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Today’s global crisis is clearly working in Zenith’s favour, and this morning’s share price strength shows the market is beginning to recognise it. This is not short-term noise. It is a structural tightening of European energy supply and pricing.

TTF is Europe’s benchmark gas price. A move from €30 to €44 in days reflects a real supply shock being priced into the market. That kind of move does not happen without fundamental concern about physical availability.

Europe’s power markets reflect this too. Before the crisis on 27 February, day-ahead electricity prices across key European zones were already elevated — ranging from the mid-€50s to nearly €100/MWh in several markets. By 3 March, after the geopolitical escalation and rising gas benchmarks, average prices in many countries jumped significantly, with Italy around €125/MWh and other markets well north of pre-conflict levels. These moves illustrate how the energy shock is feeding directly through to power markets.

The flow dynamics driving this are clear.

The Strait of Hormuz risk restricts global energy flows and raises transport and insurance premiums. Even if some cargoes continue to move, the perceived probability of disruption pushes futures higher. Markets price risk before shortages fully materialise.

Qatar has stopped LNG deliveries until the conflict is over. That removes a major global supply source overnight. Europe relies heavily on LNG, especially after restructuring of imports in recent years. Reduced availability tightens the European gas balance immediately and forces traders to reprice forward contracts, not just spot gas. That lifts the entire curve — not just front-month pricing.

The country price signals are consistent with this. Gas benchmarks have surged as markets absorb supply risk, and power markets are responding more aggressively because electricity cannot be stored easily. In gas-dependent regions like Italy and Germany, even modest moves in gas prices can translate into materially larger moves in power prices because of how marginal pricing works in European electricity markets.

Gas-fired plants are often the marginal generators, meaning they set the clearing price for the whole market. With plants only around 50–60 % efficient, electricity pricing is roughly gas price divided by efficiency. Higher gas pricing mechanically amplifies into power pricing, often producing a 1.5–2× effect on the fuel component alone. Carbon costs under the EU ETS sit on top and are also efficiency-adjusted, lifting prices further.

This is where Zenith’s positioning matters.

Zenith has producing gas facilities and gas-to-power operations in Italy. In a market where LNG deliveries from Qatar are halted and European storage is tightening, domestic gas production becomes more valuable. Higher TTF and tighter forward curves mean stronger realised pricing potential across both gas and electricity.

Taken from telegram group zenithenergyresearch group

https://renewablesnow.com/news/nofar-gets-eur-507m-loan-for-italian-solar-bess-platform-1290301/

Correct we all forget the interest accrued

Https://ibb.co/Kpw4g3Rx

Https://ibb.co/KjbrNZH1

If that didn’t work here’s the QR code

https://ibb.co/Rp2YpCjv

Lol I will try it this way just delete the spaces

http s ://t. me/ zenithenergyresearch

https:// ****/ zenithenergyresearch

************* zenithenergyresearch

there’s a space between t / and zenithenergyresearch as lse doesn’t let me post links

there’s some genuinely strong research and well-presented visual data being shared in the zenith energy research telegram group. i’ve come across several clear, useful information and breakdowns worth reviewing.

link: *************zenithenergyresearch

or just search “zenithenergyresearch”

Taken from FS

This latest announcement represents another significant step in Zenith Energy’s transformation into a serious Italian renewable energy developer. The acquisition of an additional agrivoltaic project in Piedmont is not opportunistic expansion, but a continuation of a clearly articulated strategy focused on clustering assets in regions with strong industrial demand, predictable permitting pathways and deep liquidity for mature projects.

Piedmont, and specifically the Province of Alessandria, is a strategically sound choice. It combines high electricity consumption, grid relevance and sustained demand from professional buyers for Ready-to-Build solar assets. By further consolidating its footprint in this region, Zenith strengthens not only the economics of each individual project but also the overall strategic coherence of its portfolio. Scale and regional concentration matter in renewables development, and Zenith is executing with that firmly in mind.

