From Friday:

International Power downgraded

Shares in International Power fell in early deals as DKW downgraded the UK utility to sell from hold.

In a note to clients, Dresdner Kleinwort Wasserstein said International Power's share price is up 10% in the last week, driven by earnings upgrades and bid hopes.

Dresdner played down hopes of a bid and cautioned that the high gas prices in the wake of hurricane Wilma in the US may be temporary.

Turning to M&A talk, it believes an RWE bid is highly unlikely; the German group is selling its US water operations and seems unlikely to want to make a new investment in the region in the near term.

Nor, in its view would, RWE be interested in generation capacity in Australia, Pakistan, Malaysia, Indonesia or the Middle East, which makes up 40% of the portfolio.


And today:

Japan's Sumitomo, 2 Europe firms to start 1.3 bln usd Bahrain power project
AFX


TOKYO (AFX) -- Sumitomo Corp and two European firms will begin a 1.3 bln usd power generation and water desalinization project in Bahrain by purchasing a state-owned plant, the Nihon Keizai Shimbun reported.

In its online edition the newspaper said the completed project is expected to meet 20 pct of Bahrain's total power needs and 65 pct of its urban water demand.

The partners plan to sell electricity and water to the government for 20 years.

Sumitomo's partners are leading UK power supplier International Power and Belgian electricity company Suez Tractebel.

The three firms will set up a joint venture to manage the project, the newspaper said.

It said they will buy a power generation-water purification plant in northeastern Bahrain that can generate one mln kilowatt-hours of electricity and desalinate 135,000 tons of sea water a day.

The firms will also build a new desalination plant with a daily capacity of 270,000 tons, scheduled for completion by November 2007.

The venture will be capitalized at 260 mln usd, with Sumitomo and Tractebel each contributing 30 pct and International Power 40 pct. Any remaining costs will be covered with bank loans.

are you going to do a swellin', and let us all know about every "tick up" and trade that goes through?

But there's trillions of 'em, bos - neck and neck with SEO right now ;)

what u on abart? ipr down 0.5% , seo down 3.75%, seo winning by a mile ;)

Lovely rise today :)

nice:)

Greetings to all IPR holders - I have today joined the club and am hoping for greatness!!

Good call queenie (I hope!)
Had my eye off this one for a few days. The long and the short is, inherited a stash of these around the 300 level a few years ago, but couldn't persuade my husband to part with them at the time. So I day traded IPR on the s/b for a while - until I was caught out overnight. I hardly traded stocks at all last year, but I thought it wouldn't harm to try and give them the hurry up now :)

Climbing slowly - hope it doesn't get sticky here.

Excellent results from IPR and a very healthy dividend increase to boot!

International Power said it would remain on the acquisition trail as it announced a 106% rise in profits.

In a conference call with journalists, CEO, Philip Cox, said IP has strong financial flexibility, is strongly cash flow generative and will continue to consider acquisition opportunities in all five of its operating regions.

'We expect to be involved in growth opportunities where we can get value,' he said.

Cox said the group had successfully integrated all its recent acquisitions, which have included nine generation plants from Edison Mission Energy in the US, Turbogas in Portugal and the Saltend plant in the UK.

International Power said it expects 2006 to be a year of further growth driven principally by continued recovery in two of its key merchant markets, the UK and the US, and by the progressive move into commercial operation of its new build programme in the Middle East.

The company said its North American operations generated revenues of 694m against 260m last time and profit from operations of 49m against losses of 21m last time.

The region benefited from strong operating and financial performance in Texas at IP's Midlothian and Hays plants, with the latter returning to service in May 2005.

IP said about 60 pct of its expected output in Texas and some 30% of its anticipated output in New England had been forward contracted.

'Both markets have shown signs of recovery and our expectation for market recovery in both Texas and New England remains in the 2007-2009 timeframe,' the group said in its results statement.

IP's European operations lifted profit from operations to 260m from 97m in 2004.

