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Ecofin Water&powr Opportunities Investors - ECWC

Share Name	Share Symbol	Market	Stock Type
Ecofin Wtr.Cap	ECWC	London	Ordinary Share

	Price Change	Price Change %	Share Price	Last Trade
	0.00	0.00%	460.00	01:00:00

Open Price	Low Price	High Price	Close Price	Previous Close
			460.00	460.00

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Top Investor Posts

Top Posts
Posted at 22/4/2009 11:58 by praipus Read recently that after the Great Crash of 1929 stock prices were 50% below their highs. In the following two years they dropped a futher 80%. Read somewhere else utility stocks are under pressure now as investors sell defensives to buy bank and commercial property shares. Converting as well as having sold some ECWC to make market purchases of ECWO. Read Full Thread Reply
Posted at 10/4/2009 13:50 by asmagliocco Yes, the bonus shares are a sweetener that's hard to ignore for anyone willing to stay invested in the sector and with this proven company. FWIW (for I really am a small-scale investor), I'm minded to convert all my ECWC to the ordinaries, unless of course I hear a convincing case for not doing so... Read Full Thread Reply
Posted at 27/2/2009 13:56 by david77 from today's MoneyWeek: Fund of the week Ecofin will power through recession Even in a falling market, the firms that generate our power and keep our water pumping should beat other stocks. After all, we can’t do without these services.Yet the EcofinWater & Power Opportunities Trust, run by Bernard Lambilliotte, has fallen 26.4%, against a 32.3% drop for the FTSE All-Share over one year. So is this utilities fund really a defensive bet? Wins Investment Trusts believes so.There are short-term hurdles to overcome, not least falling electricity demand as the global economy slows, but Wins believes that “long-term growth in demand for energy” and “the huge investment required to make up for years of underinvestment̶1; should support the sector, says Investors Chronicle. Over half of the firms in the Ecofin portfolio are based in the UK or Europe, with around 27% in US assets, such as ITC Holdings.This is a holding firm that invests in other firms involved in electricity transmission projects across America.That should put it in a good position to benefit from Obama’s plans to boost the economy through national infrastructure, says Ecofin. While 70% of its holdings are in electricity firms, they’re not all big utilities like British Energy. It recently took a 10% stake in Hansen Transmissions, which makes gearboxes for wind turbines and has contracts with four of the biggest global wind-turbine manufacturers. Gearboxes are highly customised, so for a wind-turbine maker, changing suppliers is a costly and time-consuming business. That means Hansen should be fairly resilient to a slowdown in the sector, given the high barriers to entry.Trading on a discount of 7.7%, and yielding 3.8%, the fund looks good value. Contact: 020-7451 2929 Read Full Thread Reply
Posted at 21/8/2008 16:27 by praipus As allways my pleasure Clusium. It is useful to run through your reasons for staying in an investment from time to time. I dont know anything about Unit Trusts the bid offer spread allways seemed to be massive and the funds churned too regularily. Things have probably changed now though. Sleep: Benjamin Graham says you should subtract your age from 100. Put the percentage representing your age in bonds and the remainder in equities. John Murray said many investors these days see utility equities as being between bonds and equities in terms of risk so I'm 100% utility equities (UTL,ECWC,UEM allowing). Read Full Thread Reply
Posted at 21/8/2008 10:27 by praipus I didn't go either. Linhur did, post 1941. The ECWO chart doesn't look pretty but if you compare it to the FTSE UKX it looks quite good and it looks obvious which anyone would rather be invested in. I share your frustration I think we have had five very good years and got use to anything with Ecofin associated with it going up. Now is probably the time to be loyal IMHO because Ecofin would be just the chaps a distressed Bank or Private Equity house would use to re-float their utility assets to spectacular affect. NWG all over again perhaps. You are probably right thinking 2009 increases investor uncertainty Ecofin has always had that and it is possibly to our advantage. I am still a buyer of ECWC they make a lot less investment mistakes than I do. If there are no other compelling choices in March 2009 I will be happy to convert to ECWO. Are you still investing in the underlying? PNN, BGY etc Read Full Thread Reply
