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UTILITY WEEK | 29TH SEPTEMBER - 5TH OCTOBER 2017 | 15 This week 'Government must back onshore wind' Scottish Power Renewables says more onshore wind is needed to help meet expected EV take-up Scottish Power Renewables has called on the government to do more to support onshore wind as it publishes a new report high- lighting the economic benefits of windfarms. The company's chief execu- tive, Keith Anderson, said more onshore wind was "essential" if the government was serious about reducing carbon emissions and having enough power to support the rollout of electric vehicles. "One new onshore wind turbine could power around 7,000 electric vehicles, but we need to act now to meet growing demand," said Anderson. "We have seen competitive auctions deliver huge price reductions in offshore wind, and we expect onshore prices to tumble as well. "At this level only the most competitive projects would be viable and Scotland in particular still has a significant untapped stream of projects, in the right loca- tions, ready to be delivered. "If the industry was given a level playing field with other technologies a further 2,000MW could be built in Scotland by 2020." The report, written by BVG Associates, looks specifi- cally at the economic benefits of Scottish Power Renewa- bles' portfolio of eight windfarms, which have a total capacity of 474MW. According to the report, the windfarms will generate £1,276 million in gross value-added for the UK through- out their operational lifetime, including £297 million in local value-added. JH ELECTRICITY SSE reaps the rewards of diversity Inclusion and diversity pro- grammes carried out by SSE have yielded a fourfold financial return for the company, accord- ing to a new report. International consultancy Equal Approach said SSE saw a £4.52 return on investment for every £1 invested in gender diversity programmes between 2014 and 2017. The report said that by focus- ing its current inclusion and diversity strategy over the next three years, it could achieve a return on investment of £15. SSE's director of human resources John Stewart said the company's diversity strategy between 2014 and 2017 focused on encouraging women into the business and helping them pro- gress up in the organisation. The company's new inclusion strategy for 2017-2020 focuses on: embedding inclusive values; mentoring, networks; and part- nerships. WATER Pennon 'on track' for half-year results Pennon Group, parent com- pany of South West Water, is "on track" to deliver a good set of results for the half year to 30 September, expected to be announced on 29 November. In a trading statement pub- lished on 25 September, Pennon said it anticipated delivering "in line with management's expec- tations across both its water and waste businesses". "Pennon continues to deliver a robust underlying performance for 2017/18. With our clear strat- egy and strong balance sheet, Pennon is well-placed to con- tinue to deliver for customers, communities and shareholders," the trading statement said. In the company's full-year results for 2016/17 it reported group Ebitda of £486 million, up 8.4 per cent on 2015/16. Its waste business Viridor delivered Ebitda of £107 million, ahead of a target of around £100 million. WATER United Utilities eyes 3% rise in revenue United Utilities anticipates group revenue for the first half of 2017 to be almost 3 per cent higher than its reported £853 million for the first half of last year. In a trading statement, the company said the increase reflected "our allowed regulatory revenue changes, partly offset by the accounting impact of our Water Plus business retail joint venture, which completed on 1 June 2016." Underlying profit for the first half of 2017/18 is also expected to be higher than the first half of 2016/17. Onshore: 'prices will tumble' Stock watch 24 22 20 18 16 UNIPER SHARE PRICE, FIVE DAY (€) Jul 2017 Aug 2017 Sep 2017 UNIPER SHARE PRICE, THREE MONTH (€) Uniper shares have risen sharply aer news emerged of a bid by Finnish firm Fortum to buy a controlling stake in the fossil fuel generator, which was spun-off from Eon last year. Fortum approached Eon with an offer to purchase its remaining 47 per cent interest for €22 per share, an offer which will be extended to all Uniper investors if Eon accepts the deal, in line with German stock market regulations. The share price has since risen to more than €23. 23.5 23.0 22.5 22.0 21.5 21.0 21 Sep 22 Sep 25 Sep 26 Sep Finance & Investment