Gresham House storage fund celebrates 20% lift in earnings

Gresham House Energy Storage Fund plc saw earnings increase by over 20% in 2022, to £48 million, thanks to rising prices and increased market volatility.
It expects its operational capacity to reach 1GW in 2023 and around 1.5GW in 2024. It currently has 590MW of operational capacity with 437MW under construction and expected to commission in 2023. Construction is expected to start on 940MW of further capacity in 2023.
The fund has also added 150MW to its project pipeline, with conditional acquisition of project rights for a 50MW project in Aberdeenshire with grid connection expected in 2024.
And a 100MW project in, in Cambridgeshire, with connection expected in 2026-27.
In this year’s T-1 Capacity Market auction the fund secured £5.8 million in revenues to be earned in the year ending 1 October 2024, from contracts awarded to 96.5MW of de-rated capacity, priced at £60,000 per MW. In the T-4 auction it secured £30.5 million in revenues to be earned over 15 years ending 1 October 2041, assuming CPI at 2%, from contracts awarded to 28.8MW of de-rated capacity, priced at £63,000 per MW, a record high.