Posted at 20/8/2008 21:10 by praipus Got this from the ECO BB......amazing news greenisgood - 20 Aug'08 - 19:29 - 128 of 129 For those unfamiliar with the significance of the recently announced EU CITL link-up to the UN system for ECO the following article from poweralternatives.com should explain: "August 20, 2008 Carbon Trading: The EU And The UN Finally Get Their Ducks In A Row By Ivor Watt It may not have been widely heralded, but earlier this month it was announced that testing to establish communication between the UN and the European Union carbon registries had been successfully completed. Unheralded, yes, but for the EU's carbon trading system, and also for several UK-listed companies, vitally important. Although the EU Emissions Trading System (ETS) is the most - indeed the only - established mandatory cap and trade system for carbon emissions in the world, it has been under threat of stalling of late, due to the lack of communication with the UN International Transaction Log. This disconnect was threatening to unhinge the relationship between polluters in the developed world and the creators of carbon credits in the developing world. But the latest moves mean that carbon emissions reduction certificates created in the developing world under UN initiatives can now be transferred into the EU system, freeing up what was threatening to become a debilitating bottleneck in the system. The official launch of communication between the two systems hasn't happened yet but should do so before the end of the year. The final confirmation of the two systems' ability to communicate removes one of the last major uncertainties in the EU's carbon trading system and should now allow member states to issue their national allocation plans for domestic industries, which determine how much carbon companies are allowed to emit. Some countries had been using the lack of communication as a reason to withhold their allocation plans, adding to the uncertainty about the system. Confirmation of communication between the registries is of great significance to several companies that specialise in aggregating portfolios of carbon credits in the developing world, where they are issued under the auspices of the UN's Clean Development Mechanism, and then selling them into the EU system to companies who are overshooting their emissions targets. These carbon trading companies were facing up to a potential cash flow problem in that credits they had forward sold, or promised, to clients were stuck in the system and unavailable for physically delivery. As a result their payment for said credits was also held up. But now Camco International, EcoSecurities and Trading Emissions can all continue to build their portfolios in the confidence that the credits produced can be sold into the EU system. Investors who have seen the value of their investments in these companies slide in the past year due to uncertainties in the system should begin to see the share prices in these companies recover, as they recover the ability to prove the value inherent in their portfolios. All three companies have seen their share prices suffer as investors have switched to more established sectors. In the meantime, sentiment toward carbon credit portfolio aggregators has not been helped by the demise of one-time rival AgCert, nor by a profit warning from EcoSecurities issued last year. Another company which has been unaffected by such tribulations, but which will also welcome the news of the removal of further uncertainty from the EU ETS system is Climate Exchange. Climate Exchange has been one of the biggest successes on London's Alternative Investment Market (Aim) over the past year, as it has enjoyed being perceived as a proxy for the growth of the carbon trading market itself, through its operation of the European Climate Exchange, the dominant clearing platform for carbon trades in the EU. With volumes rising incessantly and Climate Exchange seemingly maintaining its market share, the the removal of further uncertainty can only help its cause. As the carbon market continues to mature, and the communication between the two registries aids this, the participants who have struggled to establish themselves over the past few years may finally begin to see the fruits of their labours realised Read Full Thread Reply
Posted at 15/7/2008 09:38 by praipus Bangor: If it isn't broke don't fix it. Re: TCI and J-Power J-Power I imagine will at some point need to make itself beautiful for foreign investors. It will need to invest heavily to update and add to its Nuclear and alternative power sources. Apparently they have to import all their oil so at current prices that cant be a happy long term scenario. Read Full Thread Reply
Posted at 03/7/2008 18:01 by praipus There must be quite a few options ranging from liquidating some of the top ten, new loan facility or perhaps a further capital raising. I notice UEM obtained another £85m quite easily not very long ago. If investors are prepared to give £12bn in new cash to the likes of NatWest for a chance to own part of its awful balance sheet Ecofin would be able to attract more capital with ease I imagine. Read Full Thread Reply
Posted at 04/1/2008 23:13 by praipus Scottish & Sthn.Engy Acquisition RNS Number:1465L Scottish & Southern Energy PLC 04 January 2008 SCOTTISH AND SOUTHERN ENERGY PLC AGREEMENT TO ACQUIRE AIRTRICITY HOLDINGS LIMITED Scottish and Southern Energy plc ("SSE") has today entered into an agreement to acquire Airtricity Holdings Limited ("Airtricity") from its current shareholders. Airtricity is a well established Dublin-based renewable energy company developing and operating wind farms in the UK, Ireland, continental Europe and China and supplying electricity to mainly commercial customers in Ireland. The agreement is subject to clearance by the Irish Competition Authority and by the Irish and Northern Ireland energy regulators and the acquisition is expected to be completed in the first quarter of 