Triple Point Energy Transition PLC on Friday reported a growing net asset value, and a positive outlook that is buoyed by elevated energy prices.

At September 30, NAV per share stood at 100.26 pence, climbing 6.1% from 94.50p a year before. NAV total return in the six months to the end of September improved to 7.2% from 0.4% in the same period a year before. It was also higher than 4.9% for the financial year 2022 that ended on March 31.

The London-based investment trust focused on low carbon energy efficiency in the UK cited ‘an improved outlook for power forecasts, by independent market advisors, along with the higher inflation expectations’.

Triple Point declared an unchanged interim dividend of 2.75 pence per share.

Looking ahead, the firm notes an ‘attractive operating environment’ due to higher energy prices and inflation, which it expects to stay elevated over the next 12 to 24 months.

‘These two factors have driven much of the increase in the forecast cashflows for the group and accordingly the NAV uplift,’ it explained.

The company also said it does not expect an impact from the electricity generator levy. The levy was announced by the UK government in November.

Triple explained: ‘The levy will apply to what the government believes to be exceptional generation receipts over £75 per megawatt hour, albeit mitigated by an allowance, from 2023-2028. Such exceptional income would be taxed at a rate of 45%. The company has considered the announcement and considers this not to impact its tax liabilities based on its projections, and it notes that the levy only applies to groups generating more than 100 gigawatts, which is in excess of the Hydroelectric Portfolio annual generation.’

Triple Point Energy Transition PLC shares were flat at 72.50 pence each on Friday morning in London.

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