The capital allocation update today fits with previous messaging that further disposals and reinvestment are a key priority. A target of £400m of capital to be raised from disposals over the next 12 months equates to around 10% of portfolio value and so is significant, though this target also includes some modest debt issuance. As we said in last week’s renewables sector report (here), near-term dividend cover is the key focus, following cover of only 1.0x over the past two years. Disposals will ....