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The Market

Markets overview

The markets in which GSF operates show a growing shift toward low carbon energy generation. The UK, Irish and US Governments are committed to achieving carbon neutrality by 2050. Germany has set on a path of accelerated clean-energy expansion, bringing forward its goal of 100% renewable power to 2035. This provides a tailwind for the deployment of battery energy storage systems and has led to rapid growth within the sector.

GSF provides a number of critical services across these markets and benefits from multiple revenue streams of varying contract lengths, which can be stacked. Due to the flexible nature of the Company’s assets a variety of contracts can be taken advantage of, depending on prevailing market conditions. The table below shows the characteristics of the relevant markets to the Company, as well as the diverse mix of revenue streams available to the Company’s assets in each of these markets.

Market	Market Structure	Revenue Streams	Characteristics
GB	National Grid	• Capacity Market (CM) • Firm Frequency Response (FFR) • Dynamic Containment (DC) • Dynamic Moderation (DM) • Wholesale Trading • Triads	• CM: Procurement of future energy capacity to ensure sufficient generation on the system • FFR: Balancing supply and demand of electricity to ensure that frequency remains around 50Hz • DC: Fast-acting post-fault service to contain frequency outside of acceptable limits • DM: Balancing supply and demand of electricity to ensure that frequency remains around 50Hz • Wholesale Trading: The trade of energy between generators and suppliers • Triads: Top three half-hour peaks of national energy demand across the grid
Ireland	EirGrid/SONI	• Capacity Market (CM) • DS3 Programme (volume uncapped, volume capped) • Wholesale trading	• CM: Procurement of future energy capacity to ensure sufficient generation on the system • Volume uncapped: Procurement that does not limit the volume of the service being procured and to which regulated tariffs apply • Volume capped: Procurement where an upper limit is applied to the volume of relevant DS3 services being procured and for which prospective providers will offer a competitive price as part of their tender
Germany	TSOs across 8 countries	• Frequency Containment Reserve (FCR) • Automatic Frequency Restorations Reserve (aFRR) • Wholesale trading	• FCR: Primary ancillary service in Germany and serves to stabilise frequency deviations in the system • aFRR: secondary reserve service use to cover small imbalances in energy and power.
Texas, US	ERCOT	• Responsive Reserve Services (RRS) • ERCOT Contingency Reserve Service (ECRS) • Wholesale trading	• RRS: Used to restore the frequency of the system within the first few minutes of an event that causes a significant deviation from the standard frequency • ECRS: a daily procured ancillary service introduced in June 2023 to respond to ramping of load or demand.
California, US	CAISO	• Resource Adequacy (RA) • Whole Trading	• RA: Used to ensure stable and reliable capacity is available to the grid when needed by agreeing long-term contracts, able to provide c. 40% of revenues to a project, with capacity providers.

RNS Announcements

Upsizing of Debt Facilities
15 November 2024
Capital Markets Event
04 November 2024
12-year Fixed-Price Stackable Contract Secured
18 October 2024

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