Energy storage fund Gore Street has reported a strong final quarter in its financial year across its UK asset base.
During the final quarter of the Company’s financial year, from 1 January to 31 March 2022, Gore Street’s GB assets averaged £19 per megawatt hour (MWh) during the quarter, with February being the strongest month.
Revenue per MWh in Q1 2022 was 65% higher when compared with the same quarter last year at 22% and higher than the 2021 quarterly average.
The company’s energy storage installations achieved good technical availability of 96% during the quarter, Gore Street said.
Furthermore, revenue from Gore Street’s two Northern Ireland assets exceeded forecast, particularly in February when they achieved an average price of £31/MW/hour, contributing £2m of net revenue in February alone, towards the £4.9m net revenue achieved in the quarter by these assets.
Outside of the UK Gore Street’s newly acquired operational asset in Germany, Cremzow secured an average price of €17/MW/hour in the quarter, above forecast at acquisition, with March being the strongest month (€20/MW/hour).
The newly acquired three US operational assets in the ERCOT market in Texas generated net revenue within their budgeted range, averaging $18/MW/hour in the month of March, following their acquisition in early March.
Gore Street stated the new financial year has started well across the company’s asset base.
In GB in April, National Grid released an auction for a new service called Dynamic Moderation, in which Gore Street successfully participated.
Dynamic Moderation is part of a suite of services aimed at replacing Fast Frequency Response in the near future.