Gresham House Energy Storage Fund recently announced a decline in revenue for the first half of the year. The decrease is attributed to the U.K.'s National Grid electricity network utilizing batteries less than anticipated and experiencing lower levels of power price volatility.
According to the utility-scale battery-storage fund, the reduced demand in the electricity market is a result of consumers facing higher power prices and increased supply availability. These factors are influenced by the continued deployment of renewable energy and the prolonged decommissioning of legacy power stations. However, it is expected that supply and demand fluctuations will eventually stabilize.
The company reported a 3.5% decrease in net asset value (NAV) total return, which mirrors third-party forecasts and a weighted average discount rate of 10.9%. As of June 30, the NAV per share stood at 146.66 pence (184 cents), compared to 156.61 pence on March 31 and 155.51 pence on Dec. 31.
At 0926 GMT, shares were down 3.80 pence, or 2.9%, at 129.20 pence.