REG Interim Results Six months ending 31 December th February 2014
|
|
- Willis Hunt
- 5 years ago
- Views:
Transcription
1 REG Interim Results Six months ending 31 December th February 2014 Andrew Whalley David Crockford Chief Executive Finance Director
2 Introduction to REG REG is primarily a developer, owner and operator of small to medium-sized onshore wind projects in the UK REG also owns a business that recycles Used Cooking Oil into a patented and accredited bioliquid used for generating clean power Main focus on converting substantial pipeline of development assets into consented and then operational wind projects Smaller assets generally under 8MW retained to build up portfolio of operating sites Larger projects sold to fund organic growth strategic partnership with BlackRock REG owns 11 wind farms (39.2MW), operates 3 for BlackRock (28MW), has 3 under construction (18.5MW), planning consent for 5 (31.5MW), 15 projects (circa 140MW) in planning system awaiting determination and around 85 (900-1,000MW) in development Appetite for onshore projects remains strong Neither stock market nor M&A recognises value of development pipeline so conversion to consented/operating sites key to maximising value REG Bio operates 8MW of generation plant, primarily to service National Grid Short Term Operating Reserve contracts Contracts signed for new 18MW site, also to be used in the expanding Short Term Operating Reserve (STOR) market 2
3 Onshore wind in the UK UK has binding legal target to achieve 15% of energy requirement from renewable sources by 2020 Onshore wind recognised by Government as a key technology Well proven operationally Provides the cheapest renewable energy DECC s Renewable Energy Roadmap identifies potential increase in installed capacity from 4GW to 13GW by 2020 Electricity Market Reform is designed to ensure low carbon options viable to achieve 2020 targets and beyond Existing Renewables Obligation support mechanism to be replaced in 2017 by CfD feed in tariff Energy has become an increasingly party political issue over recent years But fundamentally Government policy remains supportive 3
4 Financial Highlights Group revenues of 5.7m (H1 2013: 6.5m) Profit before tax of 6.5m (H1 2013: loss of 1.7m) Sale of the 12MW Goonhilly Wind farm to BlackRock for an enterprise value of 25.1m and a profit of 9.4m Adjusted Group EBITDA after disposals of 9.6m (H1 2013: 1.4m) Unrestricted cash resources of 19.3m as at 31 December 2013 (H1 2013: 10.0m) Proposed interim dividend increased by 10% to 0.55p per ordinary share (H1 2013: 0.5p) Goonhilly Wind Farm, Cornwall 4
5 Operational Highlights Wind output of 48.2GWh ahead of expected levels for the 6 months Planning permission issued for Ramsey II Wind Farm Conditional turbine supply agreements with Vestas Celtic Wind Technology for the 10MW St Breock and 8MW Ramsey II wind farms Commencement of construction of the 4.5MW Goonhilly Solar Farm for completion in March 2014 Acquisition of 4MW Rodbaston College wind farm planning permission Project financing completed for 4MW Orchard End wind farm Circa 140MW of applications across 15 wind projects awaiting determination in the UK planning system 5
6 Post Year End Events Construction contract signed for 18MW bio-power plant in Selby, Yorkshire Planning permission granted to extend French Farm to 12MW Turbine tower delivery at High Down 6
7 Delivering shareholder returns Wind Biopower Central Costs 6 months to 31/12/13 6 months to 31/12/12 Year to 30/06/13 MW MWh 48,293 2,373-50,666 64, ,000 m m m m m m Revenue Cost of Sales (1.4) (0.9) - (2.2) (2.2) (4.1) Gross Profit 3.5 (0.1) Administration (1.8) (0.3) (0.9) (3.1) (2.5) (5.7) Development - external (0.2) - - (0.2) (0.5) (0.4) Profit on sale of wind farms EBITDA 10.9 (0.4) (0.9) Adj. to proceeds on sale (0.3) - - (0.3) Construction costs (5.1) - - (5.1) (4.5) (11.0) Capitalised development (1.7) (0.3) - (2.0) (1.9) (6.3) Debt movements Other cash movements (1.2) (0.2) (1.6) (3.0) (1.0) (1.6) CASH FLOW 5.1 (0.9) (2.5) MW Goonhilly disposal delivered profits in H1 Development capitalised and contributing towards 100MW of applications this year Bio Power holding steady, advances expected with more STOR in coming years Drop in revenue due to less capacity on line after asset sales 4m financing of Orchard End with The Co-operative Bank gives positive debt movement Further profits crystallised in the period release value of pipeline and underline the strategy of developing renewables 7
