Title: 242079365.pdf

URL Source: https://documentscdn.financialexpress.net/Literature/9B9C80FE29ED8B1AF1C56FCFAD84315F/242079365.pdf

Number of Pages: 2

Markdown Content:
Launched in 2018 , Gore Street Energy Storage Fund plc (LSE : GSF) is the 

only UK -listed energy storage fund with an internationally diversified 

portfolio located across five grids in Great Britain, the Island of Ireland, 

Germany, Texas & California .

# April 2026 

# Factsheet 

# www.gsenergystoragefund.com 

# 643.1 

# MW 

# 87.9p  

> As at 31 December 2025
> NAV PER SHARE SHARE VOLUME
> ENERGISED CAPACITY

# 1.16 

# GW 

> TOTAL CAPACITY

# £271.7m  

> As at 30 April 2026
> MARKET CAPITALISATION

# 53.8p  

> As at 30 April 2026
> SHARE PRICE
> [month] 2024

# 3.6m 

> Av. weekly share trading
> volume in April 2026

## Key Highlights 

• Augmentation works at the Stony and Ferrymuir sites, to increase their duration from 

1 to 2 hours, are progressing on schedule and on track for completion by Q3 FY 2026 .

• The UK Government announced plans to remove the Carbon Price Support (CPS) 

from April 2028 onward, about two years ahead of the forecasted date . The removal 

is expected to lead to a small decrease in GB BESS revenues from April 2028 to the 

end of 2029 , with no change expected from 2030 on . Further details are below .

• The Irish market regulator CRU issued a consultation on reforming network charges 

for energy storage 1. The Company responded in support of the proposed shift from 

the current Demand Transmission Use of System (TUoS ) model (including both a

volumetric and capacity charge) to a Generator TUoS model (including only a capacity 

charge) . This change would align charging structures across Northern Ireland and 

Republic of Ireland and is expected to materially reduce ongoing costs for asset 

owners . The consultation concluded on 13 May with new charges expected to take 

effect from October 2026 .

## UK Announces Power 

## Pricing Reform 

## Enderby Update 

The Company has reached consensus with NGET, NESO, and the EPC on the key parameters for 

modelling the connection at Enderby and resubmitted a significant portion of the Grid Code 

Compliance Information to include updated valuation studies and revised dynamic models . After 

NESO approval, the Company will initiate Grid Code Compliance Testing in early June 2026 , with 

COD targeted shortly thereafter .          

> 1. CRU 2. ESG News 3. Reuters 4. SP Global
> 5. Ofgem 6. Gov.UK

DESNZ and Ofgem are considering further reforms to the grid connections queue, including the 

potential removal of preferential treatment for batteries . This review follows a significant build -up 

in the pipeline ; approximately 14 .8 GW of battery projects above the Government’s 2030 target 

range have “Gate 2” (ready -to -connect) status .4 In response, authorities are seeking to better align 

the pipeline with system needs, targeting 23 -27 GW of installed battery storage capacity by 2030 .4

Around 221 GW of projects have already been removed from the main connections queue as part 

of the reforms . NESO and DESNZ expect some non -viable batteries to withdraw voluntarily .5 The 

Company’s only GB pre -construction project, Middleton, is well -positioned against this backdrop .

Middleton is materially advanced with a 2029 connection date and final investment date taken . The 

project has met all queue management milestones and holds “Protection 1” status, meaning it is 

not the type of project that these reforms intend to displace . The decision is expected to be 

positive for incumbent operational projects and those that have secured and protected grid 

connections, such as Middleton .

## Carbon Price Support Removal in GB 

On 16 April, the UK Government announced plans to remove the Carbon Price Support (CPS) 

mechanism from April 2028 onward . CPS currently imposes a fixed cost of £18 per tCO 2 on fossil 

fuel -based electricity generation, increasing the marginal cost of gas -fired power and supporting 

higher wholesale power prices .2 Its removal is therefore expected to modestly reduce marginal 

generation costs, price volatility, and overall GB power prices .3

The CPS mechanism was introduced in 2013 to discourage fossil fuel generation and accelerate 

the transition away from coal and was assumed to be phased out by 2030 to £0 per tCO 2. The 

decision brings forward its removal by about two years, resulting in (all else held equal) a small 

decrease in GB BESS revenues April 2028 to end of 2029 with no change from 2030 onward . The 

Company’s increasing proportion of contracted revenues, alongside its geographic diversification 

provides a degree of protection against this potential downside for the GB portfolio .

## Grid Connection Queue Reform Expected in GB 

On 21 April, the UK 

Government announced its 

plans to introduce measures 

to de -link electricity prices 

from gas prices .6 Proposed 

actions include offering 

voluntary long -term fixed -

price contracts (CfDs ) to 

existing low -carbon 

generators .

The Government highlighted 

that the impact of elevated 

power prices —driven by 

international fossil fuel 

markets —is already 

beginning to ease as new 

clean energy capacity comes 

online . As a result, the 

frequency with which gas 

sets the wholesale electricity 

price has fallen from around 

90 % in the early 2020 s to 

approximately 60 % today .6

For GB assets, a reduced 

reliance on gas in price -

setting, with greater price 

stability, may lead to more 

moderate wholesale power 

prices over time .This presentation has been prepared by Gore Street Investment 

Management Limited ("Gore Street") for information and discussion purposes 

only and should not be considered to be an offer or solicitation of an offer to 

buy or sell shares in the capital of Gore Street Energy Storage Fund plc (the 

"Company") . This document, any presentation made in connection herewith 

and any accompanying materials do not purport to contain all information 

that may be required to evaluate the Company and/or its financial position 

and do not, and are not intended to, constitute either advice or a

recommendation regarding shares of the Company .

