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UKW Greencoat Uk Wind Plc

0.90 (0.63%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Greencoat Uk Wind Plc LSE:UKW London Ordinary Share GB00B8SC6K54 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.90 0.63% 144.90 2,089,634 16:35:17
Bid Price Offer Price High Price Low Price Open Price
144.40 144.70 145.00 143.80 145.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 1.03B 953.86M 0.4117 3.51 3.35B
Last Trade Time Trade Type Trade Size Trade Price Currency
17:55:24 O 1 144.914 GBX

Greencoat Uk Wind (UKW) Latest News (1)

Greencoat Uk Wind (UKW) Discussions and Chat

Greencoat Uk Wind Forums and Chat

Date Time Title Posts
02/12/202309:55GREENCOAT UK WIND878

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Greencoat Uk Wind (UKW) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-08 17:55:25144.9111.45O
2023-12-08 17:36:40144.4465,76994,996.74O
2023-12-08 17:11:58144.50382551.98O
2023-12-08 17:07:20144.558501,228.66O
2023-12-08 17:06:42144.9043,58163,148.43O

Greencoat Uk Wind (UKW) Top Chat Posts

Top Posts
Posted at 09/12/2023 08:20 by Greencoat Uk Wind Daily Update
Greencoat Uk Wind Plc is listed in the Finance Services sector of the London Stock Exchange with ticker UKW. The last closing price for Greencoat Uk Wind was 144p.
Greencoat Uk Wind currently has 2,317,097,822 shares in issue. The market capitalisation of Greencoat Uk Wind is £3,348,206,353.
Greencoat Uk Wind has a price to earnings ratio (PE ratio) of 3.51.
This morning UKW shares opened at 145p
Posted at 15/11/2023 12:50 by marktime1231
The standing charges are awful as you say, the electricity one really jumped didn't it. They punish households for being energy efficient. Also set via an OFGEM cap. I think they are supposed to pay for the development of infrastructure, and so on. But the more which goes on the standing charge the less competitive the market is via tariffs.

The wholesale system is not working, all the retail challengers have gone bust. No wonder the govt are looking at market reforms via the REMA consultation which, as nickrl and others have warned, may dent UKWs earnings outlook and NAV. I vote we abolish OFGEM, an expensive shambles.

Great response from UKW share price to news that UK CPI is plunging, the chance of a return to 160p in the next few months is looking reasonable. On the other hand it means yield here has dropped under 6% and looks relatively pedestrian. The snap buyback has probably helped the share price recovery but with the discount back in single figures the case for it has diminshed.
Posted at 13/11/2023 19:43 by marktime1231
Yes, but.

The generation from renewable assets at those cheap AR4 and AR5 prices doesn't come on stream for 3-4 years. Earlier CfD auction rounds and ROC prices were much higher.

Offshore wind in AR5 was capped at £44 in 2012 prices so it will be £55+ now. And that was the lowest cap across all forms of energy.

How much of your electricity bill is the raw cost of the electricity, and how much is billing, service, the grid, network losses, profit, VAT tax and windfall supertax, climate levies and subsidies, the cost of OFGEM, smart metering, supporting defaulters, are we repaying those universal £67 per month handouts from last winter, and so on.

But yes, when the UK wholesale price of electricity has been mostly in the £50-100 range since April it is disgusting that households are still paying such high tariffs. Even when reviewed quarterly it is taking too long for what we pay to come down, the OFGEM price-capping regime is working against us and preventing competition.

It is even more annoying to hear lobbying for energy prices to stay high because of winter demand for gas. Perversely gas and electricity from CCGT should now be pretty cheap, it is "noble" generation from the likes of UKW which is hurting. In 2023 H1 the average price realised by UKW was £192/MWh.

Are you on the best tariff? Last month I paid 19p/kWh on average (Octopus Flux).
Posted at 10/11/2023 17:19 by marktime1231
That is an article from Bloomberg quoting "people familiar with the matter", ahead of the UK setting price caps for the next auction round.

The recently completed AR5 was capped at £44 (2012) for offshore wind and was shunned with zero bids meaning 4-5GW was not forwarded in to development. Winning proposals from previous rounds have been cancelled because their strike price is no longer economic. However several smaller onshore wind projects mostly in Scotland from the likes of SSE and RWE were awarded in AR5 at £52.29 (2012).

So clearly AR6 price caps have to be higher to attract bids, otherwise UK 2030 and 2050 net zero plans will not be met. Industry talk is that project costs are 40% higher than previously expected, pushing the cap over £60. Bloomberg are suggesting £70+. Why this is being called a subsidy is a bit strange, it is more about pricing to cover the actual costs. With limits raised bids should fly in.

