Octopus Energy’s head of flexibility discussed its tolling deal with Gresham House for nearly 1GWh of BESS projects, including how they will fit into its VPP portfolio and whether their energy market activity could change under its control.

Utility Octopus Energy will pay Gresham House Energy Storage Fund (GRID) a fixed fee to use half of its UK BESS portfolio, at a price which it said is ‘above the current merchant revenue stack’.

UK BESS owner-operator Gresham House Energy Storage Fund has put a 50MW/50MWh project into commercial operation in Lancashire.

Average revenues for the Gresham House Energy Storage Fund doubled from February to April this year, fund manager Gresham House said in its full year 2023 results.

Company valuations and developer premiums for project sales have come down in the UK market amidst rising financing costs and plummeting revenues.

Gresham House has released annual accounts for the first half of 2023, showing lower H1 2023 revenues and a drop in share value.

UK energy storage investor Gresham House and the clean energy arm of utility NextEra have moved forward with battery storage projects in California, US.

Firm Frequency Response (FFR) auction prices in the UK have hit their lowest level since 2019 as market saturation begins to take effect, market analytics platform Modo Energy said.

Delays in the growth of Britain’s battery storage sector helped boost Gresham House Energy Storage Fund’s portfolio performance.

Energy storage funds managed by UK-based Gore Street Capital and Gresham House increased their net asset value (NAV) per share in 2022, but by very different rates.