- Leading into August, the ASX 200 benchmark has performed on a strong note.
- In sync with the ASX, power companies have delivered good returns.
- Power companies such as Mpower and AusNet were among the leading performers.
Leading into August, the ASX 200 benchmark has performed on a strong note. The index is up over 10% so far this year. Barring some volatility, the investor confidence has remained robust through the month of July.
While energy stocks were spurred by high energy prices, power stocks too delivered good returns to the shareholders.
Power companies such as Mpower and AusNet were among the leading performers.
Here are 10 ASX-listed power stocks with encouraging recent developments and stock movements. (However, one needs to do thorough research before taking any exposure as sinusoidal market trends are evident)
Source: ©Lovelyday12 | Megapixl.com
Volt Power Group Ltd (ASX:VPR)
Volt Power is a power generation technology developer and asset owner.
The company supplies a technology, which turns waste heat harvested from power generation and other industrial process into low emission electricity. The company also acquires and develops power generation assets.
The company recently announced that its subsidiary EcoQuip had secured a 5-year agreement with AGC. The agreement provides for the deployment of EcoQuip’s innovative Mobile Solar Light Tower solutions at the Chevron operated Gorgon natural gas facility on Barrow Island, Western Australia.
Shares of the company have surged by (∞%) so far in 2021.
MPower Group Ltd (ASX:MPR)
MPower Group delivers reliable on-grid and off-grid power solutions for blue chip corporate and government clients.
The company’s cash in the quarter ending on 30 June 2021 stood at AU$3.5 million.
The net operating cash outflows were nearly AU$0.9 million, reflecting the resources being infused into boosting company’s portfolio of Build Own Operate (BOO) sites across Australia.
The company obtained exclusive rights to 10 sites across Victoria, South Australia, and New South Wales in the quarter.
Shares of the company have surged 46% so far this year from AU$0.030 to AU$0.073 (as of 29 July 2021).
ReNu Energy Ltd (ASX:RNE)
ReNu Energy is into supplying clean energy products and services. It delivers independent power solutions via development of renewable energy projects.
The company recently provided an update on the operations of its investee company Uniflow, saying that both firms are collectively intending to engage an independent consultant to investigate the potential for generation of carbon credits because of greenhouse emissions offset by Uniflow’s technology – The Cobber.
ReNu Energy had AU$4.1 million in cash and cash equivalents at the end of March quarter. Shares of the company have surged by nearly 25% so far this year from AU$0.040 to AU$0.054.
Source: © Tebnad | Megapixl.com
Genex Power Ltd (ASX:GNX)
Incorporated in 2011, Genex Power is a power generation company. It mainly focuses on generation and storage of renewable energy.
Genex ended Q4 FY2021 with cash at bank of AU$49.7 million.
The company mainly spent on development activities connected to the K2-Hydro, JSP and BBP projects during the quarter.
The company also appointed Kenichi Seshimo, a representative of J-Power, which currently holds a 10% ownership in Genex, as the director of the company.
Shares of the company have surged nearly 6% so far this year from AU$0.22 to AU$0.23.
AusNet Services Ltd (ASX:AST)
AusNet is involved in gas distribution as well as electricity transmission and distribution. For the financial year ending 31 March 2021, the company’s revenue fell nearly 3% compared to FY20. However, the company described it as a sound effort despite navigating through a challenging external environment due to COVID-19.
The firm’s net profit after tax (NPAT) reported an increase of 3.9% in the corresponding period of last year.
The company said that it was focused on enhancing its key strategic priorities and accelerating growth. It provided FY22 dividend guidance of 9.5 cents per share.
Shares of the company have surged nearly 2% so far this year from AU$1.78 to AU$1.80.
READ MORE: Which are the top 5 ASX 200 dividend shares?