2008. Airtricity disposed of its North American business unit in October 2007 and the proceeds from this disposal remain within the business. Enterprise Value and Consideration The implied equity value of the business being acquired is Euro1,080m. In addition, SSE will assume liability for Airtricity's net debt, of Euro375m (based on the effective acquisition date of 31 August 2007), giving an enterprise value of Euro1,455m for the business being acquired. In addition to the equity value of Euro1,080m, Euro746.5m will be paid in consideration for the net proceeds received by Airtricity for the disposal of its North American business, resulting in a total cash consideration of Euro1,826.5m. The consideration will be funded from facilities provided by Barclays Bank plc and The Royal Bank of Scotland plc, part of which will be repaid shortly after completion, using cash in Airtricity. Principal Assets The principal assets of Airtricity which SSE will acquire comprise (net of joint venture interests): * a 308MW (megawatt) portfolio of operating onshore wind farms in Scotland, Northern Ireland and the Republic of Ireland; * a 187MW portfolio of onshore wind farms in Scotland, Northern Ireland and the Republic of Ireland which have full consent and are under construction, and on which Euro77m had so far been invested by 31 August 2007; * a further 104MW of onshore wind energy capacity in Scotland, Northern Ireland and the Republic of Ireland which has full consent but is not yet under construction; * a 50% stake in a 504MW offshore wind farm development, with full consent, at Greater Gabbard off East Anglia. Subject to a final investment decision, construction work on the first phase is expected to start later this year and turbines have been reserved; * a 288MW offshore wind farm in Germany which has full consent; * the 483MW onshore wind farm proposed for Clyde, between Biggar and Moffat in southern Scotland, which is at an advanced stage in the consent process; * a 1,434MW portfolio of other onshore wind energy projects in the UK and Ireland that are in various stages of development but not yet with full consent; * an option to participate in a 350MW offshore wind farm in Ireland; * a 1,222MW portfolio of early stage European wind energy development projects in Portugal (587MW) and the Netherlands (635MW; offshore); * a 6,675MW portfolio of wind energy development projects in China; and * an electricity supply business providing power to around 35,000 mainly commercial customers in Ireland, with related trading and risk management functions operating in the all-island electricity market. In summary, the acquisition will: * increase SSE's total operating portfolio of renewable energy, including hydro, pumped storage and biomass, to just over 1,900MW; * increase its portfolio of operating wind energy capacity from 170MW to almost 480MW, making it the largest wind farm operator in the UK and Ireland; * increase its portfolio of onshore wind farms with full consent and/or under construction to just over 400MW; * give it 540MW of offshore wind farm developments with consent; and * give it a new wind energy development portfolio of almost 10,000MW. On this basis, SSE expects to have over 3,500MW of operating renewable energy capacity, including hydro, pumped storage and biomass, by 2013. To complement this, SSE will continue with the development of other electricity generation options designed to achieve cleaner and more efficient power production, such as those set out in its statement on 1 October 2007. In addition, SSE will benefit from the strong expertise and enterprise of the more than 300 people who currently work for Airtricity in Dublin, Omagh and elsewhere, including key members of the management team, and who will join the SSE group upon completion of the acquisition. It will also acquire the Airtricity brand, which is already well-established in Ireland. In line with this, Airtricity will continue to operate as an identifiable and distinctive business within the SSE group from Dublin. Context SSE has entered in to the agreement to acquire Airtricity following seven major public policy developments which took place during 2007, all of which point towards a material step-change in the amount of renewable energy that will be required in the future: * The adoption by the European Union (EU) of a legally-binding target of 20% for the proportion of all energy to be derived from renewable sources, in pursuit of its goal of a sustainable, competitive and secure supply of energy. * The confirmation by the Prime Minister that the UK government is ' completely committed' to meeting its share of the EU target and that 'as the urgency of tackling climate change and achieving energy security increases, the case for more renewables has become compelling'. * The statement by the Irish government that, by 2020, one third of the electricity consumed in its economy will come from renewable sources. * The decision by the Scottish government to adopt a new target to generate 50% of Scotland's electricity from renewable sources by 2020. * The announcement by the UK government of proposals for a potential major expansion of offshore wind energy generation. * The signing of the Treaty of Lisbon, which classifies energy as a 'shared competence', in which the