Gresham House Energy Storage Fund Launch of the ESO's new Open Balancing Platform (9024W)
15 Diciembre 2023 - 1:00AM
UK Regulatory
TIDMGRID
RNS Number : 9024W
Gresham House Energy Storage Fund
15 December 2023
15 December 2023
GRESHAM HOUSE ENERGY STORAGE FUND PLC
("GRID", "the Fund" or the "Company")
Successful launch of the ESO's new Open Balancing Platform
(OBP)
National Grid Electricity System Operator (ESO) has successfully
launched their new Open Balancing Platform (OBP) and Bulk Dispatch
Optimiser (BDO) and started using it to trade BESS in the Balancing
Mechanism (BM) on 12 December 2023.
We have seen an increase in actions in the Balancing Mechanism
(BM) for BESS assets. It is too early to point to the specific
revenue impact, but the initial indications are positive and, based
on provisional data, are expected to lead to increased revenue
opportunities for our assets.
The Fund is now looking to move its non-BM assets into the BM to
capture the higher revenue opportunities now expected to be
available. 100MW will move into the BM in December 2023 and, so
long as the results remain positive, more will follow in Q1
2024.
We look forward to providing further updates on the impact on
revenues in due course as the new system and corresponding
processes in the control room become fully embedded.
Ben Guest, Fund Manager of Gresham House Energy Storage Fund
plc, said:
"We are pleased to see the ESO delivering on its commitment to
the decarbonisation of the electricity system with the OBP and BDO
launch. These systems make it possible to balance the grid with
much-reduced fossil fuel use while making potential savings to the
end consumer."
For further information, please contact:
Gresham House New Energy
Ben Guest +44 (0) 20 3837 6270
James Bustin
Jefferies International Limited
Stuart Klein +44 (0) 20 7029 8000
Gaudi Le Roux
Harry Randall
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
internationally. 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.
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.
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