The firm said the rising price of gas had benefited its coal fired Rugeley power station in the UK while its Saltend station, which IP bought in July last year, had delivered a strong financial performance.

IP reviewed the carrying value of Rugeley, which was previously impaired by 58m in 2002, and consequently reversed the remaining impairment of 52m.

Cox said IP expects energy prices in the UK to remain 'pretty strong' in the foreseeable future.

Revenues in the Middle East increased to 67m from 54m beforehand while profit from operations lifted to 24m from 20m last year.

IP said it is raising the total dividend by 80% to 4.5p per share. The pretax profits were above two analysts' expectations of 292m and 296m respectively.

Chairman Sir Neville Simms said: 'We will continue our disciplined approach to value enhancing growth opportunities in our core regions, alongside our commitment to increase our dividend pay-out over the medium-term.'

Seems like a pretty smart move, especially as it will be immediately earnings enhancing:

Power station operator International Power said it is buying a power station in Texas for $1.14bn.

IP said its wholly owned subsidiary American National Power Inc had agreed to acquire the 632 megawatt coal-fired Coleto Creek Power generation plant from Topaz Power Group, a joint venture between Carlyle/Riverstone and Sempra Energy subsidiary Sempra Generation.

IP's CEO, Philip Cox, said Coleto Creek Power is one of the lowest-cost generators in Texas and would diversify the group's existing 3,000 megawatt portfolio of gas-fired generation plants in Texas.

'The output of the station is largely contracted and the acquisition will be immediately earnings and cash flow enhancing,' he said.

The acquisition is subject to regulatory approval and is expected to complete in the third quarter of 2006.

There has been bid speculation surrounding International Power, suggesting that NRG Energy (US) and possibly National Grid are looking at the electricity generating company. Interesting times ahead me thinks...

International Power eyes acquisitions, sees mid-term energy prices staying high
AFX


LONDON (AFX) - International Power's chief executive Philip Cox is bullish about the potential for making acquisitions and has predicted that the current high energy prices will continue for the medium term.

Cox told reporters today that the high prices, which drove International Power's strong interim results today, would come down in the long term but refused to give a timescale.

'Power prices are a feature of oil and gas markets so really it's a call on future oil and gas prices,' he said in a conference call. 'If you look at the medium term oil and gas (prices) will be maintained.'

Analysts have said that key risks to International Power's continuing growth are 'falling prices in the US and UK'. Brent North Sea Crude for September delivery was trading today at 77.28 usd a barrel.

The prediction allowed International Power to forecast 'strong growth' for the full year, after the company posted a jump in pretax profits in the half year to June 30 of 95 pct to 280 mln stg from 142 mln stg.

Revenue increased to 1.8 bln stg from 1.2 bln stg, while profit from operations rose 69 pct to 392 mln stg from 232 mln stg last year.

The results, which outstripped average analyst pretax profit forecasts of 244 mln stg, prompted Cox to be bullish about the potential for future acquisitions.

'We're very active about looking for acquisitions,' he said. 'We're keeping an open mind as to what is the best utilisation of our resources, and we're looking at opportunities across our portfolio. But we don't have a set budget to spend because we're not driven to make acquisitions for our business plan.'

Cox also confirmed a recent report by AFX News that International Power is looking to get involved in the anticipated new-build nuclear work forthcoming in the UK.

'We keep an eye on nuclear, particularly anything that might affect the structure of the market in the UK,' he said. 'If a potential partner with the right technical skills came forward who could complement our commercial skills then we'd be looking into it, but that should not be taken as proof that we're about to do anything in the near future.'

International Power's growth forecasts were driven by rapid growth in Europe, with profits more than doubling from 116 mln stg to 242 mln stg.

The European operations were helped by the performances of the newly acquired 1200 MW Saltend power station in Hull and the gas storage facility First Hydro, which as expected gained business following the temporary closure at Centrica's Rough Field facility in the North Sea.

newsdesk@afxnews.com

Another nice move up today - better still would be to see 325 nailed.

Can't believe queenie has backed a winner ... congratulations your majesty , said you would get the hang of it one day.

