The Gore Street Energy Storage Fund’s international diversification helped it maintain average revenues across its portfolio, which spans the Great Britain (GB), Ireland, Germany and Texas, US.
Total revenue grew 5% to £41.4 million (US$53 million) for the 12 months to 31 March, 2024, for the Fund, which trades on the London Stock Exchange under the GSF ticker.
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.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The Texas market, managed by grid operator ERCOT, meanwhile has proved highly lucrative particularly during Summer 2023 and is a hotbed of BESS deployment activity – though market saturation is reportedly starting there too.
High wind penetration in Ireland meanwhile 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.
Energy-Storage.news’ publisher Solar Media is currently hosting the final day of the Renewable Energy Revenues Summit on 21-23 May 2024 in London. The event has explored PPA structuring, revenue risk management strategies, renewable energy certificates, and much more. For more information, go to the website.
