UKW, TRIG, JLEN: Mid-cap FTSE renewable energy stocks to watch

Soaring energy bills have forced the Liz Truss government to take measures to bring them down. As part of the measures, ministers are now considering capping the revenues of wind farms.

As per a report by The Telegraph, the government is planning to introduce a cap on the revenues that wind farms and other renewable power projects can generate through the sale of electricity. The intention behind the move is said to be keeping the costs down amid the ongoing energy crisis.

The government has purportedly insisted that the cap, expected to come into effect from next year, is temporary and it is not a "windfall tax" as it will be applicable on excess revenues. The windfall tax, announced by previous Chancellor Rishi Sunak earlier this year, has been imposed on oil firms' profits due to the higher prices.

Image Source: © Alexandragl | Megapixl.com

The move comes at a time when energy bills are soaring, prompting the government to devise ways to bring them down. Starting in October, the new energy price cap has come into place. Average household bills in the UK will now cost about £2,500 per year.

Notably, prime minister Liz Truss has said in the past that she is against windfall tax, stressing that it would hinder investments in the country.

Kalkine Media® explores some FTSE-listed renewable energy stocks in the wake of this information.

Greencoat UK Wind PLC (LON: UKW)

The FTSE 250 index listed Greencoat UK Wind plc is a renewable infrastructure firm. Over the past year, its stock price has jumped marginally by 0.97%, while on a year-to-date or YTD basis, it has fallen by 4.06%. The company presently has a market cap of £3,143.00 million. As of 8:09 am GMT+1 on Wednesday, UKW shares traded at GBX 135.00, down 0.44%.

The Renewables Infrastructure Group (LON: TRIG)

Another FTSE 250-listed investment trust, The Renewables Infrastructure Group, invests in renewable energy projects, including wind and solar. The company has an EPS of 0.10 at present and boasts a market cap of £2,934.70 million. Over the past 12 months, the stock price has slipped by more than 6%, while the YTD return is -12.05%. TRIG stocks were down 2.3% at GBX 115.80 as of 8:31 am GMT+1 on Wednesday.

JLEN Environmental Assets Group Ltd (LON: JLEN)

The British investment trust dedicated to investments in renewable energy projects holds a market cap of £729.01 million and belongs to the FTSE 250 index. Its shares traded at GBX 109.80, down 0.36%, as of 8:22 am GMT+1 on 12 October. Its 12-month and YTD returns stand in the positive territory at 3.98% and 4.38%, respectively, and it has an EPS of 0.02.

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