Revenues for the Gresham House Energy Storage Fund have started to recover in 2024 after falls in 2023, fund manager Gresham House said.

Gresham House Energy Storage Fund plc, listed in London under the GRID ticker, owns and operates battery energy storage system (BESS) projects in the UK and released its full-year results this week (29 April).

The company confirmed 2023’s ‘weak revenue environment’ with a 38% fall in revenues to £38.7 million (US$48 million) and a 47% fall in EBITDA, and the fund swung to a £110 million loss from a £217 million profit the prior year. Net Asset Value (NAV) per share fell 17% to 129.07p.

GRID had 690MW/788MWh operational by the end of 2023, a roughly 17% market share based on the 4GW/4.9GWh of grid-scale BESS online according to Solar Media Market Research figures.

The main reason revenues fell for GRID and all other UK BESS owners and operators in 2023 is because of falling prices in the ancillary service markets.

However, 2024 has marked a recovery from this, as shown in a trading update a few days before its full-year results. Average revenues for its operational BESS went from £39,500/MW/year in February 2024 to £77,900/MW/year for the first half of April 2024, a nearly 100% increase.

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