Gore Street Energy Storage Fund PLC Fund Data

In mid-March, a brief heat wave in California drove higher electricity demand and sharper evening price peaks, highlighting the value of BESS during periods of system stress. Average temperatures were $c.6^{ ext{°C}}$ warmer year-on-year, lifting demand by $7 ext{%}$, which helped CAISO merchant revenues rebound to $4.97/MW/hr in March—nearly double February levels. In addition to merchant revenues, the Big Rock asset delivered on its Resource Adequacy contract during the period. The month also marked a structural milestone for storage in CAISO. During the evening peak on 29 March, batteries delivered 12.3 GW, around $43 ext{%}$ of total grid demand and equivalent to the output of six Hoover Dams. Trends demonstrate that batteries are both now a primary reliability resource and a source of security during demand shocks, reinforcing the long-term case for storage.

In mid-March, a brief heat wave in California drove higher electricity demand and sharper evening price peaks, highlighting the value of BESS during periods of system stress. Average temperatures were $c.6^{ ext{°C}}$ warmer year-on-year, lifting demand by $7 ext{%}$, which helped CAISO merchant revenues rebound to $4.97/MW/hr in March—nearly double February levels. In addition to merchant revenues, the Big Rock asset delivered on its Resource Adequacy contract during the period. The month also marked a structural milestone for storage in CAISO. During the evening peak on 29 March, batteries delivered 12.3 GW, around $43 ext{%}$ of total grid demand and equivalent to the output of six Hoover Dams. Trends demonstrate that batteries are both now a primary reliability resource and a source of security during demand shocks, reinforcing the long-term case for storage.