ability to legislate is shared between member states and the EU. * The completion of the UN Climate Change Conference which culminated in the adoption of the Bali roadmap for a post-2012 international agreement on climate change. SSE believes that these developments will require the EU, including the UK government, to put in place a framework to ensure that around 35% of electricity is generated from renewable sources by 2020, with the maximum possible contribution from all renewable energy technologies. This compares with 4.6% in the UK, according to the government's latest digest of energy statistics, and with the UK's current projection for 2020 of around 15%. Opportunities The acquisition of Airtricity will provide SSE with eight major opportunities over the next decade and beyond: * It will reinforce SSE's position as the UK's leading generator of electricity from renewable sources, through the acquisition of operating, consented and proposed onshore and offshore wind farm developments. * It will further balance SSE's electricity generation portfolio - which will immediately comprise over 4,500MW of gas- and oil-fired capacity, 4,000MW of coal-fired capacity (with biomass 'co-firing' capability) and over 1,900MW of hydro, wind and biomass capacity - and reduce its exposure to volatile commodity prices for fossil fuels. * It will add to SSE's existing portfolio of renewable energy developments and so provide SSE with a major new range of investment opportunities from which to secure growth over the next decade. * It will give SSE scope to develop a substantive offshore wind farm capability, building on its existing involvement in the Beatrice Wind Farm Demonstrator Project. * It will enable SSE to advance its position significantly in the single electricity market in Ireland - in which it began actively trading in November 2007 - with the acquisition of over 400MW of onshore wind farm capacity operating or with consent in Ireland and an established commercial electricity supply business. * It will extend the scope of SSE's renewable energy interests to continental Europe, thereby giving it development and operational activity in new geographical locations and so adding to its experience of European energy issues. * It will provide opportunities for broader engagement with suppliers of wind turbines and provide a stronger base from which to secure synergies in procurement of renewable energy equipment. * It will increase SSE's interests in China, which is likely to have an increasing impact on developments in wind energy and carbon trading, and give it further insight into the economic, technology and procurement issues that prevail there. Furthermore, Airitricity is widely-recognised as a leading wind energy company and SSE's long-term development will clearly benefit from working with the team of people who have achieved this. After the completion of the acquisition, and in the light of its enhanced renewable energy capability, SSE will review its current target of reducing the amount of carbon dioxide per kilowatt hour of electricity, produced at power stations in which it has an ownership or contractual interest, by 20% over the ten years to 2016. Financial Impact As at 31 March 2007, Airtricity's gross assets (excluding its North American operations) were Euro880.8m. In the year to 31 March 2007, its non-North American operations delivered earnings before tax of Euro0.2m. This reflects the fact that a significant part of the value of Airtricity lies in wind farm developments that are in, or are pre, construction or are relatively new. The purchase of Airtricity meets the criteria which SSE sets for acquisitions: SSE has rigorously assessed the cashflows of the projects in the Airtricity portfolio and consistent with its long-established financial principles the acquisition is expected to create shareholder value. To monitor financial performance over the medium term, SSE focuses on earnings per share and the acquisition is expected to enhance earnings from 2011, and thereafter. In the meantime, SSE will make significant investments in the wind energy developments acquired from Airtricity, as well developing its other electricity generation options. SSE's dividend target of at least 4% annual real growth in 2008, 2009 and 2010 is unchanged. The acquisition, and the investment opportunities it yields, are expected to help maintain this track record of dividend growth well into the second decade of this century. Risk Management In its Annual Report 2007, SSE set out four principal categories for the risk factors that may affect it, two of which were the impact of public policy or regulatory developments in the areas of energy and the environment and the impact of the weather on its interests in the generation of electricity from renewable sources (and in energy supply and in energy distribution also). The acquisition of Airtricity has been considered in the light of these factors. SSE is satisfied that the public policy developments that occurred in support of renewable energy during 2007 and which are likely to occur in the future, and the balanced nature of its enlarged renewable energy portfolio, and of its generation portfolio overall, mean these risks are low. It is also satisfied that a much greater risk lies in an inability