Harmony Energy Income Trust has reported growth of its net asset value (NAV) of 6.72% as a result of surging ancillary service revenues. Image: Getty Images.

Harmony Energy Income Trust's  net asset value (NAV) has grown by 6.72% as a result of surging ancillary service revenues.

“This announcement reiterates the positive news previously announced by the Company during the quarter, including the interim results published on 28 June,” said Max Slade, commercial director of Harmony Energy Advisors Limited.

“The company has achieved so much during 2022 and we are pleased to continue meeting our targets and delivering positive NAV growth for the shareholders. We now look forward to completing construction and commencing operations on the Pillswood project in the coming months.  We will provide further updates in due course.”

With the growth of the ancillary market, batteries are continuing to benefit from strong demand across Dynamic Containment, Moderation and Regulation amongst others. 

This strong demand can be directly linked to the rise in Harmony’s NAV results, which saw a growth of 6.72% to £244 million. 

Harmony expects to have 109MW of operating projects, 203.5MW under construction and a pipeline of c.500 MW shovel ready projects ready for acquisition by the end of 2022. 

Earlier this month, it completed the acquisition of the 99MW/198MWh energy storage project, dubbed Bumpers.

Looking ahead to 2023, large-scale energy storage sites in Fife and Buckinghamshire will finish construction and begin targeting commercial operations.