This document is not intended to be relied upon as the basis for an 

investment decision and does not provide, and should not be relied upon for, 

accounting, legal or tax advice and each prospective investor should consult 

its own legal, business, tax and other advisers in evaluating any potential 

investment opportunity .

Neither the Company nor Gore Street or any other person makes any 

guarantee, representation or warranty, express or implied, as to the accuracy, 

completeness or fairness of the information and opinions contained in this 

document, and neither the Company nor Gore Street or any other person 

accepts any responsibility or liability whatsoever for any loss howsoever 

arising from any use of this document or its contents or otherwise arising in 

connection therewith .

In preparing this presentation, Gore Street has relied upon and assumed, 

without independent verification, the accuracy and completeness of all 

information available from public sources or which was otherwise reviewed 

by Gore Street . The information presented in this document may be based 

upon the subjective views of Gore Street or upon third party sources 

subjectively selected by Gore Street . Gore Street believes that such third -

party sources are reliable, however no assurances can be made in this 

regard . The information in this presentation has not been fully verified and is 

subject to material revision and further amendment without notice .

Distribution 

The distribution of this presentation in, or to persons subject to the laws of, 

jurisdictions other than the United Kingdom may be restricted by law and 

persons into whose possession this document comes should inform 

themselves about, and observe, any such restrictions . Any failure to comply 

with these restrictions may constitute a violation of the laws of the relevant 

jurisdiction .

Neither this presentation nor its contents may be distributed, published or 

reproduced, in whole or in part, by you or any other person for any purpose .

In particular, neither this presentation nor any copy of it may be : (i) taken or 

transmitted into the United States of America ; (ii) distributed, directly or 

indirectly, in the United States of America or to any US person (within the 

meaning of regulations made under the US Securities Act 1933 , as amended) ;

(iii) subject to certain exceptions, taken or transmitted into Canada, Australia, 

New Zealand or the Republic of South Africa or to any resident thereof ; or (iv) 

taken or transmitted into or distributed in Japan or to any resident thereof .

Any failure to comply with these restrictions may constitute a violation of the 

securities laws or the laws of any such jurisdiction . The distribution of this 

document in other jurisdictions may be restricted by law and the persons 

into whose possession this document comes should inform themselves 

about, and observe, any such restrictions .

Risks 

The value of investments and the income from them can fall as well as rise .

An investor may not get back the amount of money they invest .

This document may include statements that are, or may be deemed to be, 

forward -looking statements . The words "target", "expect", "anticipate", 

"believe", "intend", "plan", "estimate", "aim", "forecast", "project", "indicate", 

"should", "may", "will" and similar expressions may identify forward -looking 

statements . Any statements in this document regarding the Company's 

current intentions, beliefs or expectations concerning, among other things, 

the Company's operating performance, financial condition, prospects, growth, 

strategies, general economic conditions and the industry in which the 

Company operates, are forward -looking statements and are based on 

numerous assumptions regarding the Company's present and future 

business strategies and the environment in which the Company will operate 

in the future .

Forward -looking statements involve inherent known and unknown risks, 

uncertainties and contingencies because they relate to events and depend 

on circumstances that may or may not occur in the future and that may 

cause the actual results, performance or achievements of the Company to 

differ significantly, positively or negatively, from those expressed or implied 

by such forward -looking statements .

No representation or warranty, express or implied, is made regarding future 

performance or the achievement or reasonableness of any forward -looking 

statements . As a result, recipients of this document should not rely on 

forward -looking statements due to the inherent uncertainty .

Save as required by applicable law or regulation, the Company undertakes no 

obligation to publicly release the results of any revisions to any forward -

looking statements in this document that may occur due to any change in its 

expectations or to reflect events or circumstances after the date of this 

document . No statement in this document is intended to be, nor should be 

construed as, a profit forecast .

This document includes track record information regarding the Company and 

Gore Street . Such information is not necessarily comprehensive and potential 

investors should not consider such information to be indicative of the 

possible future performance of the Company or any investment opportunity 

to which this document relates . The past performance of the Company or 

Gore Street is not a reliable indicator of, and cannot be relied upon as a

guide to, the future performance of the Company .

The Company is a listed fund and returns to investors are based on share 

price, not net asset value ("NAV") . The fund can trade at a discount or a

premium to NAV and this changes over time . As at 15 May 2026 the 

Company is trading at a discount of 41 % to the NAV as of 31 December 2025 .

# Disclaimer 

Investment Manager 

Gore Street Capital        

> Alex O’Cinneide /Ben Paulden
> T+44 (0) 20 4551 1382

Sponsor and Co -broker 

Shore Capital     

> Anita Ghanekar (Corporate Advisory)
> Fiona Conroy (Corporate Broking)
> T +44 (0) 20 7408 4090

Co -broker 

J.P. Morgan Cazenove       

> William Simmonds (Corporate Broker )
> T+44 (0) 20 3493 8000

Public Relations 

Burson Buchanan         

> Henry Wilson / Henry Harrison -
> Topham / Nick Croysdill
> T+44 (0) 20 7466 5000
> Egorestreet@buchanan.uk.com

Investor relations:  ir@gorestreetcap.com 

# April 2026 

# Factsheet