8 Our wind fleet REG operates, has under construction or has consented 117MW of onshore wind capacity, including 28MW operated on behalf of BlackRock. We have around 140MW of projects currently awaiting a planning determination Operational Construction Consented Site Location Status MW Total REG owned projects 39.2 High Down Cornwall Construction 0.5 Ramsey II Cambridgeshire Consented 8.0 St Breock Repower Cornwall Consented 10.0 Total Construction 18.5 Cheverton Down Isle of Wight Consented 1.2 Denzell Downs Cornwall Consented (legal challenge) 10.0 Draperstown Co. Londonderry Consented 4.0 French Farm Cambridgeshire Consented 12.0 Rodbaston College Staffordshire Consented 4.0 Total Consented 31.2 Sancton Hill Yorkshire AMA 10.0 South Sharpley County Durham AMA 6.0 Goonhilly Downs Cornwall AMA 12.0 Operated on behalf of Third Party 28.0 Operated under asset management agreements Half year ended 31 Dec 2013 Availability 97 % MWh output 48Gwh 8
9 Wind 2014 construction High Down St Breock Ramsey II Location Cornwall Location Cornwall Location Cambridgeshire MW 0.5 MW 10 MW 8 P50 output 1.9GWh P50 output 30GWh P50 output 27GWh Cost 1.7m Cost 12m Cost 10m Status Commissioning Status Access tracks in Status Turbine procurement 9
10 REG will continue to recycle assets to fund project build Capital cost ( m) Mar-14 Mar-15 Mar-16 Mar Cumulative capital cost ( m) Mar-14 Sep-14 Apr-15 Oct-15 May-16 Nov-16 Jun
11 Community Schemes The Government is strongly in favour of supporting more community-based energy projects In Jan-14 they published their vision for community energy with the Community Energy Strategy, in summary: Various initiatives are proposed, including a new Community Energy Unit in DECC, a Community Benefits Register, a One Stop Shop information portal, a national Communities & Local Government Conference and new working group to tackle barriers to communities developing energy projects There is an expectation for developers to substantially increase projects with shared ownership by 2015 It is proposed that the Feed-in Tariff (FIT) maximum capacity ceiling is raised from 5MW to 10MW for community projects, subject to consultation in spring 2014 Opportunities REG can continue to build smaller wind projects (sub-10mw) post-2017 outside of the EMR Many of our competitors have much larger schemes and will find it difficult to participate in this space REG has already started the process of community funding REG will launch community based debenture for direct investment in 0.5MW High Down wind farm. The debenture, with Abundance Generation, will allow general public to invest directly in a 20 year debenture product that shares in the operating surpluses generated by this feed-in-tariff wind turbine We consider the area of community involvement and ownership a key driver in the continued growth of the onshore wind sector 11
12 Wind development portfolio matures By the end of 2014 REG will have approx 250MW in planning of which 15m is currently capitalised on the balance sheet REG plan to increase value from the portfolio via obtaining planning consents As consents emerge focus will turn to building and operating portfolio New projects going into planning may include Community based schemes under the UK FiT regime Rate of new planning submissions will slow, whilst revenues begin to rise from construction projects financed by recycling capital via further asset sales of larger projects to BlackRock Rodbaston College Draperstown (Creagh Concrete) Whitemoor Allowing enhanced returns to shareholders 12
13 REG Bio-Power STOR market update Projected GB de-rated peak capacity margins are forecast to fall from around 14.3% in 2013 to around 7% by 2016 Driven by closure of ageing coal plant under the Large Combustion Plant Directive Peak reserve margins will need to increase as more variable forms of generation come on-line Contracted STOR plant in 2013 alone is insufficient to meet the minimum reserve requirement and could only meet 40% of the peak reserve requirement The remaining gap is mainly filled by balancing mechanism plant such as part loaded combined cycle gas turbines National Grid will continue to procure STOR to cover the current proportion of the peak reserve requirement On this basis demand for STOR should increase by 1,400MW over the period 2013 to 2020 STOR demand predicted to reach 4,500MW by 2020 Replacement STOR plant will be required quickly as Open Cycle Gas Turbines move out of STOR into the Balancing Market as coal plant closes The market offers REG compelling returns Our fuel is cheaper than diesel whilst engine efficiency is very high circa 40% We are also eligible for Renewables Obligation Certificate (ROCs) which diesel and gas plant cannot receive Results: REG Bio-Power has the lowest short run marginal cost plant in the STOR programme 13
