Higher power prices helped The Renewables Infrastructure Group to report a 50 per cent jump in half-year profit. The company said that the increase in profit had helped to offset reduced wind speeds across parts of its portfolio in the first six months of the year. The group, which was listed on the London Stock Exchange in 2013, has built stakes in onshore and offshore wind and solar and battery storage in Britain and overseas. Pre-tax profit was £47.3 million, against £31.3 million in the first half of last year. Its assets generated 1,003 gigawatt hours of electricity, compared with 851 in the same part of 2017. The average price per megawatt hour rose by more than 11 per cent to £98.62. The group noted that lower than average wind speeds, particularly across its Scottish sites , had been mitigated by rising power prices and an improved solar generation performance. During the first half it agreed four acquisitions that will add 117 megawatts of capacity. It is on course to increase its annual dividend by 1.6 per cent to 6.5p.
Times 9th Aug 2018 read more »