Downing Renewables & Inf... Share Discussion Threads

[jonwig] 18/9/2023 07:21

H1 results:



Swedish hydro seems fine, and the rest, too.
Presentation tomorrow at 11:00.

[jonwig] 08/9/2023 07:22

I see the gov't is failing to get bids for new offshore wind projects, as the power prices on offer are too low, but construction costs are inflated.

DORE has zero exposure to this, but if power prices are raised, it should help the solar portfolios. UK gov't is in a bind, as it doesn't want high consumer pricss and doesn't want to subsidise.

I'm concerned about stresses with Swedish hydro. Has drought affected generation?

[gateside] 08/9/2023 07:11

Interim results for the six-month period ended 30th June 2023 will be announced on 18th September 2023

[jonwig] 13/7/2023 07:10

Another small acquisition in Sweden:

[jonwig] 19/6/2023 07:16

New acquisition:



I'd no idea what shunt reactive power involves. Here's a fairly accessible explanation;

[gateside] 30/5/2023 07:33

Decent update.

Goes ex-dividend this week, which is paid on 30th June.

Happy to remain invested here.

[jonwig] 30/5/2023 07:19

Trading -



Small fall in NAV owning to lower power prices in Sweden.
Interesting statement: "It shows the strength of the Company that our discount rate is among the highest in the sector". It's 7.7%.

[jonwig] 27/4/2023 07:25

Big purchase of UK solar assets:



and confirmation of at least 1.4x cash dividend cover:

[jonwig] 03/4/2023 07:22

Yup, good stuff!

Asset values doing well, dividend increasing and well-covered. Still at a discount though, so no new equity fundraising.

[gbcol] 03/4/2023 07:17

Excellent results. Very happy to hold this one, the Scandinavian/hydro focus gives good diversity and it has performed very well since IPO.

[gateside] 30/3/2023 13:37

Results next week on the 4thShare price edging back upwards by the looks of things

[jonwig] 24/3/2023 07:50

Agreed - actually trading above the issue price is an achievement in itself!

[gbcol] 24/3/2023 07:41

Share buyback announced which I would say is overall a positive move considering the discount to NAV. I think other trusts and funds, some of which have much bigger discounts to NAV than DORE, could make better use of share buybacks.

I acknowledge that buybacks aren’t a cure-all but definitely think they have a place.

[jonwig] 16/3/2023 08:19

Yes, and good to see that hey aren't being seriously hit with windfall taxes.

[gbcol] 16/3/2023 07:52

Another very good update today. I like DORE and think it will continue to be a solid performer in the medium term. Recent share price fall is disappointing but I don’t think that is really DORE specific and is largely irrelevant short term if, like me, you are here for divi and as long term hold.

[jonwig] 17/10/2022 08:11

Update, possible impact of windfall tax:



EU, should be no effect. UK, affected if ceiling is set very low. (£82/MWh a key number.)

[jonwig] 15/9/2022 08:41

HY results:



All looks good, and a key thing, EU windfall tax on renewables is apparently negligible for DORE:

The Company notes the recent announcements made by the European Commission regarding the potential introduction of a cap of EUR180/MWh on energy generated from renewable sources in Europe (not including the UK). The Company has made a series of investments in hydropower and wind farms in Sweden. The valuation as at 30 June 2022 included price forecasts that exceeded this level in one market, SE4, for calendar year 2022 only. If this cap were to be introduced from 30 September 2022, initial analysis indicates that this would impact revenues by less than £150,000 or less than 0.01% of NAV.

[jonwig] 14/9/2022 13:49

HY results are tomorrow, 15th.

FT today has:

The EU is planning to raise €140bn from energy companies’ profits to soften the blow of record high prices this winter, in what would amount to a new bloc-wide levy in response to the crisis over Ukraine.

A proposed windfall tax on power companies that do not burn gas, the price of which has recently soared, would be accompanied by other measures on fossil fuel groups.
Swedish hydro would be a prime target: cheapest to generate, and sales determined by gas prices.

[jonwig] 04/9/2022 11:47

Interims are due this month, could even be tomorrow. There's scarcity of news on any drought, but Sweden is having to support power generators which use gas.

It will be interesting so see how hydropower figures: high revenues set ahainst low output? Or what?

[gateside] 24/8/2022 07:02

The Board of DORE is pleased to declare an interim dividend in respect of the period from 1 April 2022 to 30 June 2022 of 1.25 pence per Ordinary Share.

The dividend will be paid on or around the 30 September 2022 to shareholders on the register on 2 September 2022. The ex-dividend date will be 1 September 2022.

[cc2014] 19/8/2022 08:57

AERS report in latest factsheet that "In the Nordics, the increase in power price levels has been driven by a reduction in hydro reservoir levels and the impact of a sigificantly more bullish interconnnected Continental European and UK markets"

I would think the additional income from higher prices would likely outweigh a shortfall in production (at least for the next year)


Having said all that I sold mine at a couple of weeks ago at around 116.5p.

[jonwig] 18/8/2022 10:01

Interesting fact: Norway is suffering extreme drought conditions which are reducing its hydropower generation. It may lead to rationing of supplies to abroad.

There are no reports which I can find of drought in Sweden this year, though Sweden is prone to them, then last in 2018, I believe.

[gateside] 18/8/2022 09:53

Very strong performance.Interims were on 2nd September last year. So shouldn't be long to wait for this year's results.

[jonwig] 28/7/2022 11:46

Maybe not all that relevant, but Sweden is trialling a coal-free steel-making plant (using hydrogen) powered by hydro-electricity, the cheapest energy source in Europe.

[gateside] 28/7/2022 11:25

Very encouraging rise in the share price. Must be due a NAV update soon.