14 Whitemoor Bio-Power Plant Utilises ten well proven Caterpillar 3516B-HD engines each of 2MW Have been subjected to exhaustive testing by REG and Finning under STOR conditions Additionally REG s existing 8MW peaking plant already has over 70,000 operational hours using LF100 The Plant will operate at 18MW - the thermal limit under the Environmental Permitting Regulations Will be eligible for ROCs Will be built under an Engineering, Procurement and Construction ( EPC ) contract by Finning UK REG s initial equity investment will be 15% of the total plant cost of 6.3m at around 1m When complete in October 2014 plant will be refinanced by Caterpillar under a seven year financing with REG investing the balance of its 30% equity commitment Existing 2MW Bio-Plant at Leeds North Returns will compare very favourably with wind on a risk adjusted basis 14
15 Living Fuels Fuel collection and processing Oil volumes up 32% year on year Annualised volumes now running at over 3,500 tonnes per annum Bio-Power awarded the East Anglia, East Midlands and West Midlands franchises of the Arrow Group s national waste oil collection business Provides access to around 30,000 tonnes per annum of waste oil New collection and processing facility opened in Nottingham Living Fuels anticipates increasing overall oil collection to 7,000 tons by end of ,500 tonnes from white van or commercial collection 2,000 tonnes from industrial 500 tonnes from public sector As our fuel demand grows the balance will be made up from within Arrow Group Insulates Living Fuels from on market purchases Overall price for fuel will remain competitive with Diesel 15
16 Solar Power Projects 4.51MW Goonhilly solar scheme well advanced All piles now fixed Cables laid in trenches All modules on site Foundations for invertors in place Substation (thankfully) watertight Energisation second week in March in time to capture current ROC support REG has signed exclusivity on up to 300MW of solar on brownfield sites Currently exploring economics If favourable, will develop as fast as possible under current support mechanism Relatively cheap to develop Offer faster route through planning system, especially brownfield sites Solar projects will be sold to low cost of capital buyers Risk adjusted returns acceptable 16
17 Summary REG now focused on delivering shareholder returns after period of investment post Canada sale Sale of Goonhilly Downs has realised profit of 9m Further asset sales will recycle capital to finance company owned portfolio build out Construction programmes on St Breock and Ramsey II are well advanced Looking Ahead Focus on advancing our portfolio of development assets where significant capital has already been deployed Recycling larger investments Submitting 100MW into the planning system this year Building on the strong asset base, team and relationships we have created in the last year EMR offers significant support for UK onshore wind despite political noise beyond 2017 Bio-Power now poised for rapid delivery of technology as lowest cost UK STOR provider Solar leverages REG s existing development and planning capability On course to deliver growth targets based on our strong balance sheet 17
UK Onshore Wind. Investment Fundamentals
UK Onshore Wind www.fimltd.co.uk Investment Fundamentals Wind is a proven asset class for both private and institutional direct investors. UK wind provides investors with a low risk investment. It is 100%
More informationArise Windpower AB. Company presentation February 2013
Arise Windpower AB Company presentation February 2013 Cautionary statement This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to
More informationHalf Year Results 6 Months Ended 30 June July 2018
Half Year Results 6 Months Ended 30 June 2018 24 July 2018 Agenda Operations and Business Review Will Gardiner, CEO Financial Review Den Jones, Interim CFO Delivering the Strategy Will Gardiner, CEO 2
More informationEUROPEAN CLEAN ENERGY YIELDCOS 1H15
DATA INSIGHT REPORT cleanenergypipeline.com EUROPEAN CLEAN ENERGY YIELDCOS 1H15 TURQUOISE 1 This Data Insight Report analyses the fundraising and investment activities of European clean energy yieldcos
More informationVentus 2 VCT plc. Strategy Note Executive Summary
1 Executive Summary This note summarises the outcome of a strategy review undertaken by the Board of Ventus 2 VCT plc (the Company ) over the past year during the period when the last of the Company s
More informationThe barriers to renewable energy project investment in Wales
Response to recommendations presented in the Institute of Welsh Affairs Re-energising Wales report Funding Renewable Energy Projects in Wales The barriers to renewable energy project investment in Wales
More information2018 Half Year Results Presentation
2018 Half Year Results Presentation OUR INVESTMENT PROPOSITION Fulcrum is the UK s leading design, build, own and operate utility connection services provider: National position with fully branded operating
More informationNEAS ENERGY - Route to Market
NEAS ENERGY - Route to Market Overview Wholesale Power Market developments Revenue Profiles Secured and Unsecured FIT CFD v ROC PPA Key terms and conditions PPA Backstop PPA Cash flows for CfD and ROC
More informationQ I N T E R I M R E P O R T. Brookfield Renewable Partners L.P.
