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.
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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.
