Harmony Energy Income Trust Reports 57% Revenue Growth

February 27, 2025

As major energy corporations scale back renewable investments, Harmony Energy Income Trust plc (HEIT) continues to expand its battery storage portfolio. While some global energy giants reconsider green strategies, HEIT has reported a 4.36% increase in its unaudited Net Asset Value (NAV) for the quarter ending 31 January 2025. The NAV now stands at £209.83 million, or 92.38 pence per Ordinary Share, up from 88.52 pence per share on 31 October 2024.

HEIT’s portfolio generated £9.7 million in revenue, equating to £97.8k per MW annually—a 57% increase from the previous quarter. The surge is driven by high wholesale market prices and increased activity in the balancing mechanism, underscoring BESS’s role in grid stability.

HEIT’s fully operational portfolio comprises eight 2-hour duration BESS projects, totaling 790.8 MWh/395.4 MW, including the Pillswood facility in Yorkshire and the Bumpers installation in Buckinghamshire.

In contrast, BP has announced a £5 billion annual reduction in renewable energy investments while increasing oil and gas spending. Other firms, such as Engie, have expressed hesitation due to policy uncertainties.

HEIT’s success highlights the growing importance of battery storage in the UK’s renewable energy transition. With increasing price volatility, long-duration BESS assets will play an even greater role in balancing supply and demand.

#EnergyStorage #RenewableEnergy #BatteryStorage #GridStability #CleanEnergy