Gresham House Energy Storage Fund PLC shares climbed on Monday after it said trading has improved and it has made ‘solid progress’.
The London-based fund investing in utility-scale battery energy storage systems said it expects full-year operational portfolio revenues of around £42 million.
It sees operational portfolio earnings before interest, tax, depreciation and amortisation of around £29 million in 2024, up from £25.8 million in 2023.
Gresham House said this would give approximately a 69% Ebitda margin for 2024, increasing from 67% in 2023.
Shares in Gresham House Energy Storage Fund were up 6.2% to 47.79 pence in London on Monday morning.
It said better trading conditions means annualised operational portfolio revenues per megawatt on contracted assets could exceed £60,000 per MW in the second half of the year, up from £45,000 per MW expected in its interim results.
The company said improved revenues and Ebitda have come from a recovery in the wholesale market, with December the strongest month of the year for trading in the balancing mechanism.
Gresham House said if this is sustained it ‘should be well placed to meet or exceed’ the £45 million annualised Ebitda.
Gresham House said the national energy system operator has improved its control room, so battery dispatch rates has increased to 14% in November from 10% in September.
The company noted that the UK department for energy security and net zero’s new action plan supported the belief that growth and investment in the sector is required to ensure net zero targets can be met.
Chair John Leggate said: ‘We are pleased to see solid progress in the company’s performance, as well as improvements in NESO’s control room, and commitment to further change, that should see BESS increasingly well utilised.
‘Alongside NESO’s backing of BESS, it is encouraging to see the government’s endorsement of a level playing field for battery storage - the only proven, commercially viable technology that can dynamically manage renewable intermittency at national scale,’ he said.
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