|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||7.42 - 7.49|
|52 Week Range||5.25 - 7.80|
|Beta (3Y Monthly)||0.63|
|PE Ratio (TTM)||15.66|
|Forward Dividend & Yield||0.31 (4.16%)|
|1y Target Est||N/A|
(Bloomberg) -- American power generator AES Corp. and Italian utility giant Enel SpA are among the six companies suing the Mexican government over a rule change that the industry says will cripple clean energy investments, people familiar with the matter said.The companies that have filed injunctions against the government also include France’s Electricite de France and the U.K.’s Cubico Sustainable Investments, as well as Zuma Energia and the Balam Fund -- both based in Mexico, said the people, asking not to be identified because the information isn’t public. The companies are fighting an energy ministry decision to grant old, government-run renewable power projects credits that were designed to spur the development of new wind and solar farms.The six companies didn’t immediately responded to requests for comment. Mexico’s Energy Ministry declined to comment, saying only that companies have the right to file injunctions.The firms are developing 14 projects that represent almost half of all clean energy credits issued in Mexico, according to the people familiar with the matter. The nation’s renewable energy industry is calling on Mexico to reverse its decision, saying it’ll dilute the market for credits, which are sold to big electricity users required by the government to buy a certain amount of renewable power.In a joint statement issued Wednesday, the Mexican Association of Wind Energy and the Mexican Association of Solar Energy said the change “destroyed the value of renewable energy project assets already in operation.” The credits “were the main mechanism by which Mexico was to meet it’s national and international clean electricity generation goals,” they said.Julio Valle, head of strategy at the wind association, said in an interview Tuesday that, in changing the rules, Mexico breached its contracts with companies that had planned projects around the credits.\--With assistance from Amy Stillman.To contact the reporter on this story: Justin Villamil in Mexico City at email@example.comTo contact the editors responsible for this story: Carolina Wilson at firstname.lastname@example.org, Lynn DoanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Chile’s central bank moved to halt a rout in the peso as plans for a new constitution after weeks of protests stoked concern of fundamental change to the country’s free-market economy.The peso weakened 2.8% to 781.87 per dollar at 1:18 p.m. after falling as low as 800.08, the biggest intraday move since 2011. Stocks and bonds also fell.Central bank President Mario Marcel reiterated policy makers’ “willingness to act in the face of anomalous situations,” saying it has a “variety of instruments at its disposal.“ Current uncertainty “should be contrasted with the economic fundamentals” which remain solid, he said in a statement.The comments were enough to stabilize the peso, which had been in free fall for much of the morning as a national strike added to pressure on a government struggling to respond to more than three weeks of riots and protests.“It’s definitely a verbal intervention,” said Claudio Soto, an economist at Banco Santander Chile. “The most important part is when it says it has the tools. It’s showing that it has a gun, a cannon, in case it were necessary.”Soto said he doesn’t expect more from the bank for now as “intervention levels are higher than this.”Civil UnrestChile has been wracked for more than three weeks by protests and riots against the rising cost of living and inequality. While the government has made concessions, including increased spending and a pledge to draw up a new constitution, it has failed to halt the demonstrations.The weaker peso “is obviously a sign of concern that we are following closely, as this will have an effect on prices, inflation and products that we consume,” Finance Minister Ignacio Briones said, referring to the drop in the peso. “It’s fundamental that all of us Chileans make an effort that things return to normal as soon as possible.”New ConstitutionThe government gave its backing to plans to write a new constitution on Sunday in an attempt to placate protesters. Yet, today’s national strike still went ahead and thousands packed out city centers across the country in fresh demonstrations.“Today it’s just concern because people don’t know what’s going to happen with the constitution,” said Sebastian Ide, head of trading at Banco de Chile in Santiago. “The outcome could be very good or very bad and it’s that uncertainty that generates this kind of run.”The drop in the peso is beginning to damp expectations for further interest rate cuts. Interest-rate swaps jumped, and now show one more 25 basis-point rate cut in the next six months instead of the two seen last Friday. The five-year peso camara rate rose 15 basis points, on course for the biggest jump in three years.Chilean government bonds dropped. The yield on CPI-linked BTU 2026s rose 32 basis points to 0.4%, while the yield on the peso 2026 BTPs increased 27 basis points to 2.98%.Construction companies led losses on the stock exchange with Salfacorp falling 8.4%. Stocks with revenue in dollars suffered less, with Enel Americas, which holds assets in the rest of Latin America and not in Chile, falling only 1.5%. Since the unrest began on Oct. 18, the IPSA has slumped 13% and about $25 billion in market value has been destroyed.While port workers and some miners laid down tools Tuesday, many of the giant copper mines in the north and Santiago’s airport were working normally. Barricades on some of the highways into Santiago impeded traffic, while clashes with the police broke out near the mining town of Calama. Valparaiso’s train system was also on strike, while workers from the state oil refinery marched through the town of Concon.\--With assistance from Sebastian Boyd and Eduardo Thomson.To contact the reporters on this story: Philip Sanders in Santiago at email@example.com;Maria Jose Campano in Santiago at firstname.lastname@example.orgTo contact the editors responsible for this story: Carolina Wilson at email@example.com, Philip SandersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
European shares broke a five-day winning streak on Friday after U.S. President Donald Trump said he has not agreed to roll back tariffs on China, adding to uncertainties on whether the two sides were really getting close to signing a partial deal. The pan-European STOXX 600 index ended 0.3% lower after gaining 2.5% over the last five sessions.