Regards

xxx

Sad little man.

It's been a good week with more to come I feel. The energy market is still in a consolidation phase and with the German giants E.ON and RWE still on the acquisition trail the future could be bright.

Careful.... the higher they go, the further and faster they can fall. Were a great buy at 80p, when nobody wanted them!

Cookin' on gas this morning :)

canary9 - always careful. I have a little knowledge of the power industry and I think things are looking good for IPR at present.

Nice and green...

International Power said it has acquired the 436 MW Levanto onshore wind farm portfolio from Christofferson Robb & Company (CRC) for an enterprise value of 567 mln eur.

It said the purchase will enhance earnings and free cash flow in the first full year of ownership.

The Levanto wind farms comprise 286 MW of capacity in operation, 126 MW under construction, which is due to commence operation in 2007, and 24 MW of fully permitted capacity, which is planned to commence operation in 2008.

The enterprise value includes the funding required to complete wind farms under construction. 409 MW of the capacity is located in Germany and 27 MW in France - two of the most favourable regulatory regimes for renewable generation, the company said.

CRC will continue to work in collaboration with International Power by supporting the business for up to three years under a services agreement.

International Power said its total equity investment will be 190 mln eur. It said 100 mln eur of this will be funded from current liquid resources and the remainder via long term vendor finance of 90 mln eur.

Tippped a play of 2007 by i few I believe>?

Momentum investors must be having a field day on IPR. What a great year to date, with more to come I believe, especially from their American assets. The future is looking very bright.

Sure is, queen 1. Have been in IPR for a few years now and, apart from the odd short-term glitch, the sp has glided nicely upwards - and gathered pace over the past few months. At first glance it may seem like a dull utility play but IPR has canny, acquisitve management, global diversity and plenty of room for expansion (and rerating). Definitely still one to tuck away, imho.

You're lucky (or astute!) paulj to have picked these up way back when. I only got in about a year ago but am still sitting on a nice paper profit. I totally agree with your synopsis and if you throw in the consolidation that affects the sector from time to time you really are looking at a winner.

Yes IPR management have done well. I held the old National Power before it was split into PowerGen (since taken over) and IPR. I did top up about 2 years ago and the shares have done me proud. I agree with pauli to the effect that the management is worth a premium. Certainly one to keep for the future.

Am having a look at this one at the moment with a view to buying for the med term. Now FTSE 100 stock & divi looks assured, with brokers currently tipping as a strong buy.
Any of you guys who held a while ago still holding or considering getting back in?
Forecast for '09:
EPS 33.56p
EPS growth +16%
Div yield 5.5%
P/E 7.4

Yes, I continue to hold HARRYCAT. I think the market worried about its debt levels but, cash flow is good and sp has begun to recover as institutions look for income.

From 10th Dec:
"Electricity generator International Power has an excellent free cash flow position. It has been growing it significantly over the past few years. The group also operates in a relatively recession-resilient market and, with a prospective yield of 4.7%, it is attractive on this front too. Group assets in the Middle East continue to perform well and the company has recently increased capacity in the region. All in all, International Power looks in a good position to weather the downturn and is well placed to grow earnings longer term. Its shares are a buy says the Telegraph."

Moved up nicely today probably in recognition of its non stg earnings, defensive qualities and the falling cost of commodity inputs.

Excellent. Slow & steady progress.

Moving up nicely, good yield 3 short term target.

Quite tricky to pick a target sell price as 280 seems to be current resistance. Above that maybe 300 or 320p, but this company is not immune to any sudden economic downturn/bad news, so tempted to stick to a target & lock in profit.

We are holding for the longer term.

Citigroup downgraded IPR to hold from buy today.
I don't currently have much faith in brokers, but they have the nasty habit of affecting individual share prices.
Long term I think this will be a winner. Possibly some sideways trading in the meantime.

advice from citigroup probably worth as much as their shares!

MoneyAM
"International Power profits rose 16% last year but it warns profitability in 2009 will be lower.