Q2 2017 I N T E R I M R E P O R T Brookfield Renewable Partners L.P. OUR OPERATIONS We manage our facilities through operating platforms in North America, Colombia, Brazil, and Europe which are designed
More informationOperating Reserves Educational Session Part B
Operating Reserves Educational Session Part B Energy Market Uplift Senior Task Force September 17, 2013 Joseph Bowring Joel Romero Luna Operating Reserves Operating reserves can be grouped into five categories:
More informationUK Offshore Wind Market Study Final Report (Executive Summary) A report by Redpoint Energy Limited in association with GL Garrad Hassan
UK Offshore Wind Market Study Final Report (Executive Summary) A report by Redpoint Energy Limited in association with GL Garrad Hassan October 2012 1 Copyright This report has been prepared by Redpoint
More informationOrigin Energy. Macquarie Australia Conference. Frank Calabria, CEO 1 May 2018
Origin Energy Macquarie Australia Conference Frank Calabria, CEO 1 May 2018 Important Notice Forward looking statements This presentation contains forward looking statements, including statements of current
More informationFULL YEAR RESULTS. 12 Months Ended 31 December February 2019
FULL YEAR RESULTS 12 Months Ended 31 December 2018 26 February 2019 AGENDA Our Purpose Will Gardiner Operations and Business Review Will Gardiner Financial Review Andy Skelton Strategy Update Will Gardiner
More informationFull Year Results 12 Months Ended 31 December February 2018
Full Year Results 12 Months Ended 31 December 2017 27 February 2018 Agenda Operations and business review Will Gardiner, CEO Financial review Den Jones, Interim CFO Delivering the strategy Will Gardiner,
More informationSTATEMENT ON SSE S APPROACH TO HEDGING 14 November 2018
STATEMENT ON SSE S APPROACH TO HEDGING 14 November 2018 INTRODUCTION SSE is working towards its vision of being a leading energy company in a low carbon world by focusing on core businesses of regulated
More informationManagement Discussion and Analysis of Financial and Operational Performance for the year ended 30 June 2015
Management Discussion and Analysis of Financial and Operational Performance for the year ended 30 June 2015 31 August 2015 All figures in this report relate to businesses of the Infigen Energy Group (
More informationRWE Company Presentation. As of May 2018
RWE Company Presentation As of May 2018 Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management,
More informationDrax Group plc Annual report and accounts 2008
Annual report and accounts 2008 Contents Business review Company profile 01 Principal performance indicators and summary of operational achievements during 2008 01 Chairman s introduction 02 Chief Executive
More informationRWE Company Presentation. As of March 2018
RWE Company Presentation As of March 208 Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the
More informationUK Solar Investment. 8% return per annum. Defined exit strategy at the end of year 3 with option to extend. Pension Compatible.
UK Solar Investment 8% return per annum. Defined exit strategy at the end of year 3 with option to extend. Pension Compatible. Sovereign backed income. All investments presently generating projected real
More information9M 2017 results innogy SE 13 November 2017 Bernhard Günther CFO
9M 2017 results innogy SE 13 November 2017 Bernhard Günther CFO Notice This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and
More informationWhat next for UK auctions of renewable Contracts for Difference?
What next for UK auctions of renewable Contracts for Difference? In February we saw the results of the first competitive auction for Contracts for Difference (CfDs), the primary support mechanism for incentivising
More informationISG202-SPAR REPORTING ON JANUARY 2018 SYSTEM PRICE ANALYSIS REPORT 1 SYSTEM PRICES AND LENGTH
Count of Settlement Periods -8 - -7-7 - -6-6 - -5-5 - -4-4 - -3-3 - -2-2 - -1-1 - - 1 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-1 1 + PUBLIC ISG22-SPAR REPORTING ON JANUARY 218 ISSUE 27 PUBLISHED 2 FEBRUARY 218
More informationThe Renewable Heat Incentive. A reformed and refocussed scheme SVT Response
The Renewable Heat Incentive A reformed and refocussed scheme SVT Response Neil Liddell-Young 27 th April 2016 No. Question Response 1 Do you agree with the proposed policy approach for degression and
More informationIntroduction to EMR for New Suppliers. Thursday 3 December 2015
Introduction to EMR for New Suppliers Thursday 3 December 2015 Agenda Item Time Lead Welcome and information about the day 10.15 LCCC Overview of Electricity Market Reform 10.20 LCCC The LCCC Forecasting
More informationContract length analysis for Feed-in Tariff with Contracts for Difference. Summary of onshore and offshore wind analysis
Contract length analysis for Feed-in Tariff with Contracts for Difference Summary of onshore and offshore wind analysis August 2013 Contract length analysis for Feed-in Tariff with Contracts for Difference
More informationInterim Results. Generation For Generations. 1H 2011 (for the six months ended 30 th June, 2011) VISION
For investor VISION Wind power will be the dominant renewable energy source in China Interim Results 1H 2011 (for the six months ended 30 th June, 2011) Generation For Generations MISSION To capitalize
More informationQ217 ETRION CORPORATION
Q217 ETRION CORPORATION MANAGEMENT S DISCUSSION AND ANALYSIS THREE AND SIX MONTHS ENDED JUNE 30, 2017 Etrion is an independent power producer that develops, builds, owns and operates utility-scale solar
More informationResults Presentation Six month period ended 31 December 2010
Results Presentation Six month period ended 31 December 2010 22 February 2011 Disclaimer This presentation may contain projections or forward looking statements regarding a variety of items. Such forward-looking
More informationCredit Suisse Energy Summit Feb 4, Steve Snyder President & Chief Executive Officer
Credit Suisse Energy Summit Feb 4, 2009 Steve Snyder President & Chief Executive Officer 1 Forward looking statements This presentation may contain forward-looking statements, including statements regarding
More information2002 Interim Results. 10 September 2002
2002 Interim Results 10 September 2002 Introduction Interim results summary First Half 2002 2001 Turnover + m 449.5 520.7 Operating profit + * m 16.0 45.4 Net finance charge m (6.6) (9.9) Profit before
More informationICIS Energy Forum. Power and Carbon Markets. 1
ICIS Energy Forum Power and Carbon Markets www.icis.com 1 Germany-Austria bidding zone split market impact? Irina Peltegova Editor EDEM +44 207 911 1975 irina.peltegova@icis.com Germany-Austria bidding
More informationHow can corporate Ireland meet renewables targets and reduce energy costs?