to respond to environmental and energy security trends apparent in the UK, Ireland and elsewhere. Sir Robert Smith, Chairman of SSE, said: 'The acquisition of Airtricity, a leading international player in the renewables sector, will support the achievement of SSE's first responsibility to shareholders - the delivery of sustained real growth in the dividend - and should help to maintain our dividend track record in the next decade. It is the right deal at the right time for SSE, Airtricity and for renewable energy generally. I am now looking forward to the conclusion of the acquisition process and then making real progress on the many opportunities it will bring over the next decade and beyond.' Ian Marchant, Chief Executive of SSE, said: This agreement reinforces SSE's position as the UK's leading generator of electricity from renewable sources. It has been made possible by our carefully-maintained balance sheet strength, which gives us the means to respond speedily to opportunities to acquire assets, and by the immensely thorough and detailed evaluation of Airtricity which the SSE team has been able to complete in the past few weeks. The combination of SSE's and Airtricity's interests in renewable energy will provide an excellent platform for future growth, which will be made much more achievable by combining SSE's financial strength with Airtricity's outstanding ability in project development. I am looking forward to working with the Airtricity team. 'Seven major public policy developments took place during 2007 alone, all of which point towards a material step-change in the amount of renewable energy that will be required in the future. The range of investment opportunities now available to SSE in renewables will become increasingly important as the world becomes more carbon constrained and the EU becomes more concerned about energy security. Demand for renewable energy is only going to go up. 'In one step this acquisition moves SSE forward in onshore wind, offshore wind, Ireland, Europe and China and gives added momentum to the increasing scale and broadening scope of SSE's activities which has been achieved over the past few years. 'At the same time, the full potential of the acquisition will only be fulfilled if there is complete adherence to SSE's fundamental principles - in particular the effective management of core businesses and rigorous analysis of investments to ensure they are well-founded. These will continue to be hallmarks of the enlarged SSE which will result from this acquisition.' Investor Presentation SSE will stage a presentation for investors and analysts on its sustainable energy activities and strategy during March. Additional Note Airtricity is a private company whose current shareholders include NTR, Ecofin, private individuals and members of the management team. Telephone Conference Call There will be a telephone conference call for analysts and investors at 0830 GMT on Monday 7 January. UK dial in: 0845 113 0049 International dial in: +44 (0) 1452 542303 Enquiries to: Scottish and Southern Energy plc Alan Young - Director of Corporate Affairs +44 (0) 845 0760 530 Justyn Smith - Head of Media Relations +44 (0) 845 0760 530 Sally Fairbairn - Investor Relations Manager +44 (0) 845 0760 530 Financial Dynamics Andrew Dowler +44 (0)20 7831 3113 Lexicon Partners Read Gomm and Hichem Zebidi +44 (0)20 7653 6000 This information is provided by RNS The company news service from the London Stock Exchange END Superb news....well done Ecofin and Airtricity....Ecofin very strong buy IMHO. Read Full Thread Reply
Posted at 24/11/2007 08:20 by jackiewilson There's more [relevant to the sector]: United Utilities backers receive £1bn windfall from assets' sale Robin Pagnamenta The Times Shareholders in United Utilities are set to receive a £1 billion cash windfall after the group unveiled plans to sell its power lines and wires business for nearly £1.8 billion to a consortium of American and Australian investors. United Utilities said yesterday that it was selling its electricity distribution business, formerly known as Norweb, to North West Electricity Networks, a joint venture controlled by Colonial First State, a subsidary of Commonwealth Bank of Australia (CBA), and the infrastructure fund of JPMorgan, the American investment bank. The company said that the deal would be completed by the end of the year and plans to return £1 billion of the proceeds to investors in the next financial year. CBA and JPMorgan fought off stiff competition from Cheung Kong Infrastructure Holdings, the roads and energy business controlled by the Hong Kong billionaire Li Ka-Shing, and Arcapita, a Bahrain-based investment fund. The final £1.78 billion price tag outstripped the predictions of many analysts, who had thought that the business would fetch only £1.5 billion. Infrastructure assets are attractive to investors because of their predictable long-term returns, but some potential bidders have been hampered by difficulties in the global credit markets. "The price is definitely above the top end of expectations," Geraint Anderson, of Dresdner Kleinwort Wasserstein, said. "It's a good result for investors and should lead to a special dividend of around £1.14 per share." Read Full Thread Reply

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