Business
Announcement of New Revenue Stream
Announcement of New Revenue Stream.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9197Q\n Gore Street Energy Storage Fund PLC\n 03 March 2021\n \n \n \n 3 March 2021\n Gore Street Energy Storage Fund plc\n (the \"Company\" or \"Gore Street\")\n Announcement of New Revenue Stream\n Gore Street, London's first energy storage fund supporting the transition to low carbon power, is pleased to announce that it is now participating in the National Grid's new Dynamic Containment Service and will have most of its operational portfolio participating from 1 April 2021.\n Like Frequency Response, Dynamic Containment is a service to contain the grid's frequency within the statutory range of +/-0.5Hz in the event of a sudden demand or generation loss. The difference is that Dynamic Containment requires a faster response and should manage the imbalance in frequency in under a second.\n In January 2021 National Grid permitted stacking of Dynamic Containment services with Balancing Mechanism participation, enabling energy storage operators to optimise revenue strategy by unlocking additional value. The National Grid's Dynamic Containment service will further optimise the increasingly important issue of balancing grid supply and demand.\n Since October 2020, Dynamic Containment has paid an average of £17.0 MW/hr, well above the recent average Fast Frequency Response prices, of £6.5 MW/hr over the same period. If this pricing trend continues, this new service could provide Gore Street with a significant uplift in revenue across over 90MW of operational assets in GB. This new revenue stream operates alongside fast frequency revenue streams and the Company believes that current Dynamic Containment prices may result in a material uplift in the Company's revenue for the current calendar year[1].\n Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment manager commented:\n \"We are delighted to announce our participation in the new Dynamic Containment Service developed by the National Grid, which could create a material uplift in the Company's revenue across the majority of our operational portfolio if the pricing trends continue.\n Gore Street is excited to take part in this service which reinforces the benefits of our revenue stacking model, enabling our assets to participate in multiple contracts to generate significant value. We look forward to potentially adding further assets to th...