How can corporate Ireland meet renewables targets and reduce energy costs? Introduction Corporate Power Purchase Agreements or Corporate PPAs are currently a hot topic of discussion in the Irish energy
More informationThird quarter Vestas Wind Systems A/S. Copenhagen, 7 November 2018
Third quarter Vestas Wind Systems A/S Copenhagen, 7 November Disclaimer and cautionary statement This document contains forward-looking statements concerning Vestas financial condition, results of operations
More informationPortland General Electric Company Sheet No SCHEDULE 201 QUALIFYING FACILITY 10 MW or LESS AVOIDED COST POWER PURCHASE INFORMATION
Portland General Electric Company Sheet No. 201-1 PURPOSE SCHEDULE 201 QUALIFYING FACILITY 10 MW or LESS AVOIDED COST POWER PURCHASE INFORMATION To provide information about Standard Avoided Costs and
More informationTVA BOARD MEETING AUGUST 22, 2013
TVA BOARD MEETING AUGUST 22, 2013 TVA BOARD MEETING 2 CONSENT AGENDA Health Savings Account Contract Pharmacy Benefits Managers Contract Assistant Corporate Secretary Designations 3 CHAIRMAN S REPORT AUGUST
More information9M18 Results Presentation
FUNCIONA CUSTOMER SERVICE, SPAIN ALTO RABAGÃO, PORTUGAL ARKWRIGHT SUMMIT, USA Results Presentation Recurring EBITDA (1) : 2,428m -6% Forex impact on BRL and USD depreciation vs. Euro YoY Regulatory changes
More informationISG206-SPAR REPORTING ON MAY 2018 SYSTEM PRICE ANALYSIS REPORT 1 SYSTEM PRICES AND LENGTH
Count of Settlement Periods -1+ -1 - -9-9 - -8-8 - -7-7 - -6-6 - -5-5 - -4-4 - -3-3 - -2-2 - -1-1 - - 1 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-1 1 + PUBLIC ISG26-SPAR REPORTING ON MAY 218 ISSUE 31 PUBLISHED
More informationSuzlon Energy Limited. Q1 FY16 Earnings Presentation
Suzlon Energy Limited Q1 FY16 Earnings Presentation 31 st July 2015 Disclaimer This presentation and the accompanying slides (the Presentation ), which have been prepared by Suzlon Energy Limited (the
More informationA unique profile. BLX Toronto Stock Exchange
A unique profile BLX Toronto Stock Exchange September 30, 2018 Cautionary Statements Forward-looking Statements Some of the statements contained in this presentation, including those regarding future results
More informationThe Renewables Infrastructure Group Limited ( TRIG, the Company, or together with its subsidiaries, the Group )
The Renewables Infrastructure Group Limited ( TRIG, the Company, or together with its subsidiaries, the Group ) Preliminary Announcement of Results for the period from 29 July to 31 December 2013 1 26
More informationDiscussion Area CURRENT MARKET REGIME. FIT CFD s PPA. COMPARISON OF FIT CFD v ROC BACK STOP PPA S
PPA s under FIT-CfD Discussion Area CURRENT MARKET REGIME FIT CFD s PPA COMPARISON OF FIT CFD v ROC BACK STOP PPA S CURRENT MARKET REGIME Current PPA Market PPA Revenue are generated via 5 core components;
More informationTD Securities 2011 Calgary Unconventional Energy Conference July 7, Dawn Farrell Chief Operating Officer
TD Securities 2011 Calgary Unconventional Energy Conference July 7, 2011 Dawn Farrell Chief Operating Officer 1 Forward looking statements This presentation may contain forward looking statements, including
More informationParagon Banking Group PLC. Financial Results for twelve months ended 30 September 2018
Paragon Banking Group PLC Financial Results for twelve months ended 3 September 218 218 results highlights 2 Strong financial performance and further strategic progress Strong operational performance New
More informationFortum intends to become a major shareholder in Uniper
A powerful combination to drive European energy transition Fortum intends to become a major shareholder in Uniper 27 September 2017 Disclaimer This presentation is neither an offer to purchase, underwrite,
More informationViridian Group Investments Limited
Viridian Group Investments Limited Annual Report and Accounts For the year ended 31 March 2013 Viridian Group Investments Limited Annual Report and Accounts - 2013 1 CONTENTS Page Group Financial Highlights
More informationDraft letter to Finance Minister regarding renewable energy and the EU Budget cc. Energy Minister
Draft letter to Finance Minister regarding renewable energy and the EU Budget cc. Energy Minister Dear Minister, I attach a set of recommendations that Sir Graham Watson MEP, the Chairman of the Climate
More informationLong-Term Reliability Assessment
Long-Term Reliability Assessment Key Findings and Long-Term Issues John Moura, Director of Reliability Assessment Topics Covered Today Background on NERC s Long-Term Reliability Assessment Emerging and
