Business
Trading Statement
Trading Statement.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6578P\n Gore Street Energy Storage Fund PLC\n 20 October 2021\n \n \n \n \n 20 October 2021\n \n \n Gore Street Energy Storage Fund plc\n \n \n (the \"Company\" or \"Gore Street\")\n \n Trading Update\n Balancing and Baseload Prices Reach Record Highs\n Compelling Trading Opportunities Created by Present Energy Market Dislocations\n \n Gore Street Energy Storage Fund (GSF), London's first listed and category defining energy storage fund supporting the transition to a low carbon society, is pleased to announce that in September those of the Company's GB storage assets that participated in the actively-traded GB power markets generated revenues nearly two times their September forecasts. This is due to increasing GB prices and price volatility and the ability of the Company's storage assets to respond to the opportunities that the current market presents; which conditions are expected to continue in the short-term[1].\n September was a strong month not only for Great Britain's energy markets and but more widely across Europe, with record power prices recorded in both the UK and Europe. Increasing price levels are expected to continue through October and beyond, driven by rising natural gas prices, limited gas storage capacity, low wind conditions, colder temperatures and increasing demand as winter approaches and economies recover. These conditions are also increasing pricing volatility, creating power trading opportunities. The Company's assets are among the most technologically advanced and responsive on the UK and Irish grids, and as such are well placed and capable of both filling needs in the UK and Irish markets and benefitting from the increased volatility in the energy markets.\n Dynamic Containment (DC) and Balancing Mechanism (BM) are two of the main revenue streams that make up the Company's revenue stacking strategy. Whilst DC is one of the National Grid's frequency response services designed to be fast-acting after a significant frequency deviation, BM is the platform used by National Grid to buy and sell electricity from market participants to manage system constraints and the overall energy balance in real time. EirGrid, the electricity system operator in Ireland, offers a similar balancing mechanism for the Irish Grid.\n Prices in the UK Balancing Mechanism hit a record high of £...