Gore Street Energy Storage Fund Plc · LSE:GSF
Gore Street Energy Storage Fund — H1 FY2024 Earnings Presentation
24 slides from Gore Street Energy Storage Fund's earnings presentation, Dec 14, 2023
Slide 1: Gore Street Energy Storage Fund plc Presentation
Gore Street Energy Storage Fund plc Presentation For the 6-month period ended 30 September 2023
Slide 2: Financial Highlights
Financial Highlights As at 30 September 2023 NAV PER SHARE OPERATIONAL CAPACITY1 DIVIDEND YEILD 112.9p 291.6MW 8.9% NAV TOTAL RETURN OPERATIONAL EBITDA TOTAL CAPACITY 0.7% £12.2M 1.2GW 1. As of the date of publication, operational capacity has increased to 371.5 MW Gore Street Energy Storage Fund |
Slide 3: Operational Highlights
Operational Highlights The portfolio generated £19.3m The 79.9 MW Stony asset was The Company’s cash balance as of of revenue during the period, energised during the reporting period; 30 September was £75.0m with amounting to £12.2m in a key milestone in achieving the stated a further £13.9m across
Slide 4: Financial Highlights and Valuation
Financial Highlights and Valuation
Slide 5: NAV Bridge (Pence Per Share)
NAV Bridge (Pence Per Share) NAV Fund + Dividends Cash Discount Rate Inflation Opex De- Revenue Other DCF NAV March Subsidiary Generation increases Savings risking of Curves Changes & September 2023 HoldCo Assets Rollover 2023 Operating Expense • Strong cash generation during the period +2.9p • Duri
Slide 6: Key Assumptions
Key Assumptions Blended Curve of Ancillary Services and Trading, by Grid. Portfolio weighted average as at 30 September 2023. 1 250 GSF Weighted Average Revenues per MW by Grid (real 2022) 225 Portfolio Weighted Average GB ERCOT GER NI ROI CAISO 200 175 150 £000s/MW/Yr 125 100 75 50 25 0 Dec-2023 De
Slide 7: Assumptions Continued & Sensitivities
Assumptions Continued & Sensitivities CPI Assumptions 2023 2024 2025+ Opex: • Material opex savings achieved by taking several third-party GB 4.63% 2.75% 2.50% services in-house, including AM and certain O&M workstreams for operational Irish assets and AM for certain EUR 3.11% 2.75% 2.50% GB sites.
Slide 8: Financial performance with installed capacity progression
Financial performance with installed capacity progression • The Fund achieved an operational EBITDA of £12.2m and a • The breakdown of EBITDA per grid was: total fund EBITDA of £8.5m – Ireland: 59% • Revenue during the period provided and operational – GB: 9% dividend cover of 0.72x and a dividend c
Slide 9: Portfolio Operational Performance
Portfolio Operational Performance
Slide 10: Operational capacity
Operational capacity GSF’s operational portfolio is 51% 371.5 MW Of portfolio (1) The Company has a portfolio capacity including construction assets of 1.17 GW 35% 14 Of portfolio GB & Northern Ireland (GBP) 1. Boulby 6.0 MW | 6.0 MWh 9. Larport 19.5 MW | 19.5 MWh 12 2. Cenin 4.0 MW | 4.8 MWh 10. An
Slide 11: Revenue
Gore Street Energy Storage Fund Revenue
Slide 12: Seasonality of revenue per grid
Seasonality of revenue per grid Total Revenue (in £000s/MW) by Grid since IPO Past performance is not necessarily a guide to future performance Gore Street Energy Storage Fund | 13
Slide 13: Does diversification work?
Does diversification work? Volatility Quarterly Revenue GB Only (£/MW/h) For a largely merchant asset-class like energy storage, diversification is a fundamental necessity to reduce revenue volatility. • Within GB, uniform revenue streams & consistent wholesale electricity prices across all regions
Slide 14: Energy Storage is a multi-stream revenue generator
Energy Storage is a multi-stream revenue generator, critical to the renewable energy transition Revenue drivers Revenue stacking Decoupling of energy markets from gas The GSF’s storage portfolio benefits from customer diversification (predominantly prices Grid operators) and monetisation strategies,
Slide 15: Revenue strategy per grid
Revenue strategy per grid Ireland ERCOT GB Germany 0.4% 2.2% 10% 12% 17% 36% 64% 71% 97.4% 90% DS3 Capped/Uncapped Capacity Market Ancillary services Wholesale Trading Ancillary services Capacity Market Ancillary services Wholesale Trading Wholesale trading Wholesale trading DS3 remains the main
Slide 16: Revenue Breakdown
Revenue Breakdown Average revenue per grid during the 6-month period to September-end 2023 £17.04/ £7.54/ MW/hr MW/hr NI/ROI £30.51/ Great £8.19/ MWh/hr Britain MWh/ hr Unseasonably high wind Revenue in GB remained penetration led to higher than 50% 19% subdued and remains the expected revenue durin
Slide 17: Portfolio Growth
4 Gore Street qe Energy Storage Fund Portfolio Growth
Slide 18: Portfolio Growth
Portfolio Growth (1) Portfolio capacity buildout 1.17 Total portfolio GW capacity 2.2x increase in operational capacity (+441.9 MW) by end of 2024 MW 441.9 Additional operational capacity MWs by 2024-end (1) Operational capacity 27% increased since September-end 2023 Total Ferrymuir Enderby PBSL II
Slide 19: Sustainability
7) Gore Street @ Energy Storage Fund Sustainability
Slide 20: Environmental, Social and Governance
Environmental, Social and Governance 3,590 tCO2e Net CO2 emissions avoided 9,055 MWh Total renewable energy stored Fair Cobalt Alliance For the fiscal year ended 31 March 2023 Source: GSF Sustainability Report FY23 Gore Street Energy Storage Fund | 21
Slide 21: Outlook
4 Gore Street @ Energy Storage Fund Outlook
Slide 22: Conclusion
Conclusion Consistent over delivery against targets Best in class revenue generation The Company continues to create value for shareholders despite Competitive cost per challenging GB market conditions, MW fully installed Supported by the Manager’s in- house asset management and due to appropriate v
Slide 23: Contact
Contact Gore Street Capital – Shore Capital – Joint J.P. Morgan Cazenove – Joint The Investment Manager Corporate Broker Corporate Broker Alex O’Cinneide / Paula Travesso Anita Ghanekar (Corporate Advisory) William Simmonds/ Jérémie Birnbaum Tel: +44 (0) 20 4551 1382 Fiona Conroy (Corporate Broking)
Slide 24: Disclaimer
Disclaimer This presentation has been prepared by Gore Street Capital Limited ("Gore Street Capital") for to any resident thereof. Any failure to comply with these restrictions may constitute a violation of information and discussion purposes only and should not be considered to be an offer or the s
Gore Street Energy Storage Fund — H1 FY2024 Earnings Presentation on 6ix