More informationViridian Group Investments Limited. Consolidated Financial Statements 31 March 2018
Viridian Group Investments Limited Consolidated Financial Statements 31 March 2018 CONTENTS Page Group Financial Highlights 3 Strategic and Director s Report - Operating Review 4 - Summary of Financial
More informationLarge Commercial Rate Simplification
Large Commercial Rate Simplification Presented to: Key Account Luncheon Red Lion Hotel Presented by: Mark Haddad Assistant Director/CFO October 19, 2017 Most Important Information First There is no rate
More informationGenerating significant business value
Generating significant business value Andrew Harding Chief executive Iron Ore, China, Japan, Korea AJM Global Iron Ore & Steel Forecast Conference, Perth 2014 Cautionary statement 2 This presentation has
More informationESF Support for Families with Multiple Problems statistics to July 2014
ESF Support for Families with Multiple Problems statistics to July 2014 September 2014 Contents Introduction... 2 Key Findings... 2 Background... 3 Data and Results... 4 Tables... 9 Contacts... 19 Introduction
More informationPower your way to higher yields
Schroder Asian Income SGD Class Power your way to higher yields * Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Income SGD Class (the Fund ) will
More informationPLUTUS POWERGEN PLC ( Plutus or the Company )
Plutus PowerGen Plc / Ticker: PPG / Index: AIM 19 January 2017 PLUTUS POWERGEN PLC ( Plutus or the Company ) Interim Results for the Six Month Period Ended Plutus PowerGen PLC (AIM: PPG), the AIM listed
More informationOil, Gas and Power Prices Have Fallen and Can t Get Up Implications for the Power Industry Municipal Power & Utilities Assembly
Oil, Gas and Power Prices Have Fallen and Can t Get Up Implications for the Power Industry Municipal Power & Utilities Assembly Mike Zenker, Managing Director of Research NextEra Energy Resources September
More informationInterim report for the period 1 January 30 September 2011
Interim report for the period 1 January 30 September 2011 Third quarter (1 July 30 September 2011) Net sales during the quarter amounted to MSEK 40.5 (16.7). Operating income before depreciation (EBITDA)
More informationInterim Report for the period 1 January 31 March 2010
Interim Report for the period 1 January 31 March 2010 Net sales for the period totalled TSEK 14,293 (438). Operating result before depreciation (EBITDA) totalled TSEK 4,146 (-4,872). Operating result (EBIT)
More informationHousing Market Report
Housing Market Report No.303 January 2018 CONTENTS HOUSING SUPPLY 2 Housing starts 2-3 Housing completions 4 Regional analysis 5 Under construction 6 Housing supply tables 7-9 QUARTERLY STATISTICS Q1 Introduction
More informationFINANCIAL RESULTS Q CEO Christian Rynning-Tønnesen CFO Irene Egset 25 October 2018
FINANCIAL RESULTS Q3 2018 CEO Christian Rynning-Tønnesen CFO Irene Egset 25 October 2018 Health, safety and environment TRI-rate 1 7 6 5 4 3 2 1 0 2016 2017 2018 Health and safety - Two serious injuries
More informationTransforming RWE and securing a sound financial base. (as of December 2016)
Transforming RWE and securing a sound financial base (as of December 2016) Notice This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions
More informationPrice report Index. Daily Market. MIBEL: Energy, economic volume and technologies. Intraday Market. Settlement of the Daily and Intraday Market
Price report 217 Index. Price report 217 1. MIBEL: Energy, economic volume and technologies pag. 2 2. Daily Market pag. 7 3. Intraday Market pag. 12 4. Settlement of the Daily and Intraday Market pag.
More informationFlexible Capacity Procurement. Market and Infrastructure Policy Issue Paper
Flexible Capacity Procurement Market and Infrastructure Policy Issue Paper January 27, 2012 Discussion Paper Table of Contents 1 Introduction... 3 2 Background... 4 2.1 ISO Renewable Integration Studies...
More informationCLEAN ENERGY FINANCE CORPORATION Corporate Plan 2015 / 2016
CLEAN ENERGY FINANCE CORPORATION Corporate Plan 2015 / 2016 CEFC Mission To accelerate Australia s transformation towards a more competitive economy in a carbon constrained world, by acting as a catalyst
More informationIona EnvIronmEntal vct PlC
Iona EnvIronmEntal vct PlC HALF YEARLY REPORT & ACCOUNTS 31 MARCH 2012 Half Year Report Contents Half Yearly Review 2 3 4 5 6 8 Investment Objectives and Strategy Financial Highlights Chairman s Statement
More informationAll Energy 2015 CfD: The New Normal?