The project’s expected capacity of approximately 10 MWp and anticipated Ready-to-Build status within 12 to 15 months place it squarely within the Company’s near- to medium-term value realisation window. Importantly, the land acquisition cost remains conditional on the achievement of RTB status, meaning development risk is tightly controlled. This structure protects shareholders while preserving upside as milestones are delivered.

What stands out most is how seamlessly this acquisition fits into the broader portfolio narrative. Since the independent valuation published in December, the solar pipeline has expanded by a further 10 MWp to 120.5 MWp. Based on the previously disclosed valuation metrics, this additional capacity alone implies a further €2.75 million of potential value once RTB status is achieved. It is also notable that management has articulated a clear target of reaching 200 MWp by the end of 2026, suggesting a steady and sustained pace of acquisitions as the year progresses.

The most compelling aspect of this strategy is that, when executed correctly, it can be effectively self-funding. By advancing projects to Ready-to-Build status and selectively selling a portion of the equity, Zenith can recover land and development costs while retaining meaningful ownership in de-risked assets at minimal or zero net cost. This disciplined approach to monetisation, alongside the construction of revenue-generating assets, reflects a mature understanding of the renewable energy value chain. Zenith is not simply accumulating megawatts on paper; it is building a portfolio designed to crystallise value at multiple points, through both asset sales and long-term production income.

The market often underestimates the compounding effect of a well-executed development pipeline, particularly in Italy where high-quality, de-risked projects command strong premiums. As the development strategy translates into tangible delivery and recurring revenue, a material re-rating shoul

Lady of aim

https://x.com/ladyofaim/status/2015748590400831937?s=46

Interesting hire by Zenith. The same counsel trusted by the...Putin-led Russian state is now on our side. When you notice who Superpowers rely on to win at ICSID, you start to see why the odds may have just shifted again. #ICISD #Lawfare #Putinslawyer

Https://x.com/zenithenergyltd/status/2004149726309240886?s=46

The latest placement from Zenith Energy reinforces a pattern that has become increasingly difficult to ignore: the market’s behaviour continues to contradict the narrative pushed by a handful of persistent forum critics. December’s placement succeeded, institutions participated, and the market supported the terms. Now again, the new placement has cleared at a stronger price than many expected, extending Zenith’s funding runway well into 2026. For the first time in years, the company has the capital base to progress its energy portfolio and legal strategy without further raises for existing activities before at least June 2026, according to management.

Despite this, discussion in certain threads remains dominated by the same recycled talking points. The familiar “nine raises in twelve months” line—now including December—has been repeated so often it has lost analytical meaning. Investors are fully aware that Zenith raised capital repeatedly while preparing the ICSID case and developing its operational pipeline. That is not new information. What matters now is the company’s forward funding position, and based on the December and latest placements, Zenith has finally secured the runway critics claimed would never materialise.

The idea that “broker shares will flood the market” resurfaces after every raise. It was said after December, and it is being said again now. Experience shows that short-term trading patterns vary, but they are not the signal. The clearing price is. These raises would not have completed at these levels if there were no institutional appetite. The company explicitly acknowledged institutional participation, and while anyone is free to dismiss that, repeating that institutions “do not exist” does not make it true.

Much of the commentary around ICSID also continues to misrepresent the process. The Tunisia ruling, which some keep referencing, has no relevance to the ICSID case. They are legally and factually distinct, handled by different tribunals under different frameworks. If Zenith had no legal standing, ICSID would have stopped the case at the jurisdiction phase. It didn’t. The case proceeded, and that alone contradicts the claim that Zenith has “no rights” or “no case.” Skepticism is reasonable; rewriting procedural reality is not.

Predictions of another imminent raise have also become formulaic. The same assertions appeared before the December placement, before the August raise, before the May raise, and now again. The historical pattern is clear: Zenith raises money for defined purposes, not arbitrarily. One can certainly critique the capital strategy, but alleging randomness or bad faith is inconsistent with the timing and purpose of each raise.

