JLEN Environmental Assets has reported a modest drop in net asset value for the final quarter of 2023, mostly due to power price weakness but also to revenue forecast reductions on its battery storage assets.
In a stock exchange notice today (16 February), the £798m trust said its 31 December NAV stood at 117.6p, reflecting a 1.8% fall over the quarter, and a flat NAV total return (-0.2%). Key valuation movements included downward revisions to near-term power prices (-2.3p), although these were partially offset by the subsequent Electricity Generator Levy movement and favourable price fixes secured in the period (+0.8p). Moreover, reductions in the gross margin forecasts for battery storage assets, prompted by independent consultants reappraising the available revenue opportunities, led to...
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