The Gore Street Energy Storage Fund’s total revenue grew 5% to £41.4 million for the 12 months up to 31 March, 2024.
International diversification helped the Fund, which trades on the London Stock Exchange under the GSF ticker, maintain average revenues across its portfolio, which spans Great Britain (GB), Ireland, Germany and Texas, US.
Its operational capacity grew 45% to 421.4MW at the end of the period, while the average weighted revenue per MW per year across markets was £133,000. However, as shown in the table below, the picture was very different across its markets.
Market saturation and falling revenues in GB have been well-documented while a similar thing has been happening in Germany.
High wind penetration in Ireland has led to spikes in Day-Ahead and Intra-Day prices as well as increased revenues from ancillary service DS3 (Delivering a Secure Sustainable Electricity System) as well as a jump in SNSP (System Non-Synchronous Penetration).
The company will enter its fifth market with the energisation of a 400MWh BESS project in California, the world’s largest BESS market, later this year.