Claims that “nothing has happened in 18 years” are equally unconvincing. Zenith has operated producing assets, completed international acquisitions, secured arbitration awards, and today has progressing positions in uranium and s

Taken from FS

These positive RNS’s are being rolled out like buses at the moment, and this latest one is another really solid step forward. An independent valuation putting €27.5 million on the solar development pipeline is a big deal, especially when it’s based on a real 110.5 MWp portfolio that’s already moving through permitting, grid access and all the proper development stages. Having a respected Italian consultancy attach that kind of value gives a completely different weight to what Zenith has been building in the background.

What stands out is how dramatically the pipeline has grown. Not long ago we were talking about 20 MWp; now it’s over 110 MWp with a clear plan to sell 50% at RTB for around €13.75 million. That’s meaningful money for a company of this size, and the structure means Zenith keeps a stake in projects that will generate long-term returns. The workflow also looks like something you’d expect from an established European solar developer, not a junior. Step by step, the company is actually putting together a serious renewables business.

Cattaneo’s comments reinforce that this isn’t a random pivot. Zenith has produced oil, gas and electricity before, so shifting that operational experience into solar development is actually a lot more logical than people initially gave them credit for. And now there’s hard valuation data to back it up.

With this, plus the ICSID decision approaching, the momentum is clearly building. The game is heating up.

https://newsweb.oslobors.no/message/661210

More from FS about ac interview

Thanks for uploading the transcript, just watched the interview and it actually puts the entire RNS into a much clearer and much more bullish context. What really stands out is how confidently AC positions Zenith right now. This is not a CEO trying to justify anything. It is someone walking into ICSID with a case that keeps strengthening itself through the conduct of the opposing party.

AC explains the situation in a way that investors should pay close attention to. In ICSID, credibility and behaviour carry real weight. Zenith has spent three years documenting every obstruction, every imposed cost, every refusal of access, and every interference with its contractual rights. Tunisia has now added another example by disposing of the joint venture oil without notifying Zenith or paying a cent. AC does not need to dramatise it. The facts on their own form a very clean pattern of expropriation.

The key point AC makes is that Zenith is not intimidated. He is openly upbeat. He repeatedly highlights how strong the treaty basis is, how robust ICSID is, and how precise their case has become. When he calls the latest action “another robbery in front of the court,” he is not being rhetorical. He is describing something tribunals take extremely seriously, because it shows ongoing behaviour consistent with the claimant’s allegations. And as he rightly points out, Zenith has not actually lost anything here, because that oil was never accessible for monetisation anyway. What Tunisia has done instead is supply Zenith with additional evidence of the exact conduct ICSID is designed to rule on.

Another element that flew under the radar is Zenith’s legal firepower. AC makes it sound almost casual, but he is talking about a London Singapore quantum expert joining an already top level team. Tunisia, meanwhile, appears to rely on one lawyer for three separate cases, two of which have already highlighted major issues. Tribunal panels notice differences like that. They notice who comes prepared, who presents coherent documentation, and who has behaved in a manner that respects legal obligations. Zenith is clearly the side ticking those boxes.

AC also mentions annulment, almost in passing, but anyone who knows ICSID understands how valuable that safety net is. If Zenith feels an award undervalues the claim, they can escalate. That means the downside is protected and the upside remains extremely significant, particularly with a claim of 573 million dollars on the table.

So when you combine the RNS with what AC said in this interview, the picture becomes very straightforward. Zenith is heading into the decisive ICSID hearing with a stronger case than at any point in the last three years. Tunisia’s actions are undermining their own position and reinforcing Zenith’s narrative. Zenith has elite representation, a clean and well documented record, and a treaty based claim backed by years of evidence.

The irony is that the strategy that seemed designed to wear Zenith down financially has ended up creating exactly the type of factual record that maximises compensation exposure under ICSID. Add the unresolved ICC1 payment to the situation and the picture becomes even more compelling for Zenith. Far from weakening the company, the actions in Tunisia are making the eventual outcome clearer and potentially far more valuable. Investors who understand arbitration know that these situations rarely look favourable until they suddenly flip into decisive, high value awards. Zenith is now positioned exactly in that zone.

