Scottish & Southern placing set to raise 470 million pounds
SSE shares, up a fifth in value over the past four weeks, fell 8.2 percent to 1,159 pence by 10:30 a.m. British time on the news SSE will place up to 5 percent of its issued ordinary share capital, which totalled 876 million shares on December 31.
"The successful placing of shares will reinforce our balance sheet strength and enhance the range of options open to us," chief executive Ian Marchant said in a statement.
The company said in a statement that it expected the proceeds of the placing to provide an extra source of funding to help it to take advantage of investment opportunities of up to 6.7 billion pounds over five years.
It said it would assist it in buying small and medium-sized assets "which may become available from time to time."
The group said that in line with that strategy, it was finalising a couple of deals to acquire stakes in wind farm projects in Scotland and the Republic of Ireland.
SSE confirmed it was trading in line with management expectations and it was on track for a modest rise in adjusted pretax profit for 2008/09.
It also said it was on course to deliver a full-year dividend of at least 66 pence per share for the year to March 31, 2009, up 9.1 percent against a year earlier.
Charles Stanley analyst Tina Cook said the performance update was positive, but said the share price fall might reflect market uncertainty about the detail of the share placing.
"There may also be some question about whether they are having difficulties raising debt," she said.
Angelos Anastasiou at Pali International said SSE had not had problems accessing the debt markets, although he said the company had aggressive capital spending growth plans and the placing should underpin its position.
"While there will be a big step up in capex over the next few years, SSE's record is very strong, and the returns should rapidly accumulate as the various projects are completed," Anastasiou said.
"We also believe SSE remains very attractive to the Euro-consolidators. Overall, we still see SSE as a very good growth story, and we would look to participate in the placing."
(Reporting by Ben Deighton and Philip Waller; Editing by Matt Scuffham, Dan Lalor and Mike Nesbit)
Awesense launches digital clean energy marketplace
Awesense has launched what it claims is the only energy-focused repository of solutions built to drive the industry's decarbonization agenda.
The Awesense Marketplace aims to provide a common framework for companies to collaborate towards the future of clean energy and digital transformation, uniting applications, solutions and algorithms to solve energy and grid challenges.
Solutions listed on the marketplace cover a range of cases, and launch companies include Doosan GridTech, Kitu Systems, vadiMAP, LO3 Energy, ENGIN, Utilidata, Clir Renewables, ChargeLab, SensorLink, Exeri, Easy SmartGrid, and Athena Power.
“We are welcoming a new era in the decarbonization of energy systems,” said Mischa Steiner, CEO of Awesense. “The goal of achieving a clean energy future requires collaboration amongst key industry players in the utilities and energy sectors. Sharing resources through the Marketplace means that our customers and partners have a truly seamless approach as we work towards our common goal - ultimately, decarbonizing the world’s energy system.”
Utilities, consulting companies, and other organizations struggle to develop solutions that can be scaled across many jurisdictions due to complex data integration and the lack of a standard, open data model. Using the solutions offered throughout the Marketplace, organizations can rapidly accelerate their transition to a decentralized, decarbonized future and develop solutions that are scalable across industry. The platform will open up new revenue streams in areas such as:
Distributed energy resource integration and control
Electric vehicle charging
Demand response and smart-home management
Intelligent asset management
Advanced distribution system management
The new marketplace builds on Awesense's Digital Energy Platform, a digital twin based energy analytics platform that allows utilities to scale at the same pace as the rapidly changing technology landscape of the energy grid.
Together, the Open Energy Data Model and the Awesense Marketplace removes hurdles around data mapping and transformation, expedites data preparation and refining, and provides a common framework for companies to collaborate.
“The energy-specific data model allows utilities, technology companies, consulting firms, and other vendors to build solutions that can be easily integrated by other energy companies, to make a real impact on the industry as a whole, and develop new revenue streams for their organizations” said Steiner. “We’re looking forward to seeing the Awesense Marketplace grow as more partners committed to energy decarbonization join us.”
There are no simple solutions to putting the world on a sustainable path to net-zero emissions, according to the IEA. Reducing global CO2 emissions will require "a broad range of different technologies working across all sectors of the economy in various combinations and applications." it notes.
Renewable Energy Hub of South Australia formed
Amp Power Australia has established the Renewable Energy Hub of South Australia, a strategic portfolio of large scale integrated Solar PV, Wind and Battery Energy Storage assets located in South Australia. The hub also includes the siting of the Spencer Gulf Hydrogen Energy Ecoplex, forming part of the South Australian Government's Hydrogen Action Plan.
The portfolio, acquired from EPS, includes three large Solar PV projects totalling over 1.3 GW of generation, located at Robertstown (636 MW), Bungama (336MW) and Yoorndoo Ilga (388MW) with a total BESS capacity of up to 540MW across the portfolio.
Amp's expansion in Australia will include the implementation of Amp X, a proprietary digital energy platform 100% owned by Amp, which provides a diverse portfolio of disruptive and interoperable grid edge solutions, and includes a smart transformer, which enables real-time autonomous management and optimised dispatch of all forms of distributed generation and loads across the grid.
Palmetto recently opened its marketplace in Arizona, and is now serving 20 states across the country, claiming its proprietary technology, marketplace business model, and consumer mobile application "are all designed to democratize access to clean energy".