Edison Analyzes Gresham House Energy Storage Fund's Performance

Edison Investment Research Limited has released a report on the Gresham House Energy Storage Fund (GRID). The fund showed a robust H125 performance with underlying portfolio revenues up by 76.9% year-on-year to £31.7 million and EBITDA increasing by 97.6% to £20.5 million. This growth was driven by enhanced revenue rates and expanded operational capacity, now reaching 1,072 MW. However, the NAV per share fell by 1.5% to 107.71p, mainly due to reduced third-party revenue forecasts, which had an 11.54p negative impact but were partially offset by operational gains.

The board has chosen to reinvest rather than distribute significant cash dividends through 2026, focusing on a three-year plan to double capacity to 3.5 GWh by 2027-28. This strategic decision underscores management’s confidence in the fund's growth potential. As of June 2025, GRID’s net debt was £111.8 million. The management also stressed the optimistic industry outlook, supported by the National Energy System Operator’s plans to increase battery usage.