm

Does anyone know what's happening with GRID?

It's SP has been ebbing away recently and today it lost a further 6.0%. It's not as if there is an imminent threat of a dramatic increase in interest rates or suchlike.

UncleEbenezer
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Re: Gresham House Energy Storage Fund - GRID.

#642449

Postby UncleEbenezer » January 24th, 2024, 10:10 pm

richfool wrote:Does anyone know what's happening with GRID?

It's SP has been ebbing away recently and today it lost a further 6.0%. It's not as if there is an imminent threat of a dramatic increase in interest rates or suchlike.

I don't know, but 6% in a day sounds like more than mere "ebbing away". Makes me happy to have missed out!

Some of its peers have dropped more than I'd realised, too: Gore street down by more than 30% over a year! The sector in general may be losing its appeal to investors who have seen it as a bond-equivalent when interest rates were zero.

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Re: Gresham House Energy Storage Fund - GRID.

#642636

Postby BullDog » January 25th, 2024, 6:57 pm

richfool wrote:Does anyone know what's happening with GRID?

It's SP has been ebbing away recently and today it lost a further 6.0%. It's not as if there is an imminent threat of a dramatic increase in interest rates or suchlike.

Double figure drop today at GRID. HEIT suffering the same. Nothing said by the companies to explain such a serious drop in a few weeks. Worrying to see this, but to me, it seems to be an opportunity rather than a problem?

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Re: Gresham House Energy Storage Fund - GRID.

#642637

Postby UncleEbenezer » January 25th, 2024, 7:12 pm

BullDog wrote:And Tempus rates GRID a buy this morning. I'm not so sure at the large premium to NAV. Happy to have bought at 103p though 8-)

Google chart shows that was exactly when GRID hit its all-time high. Whoever Tempus might be.

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Re: Gresham House Energy Storage Fund - GRID.

#642899

Postby clissold345 » January 27th, 2024, 7:55 am

A Citywire article dated yesterday says:

"There was no reprieve for energy storage and other specialist renewable infrastructure funds. Battery funds Gore Street (GSF), Harmony Energy Income (HEIT) and Gresham House (GRID) tumbled between 5%-19%. This left the shares trailing their asset values by 37%-52% with yields of about 9%-11% suggesting the market anticipates dividend cuts from the alt-income funds this year. ..."

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Re: Gresham House Energy Storage Fund - GRID.

#642903

Postby BullDog » January 27th, 2024, 8:34 am

clissold345 wrote:A Citywire article dated yesterday says:

"There was no reprieve for energy storage and other specialist renewable infrastructure funds. Battery funds Gore Street (GSF), Harmony Energy Income (HEIT) and Gresham House (GRID) tumbled between 5%-19%. This left the shares trailing their asset values by 37%-52% with yields of about 9%-11% suggesting the market anticipates dividend cuts from the alt-income funds this year. ..."

As far as I can see, the question "why?" remains unanswered. I might be missing something, but there's been no downgrade to dividend forecasts from the companies?

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Re: Gresham House Energy Storage Fund - GRID.

#642905

Postby Dod101 » January 27th, 2024, 8:59 am

BullDog wrote:
clissold345 wrote:A Citywire article dated yesterday says:

"There was no reprieve for energy storage and other specialist renewable infrastructure funds. Battery funds Gore Street (GSF), Harmony Energy Income (HEIT) and Gresham House (GRID) tumbled between 5%-19%. This left the shares trailing their asset values by 37%-52% with yields of about 9%-11% suggesting the market anticipates dividend cuts from the alt-income funds this year. ..."

As far as I can see, the question "why?" remains unanswered. I might be missing something, but there's been no downgrade to dividend forecasts from the companies?


Well the market is not often wrong and fashions come and fashions go. These companies seem to be one horse businesses. That is basically why I have never invested in them. I prefer companies like SSE with its wide spread of business activity. I must stay though that I do hold Greencoat UK Wind but I can see clearly what it is doing.

Dod

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Re: Gresham House Energy Storage Fund - GRID.

#643344

Postby UncleEbenezer » January 29th, 2024, 9:31 am

I've just made a modest purchase. I'm drawn to falling knives!

I wonder if the decline may be political, based on both governments and prospective governments talking green but acting the opposite? The Telegraph still seems to have a veto on what they actually do.


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