Quite what it means for UKW is hard to say. The windfarm stakes it has acquired on old ROC terms are jolly lucrative compared to modern CfD arrangements. Pressure from windfall taxes, REMA, new capacity coming on through, and adding ever more European interconnectors in the interests of "energy security" ... could mean at some stage UKW will be tipped in to agreeing cheaper CfD arrangements or risk being shut out of the capacity market. Rising CfD prices are good news then perhaps, countered by the market eventually being swamped with supply. Meanwhile UKW can continue to rake in the cash.
Posted at 26/10/2023 12:31 by marktime1231
The board sharing our frustration at the wide discount to NAV, which has held up at 166p thanks to the most recent acquisitions. Emphasising the quality of cash flow, covering the previous dividend x 2, and that was before the latest additions added 10% to income generating capacity.

A canny move then to announce a "special" dividend uplift to 3.43p in the next quarter, when the coffers will be overflowing. 10p next year is 7.5% on a 130p share price when it was announced, and puts UKW firmly in the high yield bracket. And an immediate buyback, a modest c. 3% of capital but will add more than 10% to typical daily trade. That is impressive total return for not much risk.

I'm sure the UKW board would like to continue adding assets from free cash flow when choice targets become available. I suspect even after today's announcements there could be around £100M pa surplus, but not so much borrowing headroom perhaps. So I don't think this signals the end of ambitions to expand, but for now the priority is to try and restore shareholder value. Let's hope this stimulates a share price recovery, if not from institutions then retail investors, surely UKW will be top of the tips this weekend.
Posted at 26/7/2023 11:55 by marktime1231
Hard to disagree with fund manager Stephen Lilley. The ability of UKW to progress dividend with inflation is assured because of the index-linked price of wind energy. The discount to NAV in the current UKW share price is unreasonable, and the way to respond to that is to buy more.

He needs to convince those long-term investment institutions currently run to cash or bonds that the level of gearing is not a problem.

UKW is solid so long as the wind blows, the ESO doesn't curtail wind farm output in favour of cheaper imports, and Greencoat don't get tempted in to risky or troubled developments.

If we flirt with 140p again I will be happy to add some more.
Posted at 18/11/2022 17:29 by marktime1231
Strong finish UKW share price back to about par with NAV.

Good to see wind power continuing to contribute strongly to the generation mix, allowing net export to Europe. UKW operating performance might be ahead of budget in the months before the Electricity Generator Levy, a supertax on super-profits which sounds better than Rees-Mogg's cost-plus-revenue idea.

So we already had a £6.6B energy efficiency budget to 2025. Who knew? A future extension of £6B to come, and an Energy Efficiency Taskforce / csar to deliver 15% demand reduction from buildings (mostly the government's own?) and industry (we still have some?). Reducing average or peak demand by about 5GW by 2030. Well at least with a target and someone in charge of delivering it there is a chance of progress, but this sounds different from subsidising domestic insulation and heat pumps.

Not too sure why the govt are targetting demand reduction though, we the consumers have all already done our bit and more with home and appliance improvements, rooftop solar etc. Average intermittent renewable generation will grow around a third or 10GW by 2030, we will have an increasing surplus when the wind blows and the sun shines. Just as well, the rise of EVs means an overall demand increase of around 10%. I imagine demand will rise further with supply, otherwise the new wave of generators will be in trouble. There will certainly be new demand for air conditioning with more Summers like this one.

I would like to have heard more about the "security" bit of the govt priority of delivering energy security. More than investing in Sizewell C to replace old nuclear. So what then ... not more interconnectors surely. No mention of new hydro or battery storage that I heard. Maybe we need to hear from an Energy Minister (who is?) rather than the Treasury.
Posted at 30/9/2022 17:13 by marktime1231
Blowing a gale can't be bad for business. Surprised UKW share price hasn't recovered to NAV which must be up around 156p as we end Q3? Already fully invested way back but I agree this is cheap at the moment for anyone looking to top up.
Posted at 04/9/2022 14:24 by mwj1959
Citywire comments...UKW clearly been a beneficiary this year of higher prices given its high exposure to merchant prices...

The energy crisis engulfing the UK has prompted the government to rethink renewable energy, and despite a potential clampdown on profits, there is one investment trust which analysts agree could still be quids in.

The Conservative party is reportedly planning to curb the profits made by wind and solar energy firms as the energy price cap heads for £6,000 next April, putting further pressure on UK households that are facing bumper bills this winter.

