Harmony Energy Income cuts Q4 dividend and weighs up asset sales to pay down debt

Follows similar move by GRID

Valeria Martinez
clock • 2 min read

Harmony Energy Income (HEIT) is the latest energy storage investment trust to cancel its fourth-quarter dividend due to weak revenues in the sector, as it considers asset sales to reduce debt and stabilise its position.

In a stock exchange notice today (2 February), the trust said it had decided not to declare the 2p dividend for three months to 31 January 2024, given the persistent weakness in the revenue environment for batteries in the UK. "Battery energy storage system revenues for the year ended 31 October 2023 were markedly lower than revenue generated in the same period in 2022," the board said.  "While a reduction from the remarkable highs of 2022 was expected and built into third-party revenue forecasts, the scale and the speed of the reduction has exceeded market expectations." Gresham H...

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