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To invest mostly in operating UK wind farms with the aim to provide investors with an annual dividend that increases in line with RPI inflation while preserving the capital value of its investment portfolio.
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This came up on my radar, so have got some in my SIPP. They seem to have good dividend cover and growth. What is the downside/risk here? They seem pretty solid
12.5% over the long term average.
The higher winds for December made up for the lower ones in November (and to a lesser extent October) to leave the last quarter only 1% below the long term average.
It is unusual to get the Government data before the company releases its quarterly results so UKW are clearly running a bit late with them this month.
When will the Divi value be announced, Dividend Max saying it would be 22nd Jan but no news yet
Agree. The Feb divi will be a bumper one to get us to 10p this year , so 3.43p by my calculations, and then 2.5p a quarter thereafter.
With the share buyback, inflation (mainly) falling vs the dividend increasing, and the NPV much higher than the SP i thought this would be steadily rising .
Happy to hold and top up as and when possible
Topped up at below 144. Surely will seem under valued when the 10p/y dividend hits.
Until the new tax year window opens, I can't buy anymore. I'm also itching to at todays price.
A very interesting post. I knew nothing about this problem. What we need more is a consensus on where to put the pylons.
This is an interesting read from the Guardian in 2020 about a proposed project to construct a flywheel in Scotland to help stabilise grid frequency.
"Currently, the National Grid Electricity System Operator (ESO) is forced to shut down windfarms and run gas power stations even when there is more than enough renewable energy to meet Britain’s electricity demand, in order to keep the grid’s frequency steady."
https://www.theguardian.com/business/2020/jul/06/giant-flywheel-project-in-scotland-could-prevent-uk-blackouts-energy
With the buybacks going on still expect to get an opportunity to buy more of these so happy about the 146p that came up just now.
I also heard these stats about wind turbines shutting down as winds get above 55MPH. I live in Cumbria where they are often a few turbines not working as the rest are whizzing around in the strong winds. It always seemed to me that this was a huge design flaw. But with even just a little digging around for answers it is clear that the main flaw was with the power grid system. Although turbines are slowed/ stopped in extremely high winds, they use a gear system that means more wind is needed to turn them. There are not many hours a year they can't produce power in. Often, wind farms would power down a few turbines as the grid couldn't handle the power generated NOT that the turbines couldn't handle the wind. As the grid improves through investment from National Grid and local connections improving over time and with huge battery storage projects in the works, the increase in wind power generation will continue (even without more turbines). A wind farm working now will still improve over time with a better grid and better energy storage systems in place.
Wind turbines are designed for high winds and are designed to survive even the wilder windy weather we will likely get in the future.
According to this report:
Wind turbines beat production record as Storm Pia descends
August Graham, PA Business Reporter
Thu, 21 December 2023, 3:45 pm GMT·2-min read
The UK’s wind turbines generated a record amount of electricity on Thursday morning, the grid revealed.
Between 8am and 8.30am wind farms across Great Britain generated 21.8 gigawatts of electricity and supplied 56% of all the power that was being used from the grid.
Winds of over 80mph have been battering the UK with weather warnings in place for large parts of the country.
It beats the previous 21.6 GW record which was set in January this year.
National Grid Electricity System Operator (ESO) said that the final figure could still change a little.
https://uk.finance.yahoo.com/news/wind-turbines-beat-production-record-154248274.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAEn4BRfxGXCAdheFQjoAYqd-rzqSghi_ewSV_YROz-ZMcJSdT7dc-iYYA8sE_1Kl7p2sOUKXFYYyfh4e05lISWvYQ0-SJ17D3dkVoFx1c54I_GdlyGzjlhUlRl7WUrqjeU4APtVnIpld37R-7KuUJ2l2R2Lk8gM8-6-nc1ij0XK0
Looks like December winds will make up for the November calm. My train to Euston was cancelled today due to the overhead lines being blown down! Hopefully it’s not too windy though as I’ve read that some turbines are shut down once winds reach 50-55 mph.
13% below long-term average which I was surprised by - it seems like it has been wet and windy for months now!
The past three Decembers (El Nina's ) have been below the long term average so it will be interesting to see what happens now we are back in a El Nino phase.
I'm not convinced that an absence of new projects is much of a drawback. I'm happy for UKW to invest its surpluses in share buybacks or paying off debt. Over the near future I suspect the price will probably just move together with the UK stock market and/or interest rates, although the share buybacks should exert some upwards pressure. I added some shares recently at 145p, as markets seem pretty bullish at the moment, and maybe there'll be a Santa rally. Maybe I should have waited for another dip, but it seems like good value at that price, so I thought why risk missing the opportunity.
So, I wonder if the share price will pullback in the new year because we are going to find it harder to raise funds to therefore invest in new projects?
Stephen Lilly has already commented on needing patience, and maybe something might transpire after the share buyback but I've always been bullish on UKW, and I still am, but it doesn't mean I'd rather buy on the troughs than the peaks!
No matter what. UKW has a great future.
ATB.
I think you're right about that. What they mean by Q4 2023 dividend is the one paid in February 2024. It relates to the earnings in Q4 rather than a dividend in Q4. I've just looked back at their announcement to see where the misunderstanding has arisen:
"In recognition of the very strong cash flow delivered by the business through 2023 to date, the Board also has decided to pay a 3.43 pence per share dividend for Q4 2023 increasing the 2023 full year dividend target to 10 pence per share."
The RNS says that for the Q4 dividend it will be higher to make it to 10p. The dividend you have just received is for the quarter ending in September (Q3).
Thanks. Can anyone else confirm that they received 2.19p for Q4?
Does anyone know if this was supposed to be 3.43p or have I missed something?
I agree with you they said 2023/2024 dividend payment would be 10p
Just received the 4th quarter dividend my ii account. I had expected it to be paid at 3.43p per share, but it has been paid at 2.19p per share. Did I misunderstand the earlier announcement?
We've made it into the top 14 investment trusts, as picked by Investors Chronicle
https://www.investorschronicle.co.uk/news/2023/11/16/fourteen-investment-trusts-picked-by-professionals/
Hi - should this news not increase the share price of Greencoat?
I just thought it should?