All Energy 2015 CfD: The New Normal? Sarah-Jane McArthur, Associate 6 May 2015 Key Themes CfD 101 Reflections on allocation process Reflections on the auction outcome What next for the winners What next
More informationInterim financial report Third quarter 2018
Company announcement No. 43 Interim financial report Third quarter Hedeager 42,8200 Aarhus N, Denmark Company Reg. No.: 10403782 Wind. It means the world to us.tm Contents Summary... 3 Financial and non-financial
More informationGlobal Resilience Risk
Global Resilience Risk An Insurers Perspective WEC Energy Summit 16 March 2016 Jamie Summons, Head of Weather Solutions, Asia Pacific Swiss Re Weather Market Capability Global presence, market leadership
More informationLooking to the medium term
Looking to the medium term Issued: 4 September 2013 Legal notice This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not
More informationUK EE Financing Programmes: An Update
UK EE Financing Programmes: An Update Dr. Steven Fawkes ACEEE Financing Forum 15 th May 2013 Agenda Update on: Green Deal ECO Green Investment Bank Other programmes, projects and initiatives 2 Green Deal
More information2017 Full Year Results and Outlook March 2018
207 Full Year Results and Outlook 208 3 March 208 Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information
More informationPowering Beyond. Guggenheim investor meetings June 20 21, 2018
Powering Beyond Guggenheim investor meetings June 20 21, 2018 Safe harbor This presentation contains statements that may be considered forward looking statements, such as management s expectations of financial
More informationThe Australian national electricity market
The Australian national electricity market Are you managing your risks? AusIMM Technical presentation John Bartlett and Patrick Booth 26 April 2017 john.bartlett@energetics.com.au and patrick.booth@energetics.com.au
More information+0.6GW additions of wind and solar capacity Efficiency savings of 141m (26% above 2017 target for OPEX IV Programme)
0 EBITDA +6% at 3.99bn, benefiting from the gain on Naturgas disposal (+ 0.5bn one-offs) Recurring EBITDA -5% to 3.52bn, penalised by severe drought in Iberian peninsula (- 0.3bn) +0.6GW additions of wind
More informationLeading provider of comprehensive energy services
Leading provider of comprehensive energy services Suzanne Thoma, CEO Beat Grossenbacher, CFO Overview Financials FY 2013 and Outlook Strategy Summary page 2 Continued challenging business environment Neighbouring
More informationCompany announcement from Vestas Wind Systems A/S
Company announcement from Aarhus, 7 February 2019 Company announcement No. 03/2019 Page 1 of 8 Annual report 2018 - Delivered best-in-class results and record high order intake Summary: For full year 2018,
More informationFoxtons Interim results presentation For the period ended 30 June 2018
Foxtons Interim results presentation For the period ended 30 June 2018 Important information This presentation includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking
More informationInterim financial report Second quarter 2018
Company announcement No. 27 2018 Interim financial report Second quarter 2018 Hedeager 42,8200 Aarhus N, Denmark Company Reg. No.: 10403782 Wind. It means the world to us. TM Contents Summary... 3 Financial
More informationCRAIGS QUEENSTOWN INVESTOR DAY. MERIDIAN ENERGY LIMITED MANAGEMENT PRESENTATION
CRAIGS QUEENSTOWN INVESTOR DAY. MERIDIAN ENERGY LIMITED MANAGEMENT PRESENTATION Meridian a reminder. $7b company, listed in 2013, 51% Government owned New Zealand s largest generator, from purely renewable
More information2016 Full Year Results. 3 March 2017
2016 Full Year Results 3 March 2017 1 NON-STANDARD FINANCE 2016 FULL YEAR RESULTS John van Kuffeler Founder and Group Chief Executive 2 NON-STANDARD FINANCE 2016 FULL YEAR RESULTS Overview In 2016 we achieved
More informationManitoba Hydro 2015 General Rate Application
Manitoba Hydro 2015 General Rate Application OVERVIEW & REASONS FOR THE APPLICATION Darren Rainkie Vice-President, Finance & Regulatory Manitoba Hydro Why Rate Increases are Needed 2 Manitoba Hydro is
More informationNPI.TO. Annual General Meeting. May 23, 2018
NPI.TO Annual General Meeting May 23, 2018 Board Members Recent Additions James C. Temerty Chairman The Right Honourable John N. Turner, Q.C. Linda L. Bertoldi John Brace Marie Bountrogianni Barry Gilmour
More informationCriteria for rating solar power projects
Criteria for rating solar power projects Executive Summary Solar power projects depend primarily on solar radiation - also called insolation - to generate electricity. As a result, they have lower fuel
More informationFurther information on mid-year tariff changes following the September 2010 Customer Seminars
