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UK Government Energy Plan Won't Cut Gas Reliance in Short, Medium Term

04/08/2022 | 02:36am EDT

UK Government's Plan Won't Reduce Gas Reliance in Short, Medium Term

0819 GMT - The new U.K. energy security strategy is a necessary step forward in the country's journey to net zero emissions, but it lacks silver bullets to reduce reliance on gas in the short and medium terms, ING says. This means Britain will continue to be vulnerable to volatility in power prices over the next few years, given the lack of alternatives to gas for power generation and residential heating, potential increases in gas demand from hydrogen production, and a very low gas storage capacity, the bank says. "For the U.K. economy, the more pressing question is whether the government will offer further support for consumers and businesses while gas prices remain elevated," ING says. (jaime.llinares@wsj.com)

 
Companies News: 

Hollywood Bowl to Resume Dividend as FY 2022 Performance Ahead of Views

Hollywood Bowl Group PLC said Friday that its full-year performance will be ahead of expectations and that it intends to reinstate the dividend after a strong first half.

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Ferrexpo 1Q Production Fell 11% as Russia-Ukraine War Hit Operations

Ferrexpo PLC on Friday reported that its iron-ore pellet production fell 11% on quarter in the first quarter as a result of Russia's invasion of Ukraine.

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Johnson Matthey Expects FY 2022 in Line With Market Views; Sees Disruption in FY 2023

Johnson Matthey PLC said Friday that it expects its underlying performance for fiscal 2022 to meet market expectations, and that it foresees further disruption in fiscal 2023.

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Jet2 Sees FY 2022 Adjusted Pretax Loss of Up to GBP383 Mln

Jet2 PLC said Friday that it expects to report an adjusted pretax loss for fiscal 2022 of between 378 million and 383 million pounds ($494.2 million-$500.7 million) after a year marked by travel restrictions linked to Covid-19 and new variants of the disease.

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Premier Miton 2Q Assets Under Management Declined Amid Geopolitical Uncertainty

Premier Miton Group PLC on Friday reported a decline in assets under management in the second quarter of fiscal 2022 as a result of geopolitical uncertainty.

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Ramsdens Holdings Expects Swing to 1H Pretax Profit

Ramsdens Holdings PLC said Friday that its performance for the first half of fiscal 2022 was strong across each of its divisions and it expects to swing to a pretax profit for the period.

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Unite Group says 1Q Portfolio Value Rose, Advance Sales Strong

Unite Group PLC said Friday that the like-for-like valuation of its property portfolio inched up in the first quarter, and it has recorded strong advance sales for the upcoming academic year.

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Sound Energy No Longer Plans Merger With Angus Energy

Sound Energy PLC said Friday that it no longer plans to make an offer for Angus Energy PLC following a due diligence review, and after careful consideration.

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Marwyn Acquisition Says it is Assessing Platform Acquisition Opportunities

Marwyn Acquisition Company PLC said Friday that it continues to evaluate potential platform acquisition opportunities.

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VP PLC Sees FY 2022 Results Ahead of Expectations on Increased Demand

VP PLC said Friday that it expects to report full-year results ahead of expectations as performance since the publication of its interim report has been driven by increased demand.

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Zephyr Energy Says 1Q Williston Basin Production Beat Expectations -- Energy Comment

Zephyr Energy PLC said Friday that first-quarter hydrocarbon production from its new Williston-Basin assets in North Dakota was ahead of expectations. Here's what the Rocky Mountain-focused oil-and-gas company had to say:

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CMC Markets Expects FY 2022 Net Operating Income at Top End of Guidance

CMC Markets PLC said Friday that it expects to report net operating income for fiscal 2022 at the top end of its guidance.

 
Market Talk: 

Jet2 Shares Look Cheap Given Summer Momentum

0734 GMT - Jet2's guidance for fiscal 2022 was slightly ahead of consensus, with commentary around summer 2022's capacity, bookings and price mix suggesting upside opportunity for investors if current trends prevail, Jefferies says. The leisure-travel group expects an adjusted pretax loss of between GBP378 million and GBP383 million, compared with Jefferies estimate of a GBP395 million loss and a market consensus of a loss of GBP393 million, and summer seat sales are around 14% above the prepandemic comparative period in 2019. The shares also look cheap given the company is a market share winner, the U.S. bank says, reiterating its buy rating on the stock and 1,750 pence price target. Shares are up 4.1% at 47.0 pence. (joseph.hoppe@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

04-08-22 0436ET

Stocks mentioned in the article
ChangeLast1st jan.
ANGUS ENERGY PLC -1.27% 1.95 Delayed Quote.200.00%
CMC MARKETS PLC -4.51% 211.5 Delayed Quote.-19.73%
FERREXPO PLC -3.10% 118.8 Delayed Quote.-60.32%
HOLLYWOOD BOWL GROUP PLC -4.67% 187.6 Delayed Quote.-21.51%
JOHNSON MATTHEY PLC -2.12% 1821.5 Delayed Quote.-10.97%
LONDON BRENT OIL -0.44% 88.31 Delayed Quote.9.98%
PREMIER MITON GROUP PLC -0.47% 105.5 Delayed Quote.-45.90%
RAMSDENS HOLDINGS PLC -3.16% 184 Delayed Quote.10.84%
SILVER -0.07% 18.894 Delayed Quote.-21.09%
SOUND ENERGY PLC -2.50% 1.17 Delayed Quote.-45.58%
UNITE GROUP PLC -3.44% 814.5 Delayed Quote.-26.65%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -2.04% 56.75 Delayed Quote.-22.40%
VP PLC 1.19% 765 Delayed Quote.-17.39%
WTI -0.51% 81.298 Delayed Quote.8.46%
ZEPHYR ENERGY PLC 0.96% 5.25 Delayed Quote.-24.46%
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