Taken from FS

What we are seeing unfold in Tunisia actually strengthens Zeniths international position far more than it harms it. The pattern of behaviour described in the latest update is not just administrative obstruction. It fits a clear and well documented sequence of actions by certain Tunisian state institutions that now leaves the ICSID tribunal with an uncontested view of how far these entities have stepped outside the boundaries of lawful conduct. The forced emptying of storage tanks despite a clean safety report, the refusal to permit sales, the imposition of ongoing costs on Zeniths subsidiaries, the withholding of all revenue, and now the unauthorised disposal of nearly four thousand barrels through MARETAP without payment. Each incident on its own is problematic. Taken together they form a textbook example of systematic expropriation.

This is why investors who have followed the ICSID case closely are increasingly confident. The ICSID framework is designed precisely for this type of situation where contractual rights are undermined through a sustained pattern of state interference. What Tunisia has now done is create a very clear evidential record that Zenith did not simply face delays or misunderstandings but was subjected to a prolonged obstruction that removed the ability to operate. The behaviour of MARETAP management and the denial of shareholder access also adds an important dimension because it shows that this is not an isolated event at the concession level but a wider issue within state associated structures.

All of this also feeds back into the prospects surrounding the ICC2 decision. The credibility of that ruling has been questioned from day one and developments since then only make annulment more likely. When two parallel cases show such a stark difference in standards of reasoning, and when subsequent conduct of the state supports Zeniths argument that the environment is neither neutral nor predictable, it becomes very hard for an annulment committee to ignore. Every new act of unilateral action in Tunisia actually strengthens Zeniths narrative that due process was never respected in the first place.

This explains the increasingly confident tone from Zeniths management. They know that international tribunals rely heavily on patterns of conduct, not just isolated contractual clauses. The Tunisian authorities have now supplied a continuous chain of evidence that aligns perfectly with Zeniths claims of confiscation. Meanwhile Zenith has kept all assets compliant, paid all salaries, handled environmental obligations, and maintained operations at its own cost despite being denied the basic ability to sell its own production. That is the behaviour ICSID panels typically favour because it shows good faith against an escalating sequence of obstructions.

Looks like a strong run back to 1 nok equivalent of double here so 9p

Taken from Norway forums

Honestly, today’s RNS is exactly the kind of update I’ve been waiting for, because it finally shows how far Zenith has come and how close we are to a completely different valuation. The solar news isn’t some small side project anymore. We’re talking about a full 7 MWp portfolio in Puglia with the first 3 MWp already fully permitted and ready to build, and the other two right behind it. Everything is lined up so construction can kick off by June 2026, which is actually not far away at all when you look at how fast they’re moving. The fact the land needs minimal civil work and the grid conditions are unusually favourable for that area just makes the economics even better.

What really stands out to me is the financing. Zenith is already deep into negotiations with three banks and is expecting up to 90 percent of the construction costs to be financed through green lending. That alone shows how strong these projects are. Banks don’t line up like that unless the permits are solid and the economics make sense. And this means Zenith isn’t dumping a load of dilution on the market to build these plants. They’re effectively leveraging the assets to fund themselves, keeping the equity protected, which is exactly what you want from a management team in this position.

The CEO’s comments about these being the company’s first renewable revenues should not be understated. Once the first plant starts generating income, everything changes because it proves the whole model works. From there they can build selectively, sell strategically, and keep expanding the pipeline in a way that compounds very quickly. When you combine that with what’s still coming from the ICSID direction next year, you can see why I think the current share price won’t reflect the company’s actual position for much longer. We aren’t talking about slow organic growth. We’re talking about a company positioning itself for exponential expansion in a sector where banks are actively throwing money at anything with solid permits and grid access.

Zenith has had plenty of challenges along the way, but this is the kind of update that shows the strategy was always bigger than people assumed. Revenue generation on the renewables side is now in sight. Financing is falling into place. The development pipeline in Italy is clearly much deeper than most realise. And with the arbitration still hanging out there as a potential major catalyst in 2026, it feels like everything is finally lining up in Zenith’s favour at the same time.

If the market hasn’t priced this properly yet, it will. And when it does, I don’t think anyone will be talking about the levels we’re sitting at today.