Gresham House Energy Storage Fund Update post National Grid ESO event (5633Q)
18 Octubre 2023 - 7:20AM
UK Regulatory
TIDMGRID
RNS Number : 5633Q
Gresham House Energy Storage Fund
18 October 2023
18 October 2023
Gresham House Energy Storage Fund plc
("GRID" the "Company" or the "Fund")
Update post National Grid ESO event
National Grid ESO commit to new system launch on 12 December
2023 as well as a detailed timeline of further system
improvements.
National Grid Electricity System Operator (ESO) hosted an event
on 16 October called 'Enhancing Energy Storage' to provide clarity
on the system improvement plans in the Balancing Mechanism (BM), to
better utilise the flexibility offered by Battery Energy Storage
Systems (BESS).
The key challenge experienced by GRID and the wider BESS sector
to date, has been the lack of utilisation of BESS in the Balancing
Mechanism, which has significantly limited revenues. ESO has
communicated the following important positive steps to remove these
limitations to a large degree by the end of 2023, with further
improvements due in 2024:
-- Launch of the ESO's new IT system, Open Balancing Platform
(OBP) with a new algorithm, the Bulk Dispatch Operator (BDO), is
now set for 12 December 2023 (previously 15 December 2023).
-- The BDO will automate the aggregation of multiple BESS to
enable their use in the Balancing Mechanism. Of the ESO
initiatives, this is expected to have the greatest impact on the
BESS utilisation.
-- Fast Dispatch will go live in Spring 2024 to allow the use of
BESS for more rapid, marginal actions.
-- The 15-minute input parameter (limiting BESS actions to 15
minutes) is expected to be made flexible by the end of 2024. ESO
will run trials following the launch of OBP and BDO in December
2023 to drive further usage of storage assets for reserve
requirements in the near term.
-- The launch of Balancing Reserve (March 2024) and Quick
Reserve (Summer 2024) services will provide further system
flexibility for the ESO and offer BESS additional revenue
opportunities. This incremental revenue can be combined with
existing services and the BM at any one time.
Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc
and Managing Director of Gresham House New Energy, said:
"We are grateful to ESO for its commitments to improve
utilisation of batteries and pleased to see the release of their
new system brought forward. We continue to support and engage with
ESO on the implementation of their workflow.
As renewable generation increases, ESO needs batteries to ensure
its flexibility requirements are met, as well as to meet its
publicly stated goal of being able to operate a carbon-free grid by
2025. We are encouraged that ESO's prime incentive is to make these
system improvements to meet its own objectives, and not simply to
accommodate BESS operators.
Separately, we are pleased to see ESO progress also being made
to unlock grid connection bottlenecks. These were discussed at
ESO's separate event in London covering the prioritisation and
acceleration of grid connection dates for new BESS projects,
following the recent Government announcement(1) ."
For further information, please contact:
Gresham House New Energy
Ben Guest
Rupert Robinson +44 (0)20 3837 6270
Jefferies International Limited
Stuart Klein
Gaudi Le Roux +44 (0)20 7029 8000
KL Communications gh@kl-communications.com
Charles Gorman +44 (0)20 3995 6673
Charlotte Francis
Effie Aye-Maung-Hider
JTC (UK) Limited as Company Secretary GHEnergyStorageCoSec@jtcgroup.com
Christopher Gibbons +44 (0)20 7409 0181
About the Company and the Manager:
Gresham House Energy Storage Fund plc seeks to provide investors
with an attractive and sustainable dividend over the long term by
investing in a diversified portfolio of utility-scale battery
energy storage systems (known as BESS) located in Great Britain and
in Overseas Jurisdictions. In addition, the Company seeks to
provide investors with the prospect of capital growth through the
re-investment of net cash generated in excess of the target
dividend in accordance with the Company's investment policy.
The Company targets an unlevered Net Asset Value total return of
8% per annum and a levered Net Asset Value total return of 15% per
annum, in each case calculated net of the Company's costs and
expenses.
Gresham House Asset Management is the FCA authorised operating
business of Gresham House plc, a London Stock Exchange quoted
specialist alternative asset manager. Gresham House is committed to
operating responsibly and sustainably, taking the long view in
delivering sustainable investment solutions.
http://www.greshamhouse.com/
Definition of utility-scale battery energy storage systems
(BESS)
Utility-scale battery energy storage systems (BESS) are the
enabling infrastructure that will support the continued growth of
renewable energy sources such as wind and solar, essential to the
UK's stated target to reduce carbon emissions. They store excess
energy generated by renewable energy sources and then release that
stored energy back into the grid during peak hours when there is
increased demand.
[1]
https://www.gov.uk/government/speeches/pm-speech-on-net-zero-20-september-2023
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