30th Jan 2015 09:51
LONDON (Alliance News) - Greencoat UK Wind PLC Friday said its net asset value rose in the quarter to end-December to GBP486.2 million, equivalent to 105.5 pence per share, while it said that production in the last quarter was in line with management expectations.
The renewable infrastructure fund said the quarter's performance marks an ex-dividend increase of 2.5p per share for 2014, in addition to 6.16p in dividends it declared. The fund's net asset value per share was 102.9p on December 31, 2013 and rose to 104.8p as at September 30, 2014.
"The net asset value reflects a decline in the power price forecast, which has been partially offset by lower operational costs associated with renewed long term contractual arrangements," the company said in a statement.
"Power prices are predominantly driven by gas prices in both the short and long term, reflecting the position of gas-fired generation in the UK's generation portfolio," it added.
The fund declared an interim dividend of 3.08 pence per share for the period from July 1 to end-December 2014, and announced an increase in the target dividend for 2015 to 6.26 pence per share. It said the increase is in line with the UK Retail Prices Index for December 2014.
Greencoat shares were up 0.7% at 107.75 pence Friday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Greencoat UK Wind