GCP Infrastructure Investments (GCP) has provided a company update for the three months to 31 March 2024. The company’s NAV fell 2.2% over the period, driven by changes to the inflation forecast to reflect the OBR’s Spring Budget 2024 figures. This contributed around 1.6 pence per ordinary share. Further reductions in forecast electricity prices, primarily decreases in short-term power prices, led to decreasing forecast cash distributions to the company from certain renewable energy investments. This power price volatility is partially offset by the positive performance of the company’s hedging arrangements. The overall net power price movements negatively contributed c. 0.6 pence per ordinary share.
The company also announced a dividend of 1.75 pence per ordinary share, for the period from 1 January 2024 to 31 March 2024. The dividend will be paid on 4 June 2024.