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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
  -2.40 -1.48% 160.00 4,170,659 16:35:19
Bid Price Offer Price High Price Low Price Open Price
160.10 160.90 162.90 160.10 161.90
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 423.47 363.13 18.30 8.7 3,707
Last Trade Time Trade Type Trade Size Trade Price Currency
17:59:17 O 71,711 160.00 GBX

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Date Time Title Posts
26/1/202313:45GREENCOAT UK WIND700

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Greencoat Uk Wind (UKW) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-01-27 17:59:39160.0071,711114,737.60O
2023-01-27 17:54:47160.68250,000401,695.00O
2023-01-27 17:52:18160.423,7345,989.90O
2023-01-27 17:52:18161.1575,445121,575.85O
2023-01-27 17:46:45160.92250,000402,300.00O
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Greencoat Uk Wind (UKW) Top Chat Posts

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Posted at 28/1/2023 08:20 by Greencoat Uk Wind Daily Update
Greencoat Uk Wind Plc is listed in the Alternative Energy sector of the London Stock Exchange with ticker UKW. The last closing price for Greencoat Uk Wind was 162.40p.
Greencoat Uk Wind Plc has a 4 week average price of 148.70p and a 12 week average price of 145.80p.
The 1 year high share price is 168.40p while the 1 year low share price is currently 130.40p.
There are currently 2,317,097,882 shares in issue and the average daily traded volume is 4,449,868 shares. The market capitalisation of Greencoat Uk Wind Plc is £3,707,356,611.20.
Posted at 20/1/2023 09:26 by tuftymatt
Yeah let's hope UKW does the same and we get the share price back into the 160's too.
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 05/9/2022 10:07 by marktime1231
Thanks mjw that commentary makes a bunch of sense out of the situation and the options available.

The opportunity for UKW to move more of its generation into 15-year or longer fixed deals at good base rates would be attractive, but no cliff-edge please! How much higher would the base price have to be to exceed the opportunity of wholesale prices over the next two winters running at 10-12 x the normal £50-60/MWh. Nuclear programmes were I think struck at £92.50 in 2012 prices, but nuclear has the added utility of being reliable rather than intermittent. The most recent CfD auction prices were a snip ... in 2012 prices just £37.35 for offshore wind, £42.47 for onshore wind and £45.99 for solar.

What price would you now sell your unsubsidised forward generation if you were UKW? The UK govt may not have the leeway to negotiate prices different to the AR4 formula. Is seeing off the threat of wider windfall taxes enough reward for the sector to be content with AR4? My feeling is generators would feel compelled to sign up at those prices.

Capping the price of renewable generation makes sense then, rather than windfall taxes to fund cash rebates, it would help businesses and households equally. But more than half of our energy bill is still driven by open market gas imports, how do you cap those prices?

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 05/8/2022 14:25 by yump
Interesting rise today. Did a quick comparison recently of the NAV vs share prices for a few renewables trusts and it looks like many share prices have already risen steeply after significant increases in NAV, whereas UKW only seems to have done 1/2 the equivalent rise.

I don't know enough about the differences between trusts to know why that might be.

Perhaps about to change.

Posted at 28/7/2022 12:33 by marktime1231
Phenomenal performance, not just super NAV growth mostly because future prices will be higher for longer but also dividend cover x 3.8 meaning there has been such super surplus cash flow UKW will be able to self-fund the direct £400M acquisition cost of the Hornsea1 stake.

Of course gearing will snap up from 20% to around 30% when UKW assume the £700M non-recourse term debt attached to Hornsea1.

Well done UKW though. All down to the exceptional wholesale market prices driven by the European gas crisis of course. Generation to plan, wouldn't it be nice if we had a meaningful surplus in the second half. Amused that the marginal management fee rate above £3B assets has been cut to 0.7%, the manager making so much money I should hope so too but let's not quibble.

A little surprised the share price has not responded more positively, yet.

Posted at 18/2/2022 12:55 by marktime1231
Very interesting annual report from TRIG, where the portfolio is dominated by offshore wind. Lots of words and not easy to follow the figures though.

It separates corporate debt from project level debt and so it is not easy to work out the funding or development-in-progess position, net debt etc. I think TRIG are geared up to 40-45% at what they say is mostly fixed 3.4% interest rate. Whereas UKW geared around 30% can't remember the rate. My conclusion is UKW are now significantly bigger, expanding faster, and managing the economics better.

In 2021 TRIG operating income more than doubled from £100M to £210M, despite generation only increasing 5% from 3925GWh to 4125GWh. That is the effect of the sub-base model wind conditions last year, now picking up (literally, my kitchen bin has just flown across the back garden for the second time this morning). The read across for UKW is superb since they have introduced many new operating assets and are in the same frothy market for wholesale electricty prices.

Strangely TRIG only reporting a 3.4% NAV improvement and a miserley 1.1% dividend increase, despite fees rising by a third to over £21Mpa. Priorities? A more conservative wholesale price outlook?

So. Very much happier to be invested in UKW where the dividend is to be increased by 7.5% and presents a forward yield roughly 6% compared to TRIGs 5.2% at today's share prices. I would hope UKW NAV has advanced better than 3.4% too, to justify the premium in the share price.

All very good.

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.

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