Current business and energy secretary Kwasi Kwarteng is supposedly unhappy with the profits renewable energy groups are making from their long-term, inflexible contracts, often backed by government subsidies – the very thing that has made them popular with investors looking for reliable returns.

Instead, he wants to offer companies fixed-term rates to sell energy for 15 years, as long as they stop selling cheaper renewable energy at high prices.

Meanwhile, the potential for an extension of the energy windfall tax has not quite gone away, with Treasury officials reportedly putting together a dossier showing UK gas producers and electricity generators could make £170bn of excess profits over the next two years, ready to deliver to the new prime minister next week.

On the first set of proposals, Stifel analyst Iain Scouller said the government wants to ‘decouple the price of renewable-generated electricity from the gas price and broader power price’ with fixed prices, which he assumed would be inflation-linked.

He said this new way of operating would ‘have some merits for the listed funds’ investing in renewable energy, a sector which has grown rapidly since the first funds were launched in 2013.

It now comprises 22 investment companies, nine of which were launched since the start of the pandemic in 2020, according to the Association of Investment Companies (AIC). The AIC said the average dividend yield of the sector is just over 5%, which has been a draw for income seekers.

These yields have been driven by the long and profitable contracts the funds have already signed, but Scouller said 15-year fixed-term contracts would also be beneficial.

He said funds would have ‘more certainty on their revenues, and dividend cover for the next 15 years’, as price volatility would be removed.

Wind turbines at sunset

Wind winner
While the UK is currently in the midst of an energy crisis, Scouller noted that just 18 months ago power prices were weak and fund net asset values (NAVs) were subsequently falling.

However, he said NAVs would be ‘flatter’; and investors may pine for the high power prices that delivered NAV gains of 10% to 15% over the first half of this year.

He highlighted Greencoat UK Wind (UKW) as a potential winner due to its ‘high exposure to merchant prices – 50% of future revenues’.

‘It is probably the fund which would have the largest opportunity to “fix” its revenues, if it so desired,’ he said.

Cazenove analyst Christopher Brown said renewable trusts may find it difficult to agree fixed price contracts when prices are so elevated.

The UK forward electricity curve for the next three year shows prices nearly doubling. The winter 2022/23 price is set at £630 per megawatt, up 83% on the price at the end of June, while the price will be up 101% by summer 2023.

Brown said Greencoat UK Wind and The Renewables Infrastructure Group (TRIG) have both ‘increased the discounts they apply to prices from the forward curve due to uncertainty’.

‘We think companies are unlikely to be able to agree fixes at these levels,’ he said.

If fixed contracts are off the table, the funds will continue to benefit from increasing power prices, which are ‘extreme’; versus recent history. The average price between 2017 and 2019 was £50 per megawatt but over the next five seasons the average price is set to be £409 per megawatt.

Brown said Greencoat UK Wind is a ‘top pick’ as it ‘does not typically fix its merchant power price revenues and is the most immediate beneficiary of higher prices’.

The £4.4bn fund has seen its share price rise by almost a third over the past year, above the 19% average enjoyed by the AIC Renewable Energy Infrastructure sector as a whole.

Greencoat UK Wind was the first renewable infrastructure fund in its peer group to increase its discount rate, effectively lowering its forecast of future cash flows, as it started to take a more conservative approach to inflation increases and interest rate hikes.

Jefferies analyst Matthew Hose said while Greencoat UK Wind was a first mover, an even higher inflation and interest rate environment could see other funds leave their current ‘sweet spot’ by ‘hastening discount rate increases’.
Posted at 06/10/2021 10:26 by marktime1231
The UKW share price continues to ignore the double plus good news of the wind blowing strongly around Britain again while day-ahead energy prices are averaging £150 / MWh and rising, twice the budgetted level. The difference this is going to make to the financial outturn is huge, no wonder management have been adding expensive looking capacity. The crisis being caused by natural gas demand outstripping supply, a squeeze from Russia, disrupted import from France nuclear surplus where they are having a strike anyway ... bad news for some, good news for others. Energy storage and balancing must also be having a field day.
Posted at 23/9/2021 12:33 by marktime1231
I wonder what can have caused the recent spike and fall in UKW share price.

Appreciation that steadily increasing its portfolio generation assets will be driving income, baseload energy prices up x2 from this time last year, more than offsetting light winds. But the cost of acquiring new assets must be going up, and the money for the next round of expansion might have to come from another big share issue because gearing is already at the top end of its intended long-term 20-30% range.

Thank goodness the wind has started to blow again, a breezy winter will be good news just as the newest wind farms come on line, and take some heat out the wholesale market.
Greencoat Uk Wind share price data is direct from the London Stock Exchange

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