Gresham House Energy Storage Fund - Responding to challenging times
Gresham House Energy Storage Fund (GRID) is the largest UK fund investing in utility-scale battery energy storage systems (BESS). A recent sharp decline in gas prices, a ‘disappointing’ start to the Energy System Operator’s (ESO’s) new energy trading platform and systemic delays connecting completed projects to the national grid have raised concerns about the revenue generating capacity of the BESS sector. This has placed significant downward pressure on the share prices of GRID and others in the sector. GRID’s share price has declined by more than 50% over the past month and is trading at a 67% discount to its last published NAV. A recent trading update by GRID’s manager, Ben Guest, provided details of the company’s response to these challenging market conditions, while also reiterating confidence in GRID’s positive long-term prospects.
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