The NAV rose +0.5% to 99.5c over 1Q, in-line with the trend of an improved quarter for the renewables funds, with NAVs so far flat to slightly up. GRP and UKW have the greatest exposure to near-term power prices of the sector which for GRP is enhanced by the REFIT subsidy scheme. However, while UKW saw good generation, at +4% ahead of budget, this was poor over the period for GRP at -10% below budget due to underperformance in Ireland, France and Germany. Low wind speeds were to blame, but curta ....
