Business
Net Asset Value(s)
Net Asset Value(s).
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \nRNS Number : 2516U Gore Street Energy Storage Fund PLC 28 March 2019 \n\n28 March 2019\nGore Street Energy Storage Fund plc \n(\"Gore Street\" or the \"Company\")\nQuarterly Net Asset Value & Business Update\nGore Street (ticker: GSF), London's first listed fund for investing in income producing energy storage projects in the UK and internationally, is pleased to announce its quarterly net asset value (\"NAV\") update. As at 31 December 2018, the unaudited estimated NAV per ordinary share was 92.9 pence.\nEnergy storage is a new market and as such it is undergoing continued and transformative growth in the UK and globally. The fundamental growth drivers remain fossil and nuclear powerplant closures and the steady increase in intermittent renewable energy capacity which affect grid stability and electricity price stability, both issues that storage projects are uniquely positioned to address. As a result, energy storage is a key part of government energy policy as it helps to deliver the low-carbon electricity sector that is the stated goal of the UK, the EU and many other nations and areas. The appetite for energy storage assets is therefore anticipated to increase in these markets as the levers that drive their growth further develop. Gore Street remains ideally positioned to capitalise on this anticipated increase in demand for energy storage assets.\nGore Street Capital, Gore Street's Investment Advisor, has witnessed the market react to the need for storage with increased permitting and installation of storage projects in the UK that are accessing the frequency response and capacity markets. In November 2018, we commented on the news that the UK capacity market had been suspended following an EU decision that the process for obtaining EU State Aid clearance was flawed. These two events have led to a small fall in frequency response prices and temporary loss of capacity payments. The UK and the EU are working to address the procedural issues and reinstate the capacity market.\nIn light of these developments, Gore Street is taking a conservative view of the level and sources of revenue available to energy storage projects. It is this conservative forecast that results in the NAV adjustment. The Investment Advisor remains confident that the UK still presents compelling investment opportunities, and the...