TIDMGSF
RNS Number : 9197Q
Gore Street Energy Storage Fund PLC
03 March 2021
3 March 2021
Gore Street Energy Storage Fund plc
(the "Company" or "Gore Street")
Announcement of New Revenue Stream
Gore Street, London's first energy storage fund supporting the
transition to low carbon power, is pleased to announce that it is
now participating in the National Grid's new Dynamic Containment
Service and will have most of its operational portfolio
participating from 1 April 2021.
Like Frequency Response, Dynamic Containment is a service to
contain the grid's frequency within the statutory range of +/-0.5Hz
in the event of a sudden demand or generation loss. The difference
is that Dynamic Containment requires a faster response and should
manage the imbalance in frequency in under a second.
In January 2021 National Grid permitted stacking of Dynamic
Containment services with Balancing Mechanism participation,
enabling energy storage operators to optimise revenue strategy by
unlocking additional value. The National Grid's Dynamic Containment
service will further optimise the increasingly important issue of
balancing grid supply and demand.
Since October 2020, Dynamic Containment has paid an average of
GBP17.0 MW/hr, well above the recent average Fast Frequency
Response prices, of GBP6.5 MW/hr over the same period. If this
pricing trend continues, this new service could provide Gore Street
with a significant uplift in revenue across over 90MW of
operational assets in GB. This new revenue stream operates
alongside fast frequency revenue streams and the Company believes
that current Dynamic Containment prices may result in a material
uplift in the Company's revenue for the current calendar
year[1].
Alex O'Cinneide, CEO of Gore Street Capital, the Company's
investment manager commented:
"We are delighted to announce our participation in the new
Dynamic Containment Service developed by the National Grid, which
could create a material uplift in the Company's revenue across the
majority of our operational portfolio if the pricing trends
continue.
Gore Street is excited to take part in this service which
reinforces the benefits of our revenue stacking model, enabling our
assets to participate in multiple contracts to generate significant
value. We look forward to potentially adding further assets to the
service over time and as leading experts in the sector, will
continually seek further revenue streams to add accretive value for
our shareholders."
The Legal Entity Identifier of the Company is
213800GPUNVGG81G4O21.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Broker)
Anita Ghanekar / Hugo Masefield (Corporate Advisory) Tel: +44 (0) 20 7601 6128
Henry Willcocks / Fiona Conroy (Corporate Broking)
J. P. Morgan Cazenove (Joint Broker)
William Simmonds / Jérémie Birnbaum Tel: +44 (0) 20 7742
(Corporate Finance) 4000
Buchanan (Media enquiries)
Charles Ryland / Henry Wilson / George Beale Tel: +44 (0) 20 7466 5000
Email: Gorestreet@buchanan.uk.com
JTC (UK) Limited, Company Secretary Tel: +44 (0) 20 7409
0181
Notes to Editors
About Gore Street Energy Storage Fund plc
Gore Street is London's first listed energy storage fund and
seeks to provide Shareholders with a significant opportunity to
invest in a diversified portfolio of utility scale energy storage
projects. In addition to growth through exploiting its considerable
pipeline, the Company aims to deliver consistent and robust
dividend yield as income distributions to its Shareholders.
The Company targets an annual dividend of 7.0% of NAV per
Ordinary Share in each financial year, subject to a minimum target
of 7.0 pence per Ordinary Share. Dividends are paid quarterly.
Disclaimer
This announcement has been issued by, and is the sole
responsibility of, Gore Street Energy Storage Fund plc (the
"Company").
This announcement is for information purposes only and is not
intended to and does not constitute or form part of any offer or
invitation to purchase or subscribe for, or any solicitation to
purchase or subscribe for shares in any jurisdiction in which such
an offer or solicitation is unlawful.
The information and opinions contained in this announcement are
provided as at the date of the announcement and are subject to
change without notice and no representation or warranty, express or
implied, is or will be made in relation to the accuracy or
completeness of the information contained herein.
The information in this announcement may include forward-looking
statements, which are based on the current expectations, intentions
and projections about future events and trends or other matters
that are not historical facts and in certain cases can be
identified by the use of terms such as "may", "will", "should",
"could", "expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "believe" (or the negatives thereof) or other
variations thereof or comparable terminology. These forward-looking
statements, as well as those included in any related materials, are
not guarantees of future performance and are subject to known and
unknown risks, uncertainties, assumptions about the Company and
other factors, including, among other things, the development of
its business, trends in its industry, and future capital
expenditures and acquisitions. In light of these risks,
uncertainties and assumptions, the events in the forward-looking
statements may not occur and actual results may differ materially
from those expressed or implied by such forward looking statements.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements.
[1] There can be no guarantee that the current pricing trends
will continue.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDKBBNABKDDNK
(END) Dow Jones Newswires
March 03, 2021 02:00 ET (07:00 GMT)
Gore Street Energy Storage (LSE:GSF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gore Street Energy Storage (LSE:GSF)
Historical Stock Chart
From Apr 2023 to Apr 2024
