Russia's invasion of Ukraine has created volatility in the crude oil market and hurt consumers.
After all, oil and gas prices have increased to levels unseen since the 2008 financial crisis. As a result, this may speed up the shift to renewable energy sources.
Here are three firms with soaring yields in the renewables space:
- Kenon Holdings Ltd. KEN is offering a dividend yield of 27.64% or $10.25 per share making annual payments, with an inconsistent track record of increasing its dividend payments. The Singapore-based company owns a 59% equity interest stake in OPC Energy, a developer and operator of power generation facilities in the Israeli and U.S. power markets. Kenon also owns a 21% stake in one of the largest carriers in the global container shipping industry ZIM Integrated Shipping ZIM and a 12% stake in Qoros a China-based automotive company.
- Algonquin Power & Utilities Corporation AQN is offering a dividend yield of 6.48% or 72 cents per share annually, using quarterly payments, with a strong track record of increasing its dividends for nine consecutive years. The Oakville, Canada-based company provides renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities to over one million customer connections with over $16 billion in total assets, largely in the U.S. and Canada. In the second quarter, revenues hovered at around $624.3 million, an increase of 18% year-over-year and adjusted net earnings of $109.7 million, an increase of 19.6% year-over-year.
- Atlantica Sustainable Infrastructure PLC AY is offering a dividend yield of 6.27% or $1.78 per share annually, utilizing quarterly payments, with a decent track record of increasing its dividends for four consecutive years. The UK-based company owns, manages, and acquires renewable energy, conventional power, electric transmission lines and water assets in North America, South America and Europe, Middle East and Africa. The portfolio consists of 40 assets with 2,048 Mega Watts (MW) of aggregate renewable energy installed generation capacity (of which approximately 72% is solar), 343 MW of efficient natural gas-fired power generation capacity, 55 Megawatts Thermal (MWt) of district heating capacity, 1,229 miles of electric transmission lines and 17.5 million cubic feet per day of water desalination.
According to the U.S. Energy Information Agency (EIA), Russia produced 13% of the world’s oil and natural gas in 2021. It produced 49% of oil for Organisation for Economic Cooperation and Development Europe and 74% of its natural gas went to OECD Europe.
After taking the initiative to increase oil production, President Joe Biden has seen production increase by 11.98 million barrels of oil per day in September.
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