Harmony Energy (HEIT) reported a 1.4% drop in NAV to £215.43m or 94.84p per share over the quarter to 31 July 2024. The decrease was mainly driven by a negative mark-to-market valuation of the company’s interest rate swap (-1.15p), partly offset by the positive revaluation of its Rusholme project following energisation (+0.30p).
Target commercial operations dates for the two remaining battery energy storage projects in the portfolio remain on track for end of September 2024.
Annualised portfolio revenues of £45.3k/MW for the three month period ended 30 June, were driven by lower wholesale market spreads (less volatile intraday electricity prices) across the period, and low portfolio availability in June.
Captured balancing mechanism volumes continue to grow, with May 2024 seeing a new monthly high.
Increased levels of wind and solar generation in August have meant more volatile prices and higher revenue.
The asset sale process underway, aimed at seeking offers for some or all of the company’s assets, is progressing. Interest from potential bidders is strong and indicative non-binding offers are expected before the end of September.
HEIT : Harmony Energy Income confirms strong interest in its assets
