Important information

Gore Street, London's first energy storage fund supporting the transition to low carbon power, is pleased to announce that it is now participating in the National Grid's new Dynamic Containment Service and will have most of its operational portfolio participating from 1 April 2021.

Like Frequency Response, Dynamic Containment is a service to contain the grid's frequency within the statutory range of +/-0.5Hz in the event of a sudden demand or generation loss. The difference is that Dynamic Containment requires a faster response and should manage the imbalance in frequency in under a second.

In January 2021 National Grid permitted stacking of Dynamic Containment services with Balancing Mechanism participation, enabling energy storage operators to optimise revenue strategy by unlocking additional value. The National Grid's Dynamic Containment service will further optimise the increasingly important issue of balancing grid supply and demand.

Since October 2020, Dynamic Containment has paid an average of £17.0 MW/hr, well above the recent average Fast Frequency Response prices, of £6.5 MW/hr over the same period. If this pricing trend continues, this new service could provide Gore Street with a significant uplift in revenue across over 90MW of operational assets in GB. This new revenue stream operates alongside fast frequency revenue streams and the Company believes that current Dynamic Containment prices may result in a material uplift in the Company's revenue for the current calendar year^[1].

Alex O'Cinneide, CEO of Gore Street Capital, the Company's investment manager commented:

"We are delighted to announce our participation in the new Dynamic Containment Service developed by the National Grid, which could create a material uplift in the Company's revenue across the majority of our operational portfolio if the pricing trends continue.

Gore Street is excited to take part in this service which reinforces the benefits of our revenue stacking model, enabling our assets to participate in multiple contracts to generate significant value. We look forward to potentially adding further assets to the service over time and as leading experts in the sector, will continually seek further revenue streams to add accretive value for our shareholders."

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

For further information:

Buchanan (Media enquiries)

Notes to Editors

About Gore Street Energy Storage Fund plc

Gore Street is London's first listed energy storage fund and seeks to provide Shareholders with a significant opportunity to invest in a diversified portfolio of utility scale energy storage projects. In addition to growth through exploiting its considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its Shareholders.   

The Company targets an annual dividend of 7.0% of NAV per Ordinary Share in each financial year, subject to a minimum target of 7.0 pence per Ordinary Share. Dividends are paid quarterly.

Disclaimer

This announcement has been issued by, and is the sole responsibility of, Gore Street Energy Storage Fund plc (the "Company").

This announcement is for information purposes only and is not intended to and does not constitute or form part of any offer or invitation to purchase or subscribe for, or any solicitation to purchase or subscribe for shares in any jurisdiction in which such an offer or solicitation is unlawful.

The information and opinions contained in this announcement are provided as at the date of the announcement and are subject to change without notice and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein.

The information in this announcement may include forward-looking statements, which are based on the current expectations, intentions and projections about future events and trends or other matters that are not historical facts and in certain cases can be identified by the use of terms such as "may", "will", "should", "could", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereof) or other variations thereof or comparable terminology. These forward-looking statements, as well as those included in any related materials, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions about the Company and other factors, including, among other things, the development of its business, trends in its industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur and actual results may differ materially from those expressed or implied by such forward looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.