17th Apr 2026 14:55
(Alliance News) - Renewables Infrastructure Group Ltd on Friday flagged an expected reduction in its net asset value, as a result of UK carbon policy changes.
The Guernsey-based renewable energy investor, also known as TRIG, noted the British government's decision to remove carbon price support from 2028, as part of an effort to lower the UK's wholesale electricity prices. Carbon pricing support is a tax on fossil fuels used in electricity generation.
As a result of the policy change, TRIG expects its net asset value per share to fall by approximately 0.5 pence.
It maintained that the anticipated impact of the policy change on its business is "limited as a result of the diversification of TRIG's portfolio across power markets and revenue sources, the company's high percentage of fixed price revenues, and the investment manager's approach of taking an average of three power price forecasters in the portfolio valuation". Those forecasters, it said, have assumed either a reduction or phasing out of carbon pricing support.
TRIG said its NAV at the end of December incorporated "the majority of the impact" of the removal of carbon pricing support. The company's NAV per share was 104.0 pence as of December 31, down 10% from 115.9p a year earlier.
Renewables Infrastructure shares fell 2.1% to 66.40p on Friday afternoon in London.
It also stressed that around 41% of its portfolio was outside of the UK, and estimated that 14% of its renewable generation revenues over the next decade would be exposed to British power prices.
"The investment manager currently expects the impact on the company's NAV to be modest. The estimate remains subject to refinement as updated forecasts are received from the independent power price forecasters," TRIG added.
Earlier on Friday, Greencoat UK Wind PLC noted that the policy change could lower its net asset value by 3p to 5p per share.
By Holly Munks, Alliance News reporter
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