Further information on mid-year tariff changes following the September 2010 Customer Seminars National Grid received a number of questions at the Customer Seminars on National Grid s proposal to update
More informationPresentation to Investor Briefing. May 2010
P t ti t Presentation to Investor Briefing May 2010 Agenda TrustPower Key Facts FY2010 Financial i Performance and Operations Overview Competitor Benchmarking and Shareholder Returns Regulatory Environment
More informationSecond quarter Vestas Wind Systems A/S. Copenhagen, 17 August Classification: Public
Second quarter Vestas Wind Systems A/S Copenhagen, 17 August Classification: Public Disclaimer and cautionary statement This document contains forward-looking statements concerning Vestas financial condition,
More informationInterim Results 2014
Interim Results 2014 Ralph Findlay Chief Executive Officer Highlights 1. Good trading performance, in line with our expectations Growth in core profits in each trading segment Earnings per share up 10.8%
More informationBrexit and electricity interconnectors. Jason Mann
Brexit and electricity interconnectors Jason Mann 12 May 2018 Expansion of UK interconnection capacity driven by strong fundamentals and benign policies - but complicated by Brexit Mounting political pressures
More informationSALES AND HIGHLIGHTS 2017 FIRST QUARTER
SALES AND HIGHLIGHTS 2017 FIRST QUARTER DISCLAIMER This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction. No reliance should be placed on the
More informationGROWING OUR INDUSTRY-LEADING POSITION
GROWING OUR INDUSTRY-LEADING POSITION Juan Araluce EVP & Chief Sales Officer Copenhagen, 29 November 2018 Track record and Performance Trends in the Sector Commercial Strategy to maintain #1 position AGENDA
More informationTransAlta Corporation
TransAlta Corporation First Quarter Results Monday, May 8, 2017 1 Forward Looking Statements This presentation includes forward-looking statements or information (collectively referred to herein as forward-looking
More informationCRITIQUE THE OFFSHORE WIND INDUSTRY, IRELAND S OPPORTUNITY BRIAN BRITTON, NOW IRELAND MAY 2017
CRITIQUE THE OFFSHORE WIND INDUSTRY, IRELAND S OPPORTUNITY BRIAN BRITTON, NOW IRELAND MAY 2017 Slide Index Slide 2: Ireland s Problem - Offshore Wind the Solution Slide 3: Energy is now Centre Stage -
More informationSP Transmission successfully fast-tracked
2 RIIO-T1 Transmission Price Control January 2012 SP Transmission successfully fast-tracked SP Transmission is pleased to announce that it has reached agreement with the Government energy regulator Ofgem
More informationSecond quarter Vestas Wind Systems A/S. Copenhagen, 18 August Classification: Public
Second quarter Vestas Wind Systems A/S Copenhagen, 18 August Disclaimer and cautionary statement This presentation contains forward-looking statements concerning Vestas' financial condition, results of
More informationElectric Price Outlook for Indiana High Load Factor (HLF) customers December 2016
Electric Price Outlook for Indiana High Load Factor (HLF) customers December 2016 Price projection We project our prices for High Load Factor customers to increase 4 to 6 percent in 2017 compared to 2016.
More informationInvestor Presentation Nordex AG. May 2006
Investor Presentation Nordex AG May 2006 Disclaimer This document is made by Nordex AG solely for use at the presentation held to you by Nordex AG in April/May, 2006. It is furnished to you solely for
More informationRESULTS PRESENTATION. Half year ended 30 September 2018
RESULTS PRESENTATION Half year ended 30 September 2018 Agenda Details 1. Overview Rob Sindel, Managing Director, CSR Limited 2. Financial Results David Fallu, Chief Financial Officer, CSR Limited 3. Business
More informationFY 2015 Results. March 2016
FY 215 Results March 216 FY 215 Calendar of Main Events January 15: Refinancing of 43,7 ml bond loan maturing in 217 with favorable terms, lower interest rate and extended to 222. Significant increase
More informationSupport regimes for offshore wind in Europe Florian Bauernfeind
Winter Academy 2018 Trading, Sales and Financing in the European Energy Market and Industry Support regimes for offshore wind in Europe Florian Bauernfeind Vattenfall Agenda 1. Wind Power in Vattenfall
More informationSuzlon Energy Limited
Suzlon Energy Limited 9M FY14 Results Presentation 14th February 2014 Thornton Bank Offshore Wind Farm, Belgium 1 Disclaimer 2 This presentation and the accompanying slides (the Presentation ), which have
More informationCorporate Presentation March Powered by the Sun. Developing, building and operating solar power generation plants.
Corporate Presentation March 2018 Powered by the Sun Developing, building and operating solar power generation plants Disclaimer These materials and the information contained herein are being presented
More information