Gresham House Energy Storage Fund plc

(“GRID” or the “Company“)

Capacity Market (CM) auction results

Gresham House Energy Storage Fund plc (LSE: GRID), the UK’s largest fund investing in utility-scale battery energy storage systems (BESS), is pleased to provide shareholders with an update on the 2023 Capacity Market auction results for the portfolio.

The latest T-1 CM auction concluded on 20 February 2024, clearing slightly higher than expected at a price of £35.79/kW. The Company has secured additional 1-year contracts across 13 of its Projects with a total derated capacity of 90.491MW. In total, the additional contracts are expected to generate £3.2mn of additional revenue from October 2024 to September 2025.

In the valuation process for the Company’s assets, CM revenues are only included where contracts are held at the date of valuation, therefore these new contracts are in addition to current revenue assumptions and are accretive to NAV. The NAV benefit from these contracts will be recognised at the next valuation date of 31 March 2024.

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc, said: “We’re pleased with these results from the latest annual Capacity Market auction, as well as their expected positive contribution to our NAV from 31 March 2024.

“One of the great attributes of battery energy storage systems is their flexibility. We can swiftly and remotely configure our software to tap a wide range of potential revenues available to BESS without needing to make any physical changes to hardware. These revenues include both contracted income such as the Capacity Market auction results we’re announcing today, as well as merchant, or trading, revenues