The firm's full year results for the yhear to the end of December show profits of 1,050m and earnings per share of 32.4p - up 20%.

Its full-year dividend of 12.15p per share is up 20%.

Chairman Sir Neville Simms said the results were driven by higher profits from operations in Australia and North America, a record year at First Hydro in the UK, and good performance from its long-term contracted asset base.

But he added: "In the absence of a significant improvement in pricing in the US and the UK, it is likely that group profitability in 2009 will be lower than in 2008.

"However, the long-term fundamentals of our markets remain attractive and this together with our strong financial position means International Power is well placed for the future"."

MoneyAM
International Power says that, together with its partner, it has signed an agreement for the sale of the Hartwell plant, a 318MW gas and oil-fired peaking facility in the USA to Southern Power. International Power owns 50% of the Hartwell plant.

The plant will be sold for a purchase price of $148.5m less approximately $54.0m of existing project level debt, plus a working capital and fuel oil adjustment to be determined.

In addition to regulatory and lender consents, the transaction is subject to a right of first refusal held by Oglethorpe Power Corporation with respect to the facility.
Completion of the sale is expected in Q3 2009. "

A good rise today with volume on takeover rumours.

GDF Suez sniffing around. 385p being a suggested price.

"The UK press is mentioning the possibility for GDF to bid on IPR. According to
the articles, GDF is talking to the French government about the option to launch
an offer prior to year end (Daily Mail and The Times).
We (Merrill Lynch) have always argued that the fit between GDF (Ex Tractebel) and IPR portfolio was excellent. In the US, both groups are exposed to the same states, in the Middle East both have a strong exposure to IPP projects and in the UK IPR's generation assets would fit GDF new ambitions to enter the UK power market. Only the Australian and Pakistani assets would not fit with the GDF portfolio in our view."

From The Times today:
"Shares in International Power gained 3p to 284p amid further talk that GDF Suez was considering making an offer for the electricity generator. The latest twist in the tale is that Suez has appointed two unnamed French banks to look at such a deal in more detail. Recent speculation has suggested an offer at more than 400p per share."

I'm happy with IPR even without a bid..........ecstatic with :-)))
Chocolat, your thread I see, are you involved in the stock now?

From FT & Deal reporter 10.12.09:
"The French State, which is GDFs main shareholder with a 35.6% stake, is believed to have put the shackles on the deal, the two bankers claimed. The government is thought to be cautious after it was accused of overpaying for British Energy - France paid GBP 12.47bn for the deal in 2008. IPR is currently trading below 300p and a 400p a share deal is seen as too expensive, the banker said. President Sarkozy is also sensible to keep the unions happy in current economic context, and financing a GBP 6bn deal with public money could trigger social backlash, the two bankers said.

The case is rumoured to be under review by the French Government Shareholding Agency (APE), said the bankers. A firm offer from GDF is unlikely to arise before Christmas but things could move forward in January, one of the bankers claimed. He could not see another bidder getting involved at this stage, noting Centrica would not have the financial strength. Centrica was previously reported alongside GDF as a possible buyer for IPR, although the UK utility is understood to be looking for bolt on deals in the US.

GDF has previously been reported to be in advanced informal talks with IPR although these talks were today strongly downplayed from the UK side.

The two groups have been holding informal chats for a while and have reached an agreement over a 400p a share price, said a Paris-based banker. This banker added that Lazard and BNP Paribas are acting for GDF. This was seconded by another French banker not directly involved in the matter."

French in takeover talks with International Power

I wonder if first offer will be at 400p (though initially doesn't look to be a cash offer)? Presumably then followed by a rejection & a bit of interference by HMG.

(London - 18 January 2010: 15.08 hrs) "International Power plc ("International Power" or the "Company") notes the recent market speculation and movement in the Company's share price. The Company confirms that it has held preliminary discussions regarding a potential combination of International Power and certain power assets of GDF Suez S.A ("GDF Suez").

No agreement was reached between International Power and GDF Suez and discussions are no longer ongoing"

Ouch! 345p down to 313p in the blink of an eye!

