The Gore Street Energy Storage Fund’s total turnover grew by 5% to £41.4m for the twelve months to 31 March 2024.
International diversification helped the Fund, which trades on the London Stock Exchange under the GSF ticker, to maintain average income across its portfolio, which includes Britain (GB), Ireland, Germany and Texas, US.
Operating capacity grew by 45% to 421.4 MW at the end of the period, while average weighted revenue per MW per year in the markets was £133,000. However, as the table below shows, the picture was very different across markets.
Market saturation and declining revenues in GB are well documented, while something similar has occurred in Germany.
Ireland’s high wind penetration has led to spikes in Day-Ahead and Intra-Day prices, as well as higher revenues from ancillary services DS3 (Delivering a Secure Sustainable Electricity System) and a jump in SNSP (System Non-Synchronous Penetration).
The company will enter its fifth market later this year with the activation of a 400MWh BESS project in California, the world’s largest BESS market.
This article was original published on Energy-Storage.news.