The Brazilian government awarded on Friday contracts for companies to build new power generation installations with combined capacity of 2.98 gigawatts, that will cost about 11.16 billion reais ($2.71 billion) to be built. According to the power trading chamber CCEE, the new plants, which will need to be operational in six years, will sell energy for an average price of 176 reais per megawatt, a 33% discount over the initial price at the auction. France's Voltalia, Norway's Statkraft and Brazil's Eneva are among the winning bidders.
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European shares ended flat on Wednesday, as gains for the defensive real estate and utilities sectors were countered by losses in luxury good makers, with caution prevailing ahead of the U.S. Federal Reserve's interest rate decision. After flitting between small gains and losses during the session, the pan-European STOXX 600 closed with a tiny 0.02% gain as investors awaited the U.S. central bank's monetary policy statement due at 1800 GMT. With a rate cut from the U.S. central bank near-certain investors will be focussed on forward guidance, as policymakers are deeply divided on the need for further easing amid improving U.S. economic data.
Moody's Investors Service ("Moody's") has today confirmed Enel Russia, PJSC's (Enel Russia) Ba3 Corporate Family Rating (CFR) and Ba3-PD Probability of Default Rating (PDR). The outlook has been revised to stable, from rating under review. The action completes the review for downgrade initiated on 13 June 2019 following Enel Russia's announcement to sell its largest generating asset Reftinskaya GRES (RGRES) to the electricity-generating arm of SUEK JSC (Ba2, stable) for RUB21 billion (around $323 million), plus a contingent component of RUB3.0 billion.
Enel SpA (BIT:ENEL) is about to trade ex-dividend in the next 3 days. If you purchase the stock on or after the 22nd...
Moody's Investors Service ("Moody's") has today changed to positive from stable the outlook on ENEL S.p.A. ("Enel" or "the group"). Moody's has also affirmed the Baa2/(P)Baa2 senior unsecured ratings of Enel. At the same time, Moody's has changed to positive from stable the outlook on the guaranteed subsidiaries ENEL Investment Holding B.V. and ENEL Finance International N.V. Moody's has also affirmed their Baa2/ (P)Baa2 senior unsecured ratings, the debt Enel has assumed of ENEL Finance International S.A., the Prime-2 (P-2) short-term rating of ENEL Finance International N.V., and the Ba1 rating of Enel's subordinated debt (also known as "Hybrids").
Moody's Investors Service ("Moody's") has today placed Enel Russia, PJSC's (Enel Russia) Ba3 Corporate Family Rating (CFR) and Ba3-PD Probability of Default Rating (PDR) on review for downgrade following its announcement to sell its largest generating asset Reftinskaya GRES to the electricity-generating arm of SUEK JSC (Ba2, stable) for RUB21 billion (around $323 million), plus a contingent component of RUB3.0 billion. The transaction is subject to the approval of the Russian Federal Antimonopoly Service and to the shareholders' approval which should be obtained on 22 July 2019. Moody's expects Enel Russia to exclude Reftinskaya GRES from its financials by end-2020 at the latest.
Rating Action: Moody's assigns definitive ratings to CMBS notes issued by ERNA S.R.L. Global Credit Research- 04 Jun 2019. EUR 300 million of CMBS rated.
Moody´s América Latina ("Moody´s") assigned Ba1/Aaa.br (Global Scale and Brazilian National Scale, respectively) ratings to the issuance of BRL1.5 billion senior unsecured debentures maturing in May 2026 planned by Eletropaulo Metropolitana de Eletricidade de São Paulo S.A (Eletropaulo). Issuance proceeds will serve to partly refinance Eletropaulo's debts and also support its capital investment program. Should issuance conditions and/or final documentation deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly.
Moody's Investors Service ("Moody's") has today assigned a Ba1 long-term rating to the Capital Security (the junior subordinated "Hybrid") to be issued by ENEL S.p.A. ("Enel"). The Ba1 rating assigned to the Hybrid is two notches below Enel's senior unsecured rating of Baa2, reflecting the features of the Hybrid. It is very long-dated, deeply subordinated and Enel can opt to defer coupons on a cumulative basis.
Rating Action: Moody's assigns provisional ratings to notes to be issued by ERNA S.R.L. Global Credit Research- 09 May 2019. Approximately EUR 300 million of CMBS rated.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Enel Generacion Chile S.A. New York, May 07, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Enel Generacion Chile S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
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