27 November 2019
Foresight Solar Fund Limited
OFGEM ‘Targeted Charging Review’ Update
Click here to download the announcement.
On 21 November 2019, the Office of Gas and Electricity Markets (OFGEM) published the Decision and Impact Assessment of its ‘Targeted Charging Review’ (TCR) detailing changes to the embedded benefits currently received by generators. The result of the Review is the proposed end of Balancing Services Use of System (BSUoS) payments to suppliers from April 2021.
The Company has previously highlighted the potential removal of these ‘embedded benefits’ and the results of the TCR are broadly in-line with the Investment Manager’s expectations.
Subject to the finalisation of the TCR and assuming no embedded benefits from April 2021 the impact on the Company’s NAV is anticipated to be approximately -1.56p per share or -1.4% of the last published NAV of 109.1 per share as at 30 September 2019. The Company remains on track to deliver its target dividend of 6.76p per share for 2019.
For further information, please contact:
Jonathon McManus +44 (0)20 3667 8147
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Citigate Dewe Rogerson +44 (0)20 7638 9571