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Highlights
- Royal Dutch Shell stated its plans to buy the Australian arm of electricity provider Powershop on Monday.
- Cairn Energy will change its name to Capricorn Energy PLC, effective from 13 December.
The energy industry has increasingly been focusing on moving towards a low carbon future. The UK government said today that Glasgow is set to be the home to a first-of-its-kind hydrogen storage project and will be based at the country’s largest onshore windfarm close to the city.
The project has received funding of almost £10 million from the government.
The move comes after Glasgow hosted the UN climate conference COP 26, which ended earlier this month.
In view of this, let us explore 2 FTSE listed stocks in the energy sector and how they have performed:
- Royal Dutch Shell PLC (LON: RDSA)
Royal Dutch Shell is a UK based oil and gas major and forms the part of blue-chip index FTSE.
The company plans to expand its presence in the Australian electricity market by acquiring online electricity provider Powershop, according to media reports.
The oil major along with fund management company, Infrastructure Capital Group, plan to acquire the Australian operations of the power company, the Meridian Energy Australia Group, which is Powershop’s parent company.
The deal is estimated to be around US$ 729 million, according to an Australian Financial Review report.
Powershop brand is expected to help with Shell’s low carbon energy shift, as Powershop offers 100 per cent carbon offsets for its power.
The move comes after a Dutch court ruling called on Shell to cut its emissions significantly, earlier this year.
(Image source: Refinitiv)
Shares of the company were up by 0.46 per cent at GBX 1,616.80, on 22 November at 10:12 AM BST. The FTSE 100 index on the other hand was at 7,245.89, up by 0.31 per cent.
The company’s market cap was at £66,005.35 million, and its one-year return was at 29.83 per cent as of 22 November.
- Cairn Energy PLC (LON: CNE)
FTSE 250 index listed company Cairn Energy is a multinational oil and gas exploration company.
The company recently said it will change its name to Capricorn Energy PLC, which is expected to become effective from next month on 13 December.
The company said in an India update statement recently, that it had entered into an agreement with the government of India, wherein India will refund about US$ 1.06 billion, and Cairn will withdraw all legal proceedings towards the country.
The move will thus help settle an ongoing tax dispute with the company, under the Taxation Laws (Amendment) Act in India.
The company also stated the special dividend, announced earlier this year, will be paid out early next year.
(Image source: Refinitiv)
Shares of the company were up by 0.68 per cent at GBX 192.00, on 22 November at 10:36 AM BST. At the same time the FTSE 250 index was at 23,534.62, higher by 0.18 per cent.
The company’s market cap was at £951.64 million, and its one-year return was at 4.92 per cent as of 22 November.
