Editing Openai/6914efcd-d7d8-800a-85de-4212b5b63948 (section)

=== - Timing & Grid connection — National Grid’s connection reform remains an explicit gating risk (company notes this). Delays materially postpone revenues. Ampeak Energy<ref>{{cite web|title=Ampeak Energy|url=https://ampeak.energy/wp-content/uploads/2025/09/25-06-Ampeak-Interim-Report_FINAL.pdf|publisher=Ampeak Energy|access-date=2025-11-13}}</ref> ===
* Execution & funding — Big projects need large project finance and some equity commitment; if the company must raise equity at depressed share prices, dilution can wipe out per-share returns. (I modelled dilution.) Ampeak Energy<ref>{{cite web|title=Ampeak Energy|url=https://ampeak.energy/wp-content/uploads/2025/09/25-06-Ampeak-Interim-Report_FINAL.pdf|publisher=Ampeak Energy|access-date=2025-11-13}}</ref>
* Market stacking / price cannibalisation — If many large BESS enter the same market, energy-stack revenue per MWh could fall — that’s why I used 60%/40% scaling assumptions.
* MeyGen (tidal) complexity — tidal is capital heavy and expansions require CfD / grid work; but the CfDs already awarded materially de-risk parts of MeyGen cashflows. Research Tree<ref>{{cite web|title=Research Tree|url=https://www.research-tree.com/companies/uk/generic-electricity/ampeak-energy-limited/research/zeus-capital/simec-atlantis-energy-sae-ln-further-meygen-cfd-award/2ab1f0c5-65c6-48ad-9e44-2309ea47b515|publisher=Research Tree|access-date=2025-11-13}}</ref>