On the up again.

France's GDF to sweeten UK generator offer

Nice action this morning. Announcement due or just continuing spec?

Ironically - this announcement was made late yesterday.

GDF Suez: No Discussions With International Power At Present

PARIS (Dow Jones)
French utility GDF Suez (GSZ.FR) Tuesday reiterated that it wasn't currently discussing a potential tie-up with U.K.-based International Power PLC (IPR.LN).

On Jan.18, the two companies said that they had held preliminary discussions to combine International Power and certain assets of GDF Suez but that no agreement had been reached and that discussions weren't ongoing.

"There has been no change to the situation and there are no discussions in progress," GDF Suez said.

The company said its statement comes "following rumours which appeared in the U.K. over this weekend."

International Power Signs Financing for 815MW Paiton 3 Plant Expansion in Indonesia

(London - 8 March 2010) International Power plc is pleased to announce that PT Paiton Energy has signed the financing for the new 815MW, coal-fired Paiton 3 plant in Indonesia. International Power has a 40.5%* interest in PT Paiton Energy.

The total project cost is estimated to be US$1,519 million (1,004 million), which will be funded by a mix of debt and equity in an 80:20 ratio. International Power's equity investment of US$123 million (81 million) will be funded from current liquid resources.

International Power Plc goes Ex-dividend (8.28 GBp) wed 26th may '10.

Harry - I have it as 12.53p

Would be nice but it's 8.28p paid 24/6

Full year dividend is 12.53p

You have answered your own question, skinny. Interim divi was 4.25p (30/09/09) + this final divi of 8.28p.
Nasty head & shoulders forming on the graph & bid rumours gone away for the foreseeable future, would expect this to get knocked back immediately after the ex-divi date.

Harry - to some of us the full year figure is important :-) On a serious note, I can also see NG (which I also hold) coming off by more than the dividend next month.

Annual General Meeting 2010

(London - 18 May 2010) At the International Power plc Annual General Meeting,
held today at The Lowry Hotel Manchester, all resolutions were passed on a show
of hands. A summary of proxy votes received will be placed on the Company's
website www.ipplc.com.

Following approval by the Company's shareholders, the Company confirms that the
final dividend of 8.28 pence per ordinary share will be paid on 24 June 2010 to
shareholders on the register on 28 May 2010.

International Power IPR......

never mind the bid prospects the TA chart pattern is indicating a target SP of 370p

Interesting to see all the broker interest, little wonder on a lowly P/E of just over 10 going forward......

International Power PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

The Royal Bank of Scotland NV
08-07-10 BUY 636.10 28.76 12.92 569.04 27.06 13.33

Evolution Securities Ltd
06-07-10 ADD 28.60 12.90 26.90 13.50

Charles Stanley
02-07-10 ACCU

Ambrian Partners Limited
13-05-10 BUY 629.40 27.80 13.00 675.60 29.40 14.00

Eden Group
06-05-10 BUY

Nomura Research Institute [R]
11-08-09 BUY 705.00 31.60 12.60 770.00 34.10 13.60

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 633.14 28.67 12.91 616.13 26.97 13.42

1 Month Change -0.86 -0.06 -0.01 52.55 -0.09 0.09
3 Month Change 36.14 2.07 -0.29 -0.34 -0.22 0.17


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS 12.56% -24.58% -5.93%
DPS 17.26% 0.54% 3.98%

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA 1,688.00m 1,410.28m 1,394.79m

EBIT 1,310.00m 1,062.00m 1,093.00m

Dividend Yield 4.08% 4.10% 4.26%

Dividend Cover 2.96x 2.22x 2.01x

PER 8.28x 10.98x 11.68x

PEG 0.66f -0.45f -1.97f

Net Asset Value PS 223.44p 315.15p 323.61p

Just look at the NAV per share from the Hemscott List above, little wonder theres bid interest in this..........

Net Asset Value PS 223.44p 315.15p 323.61p

Hardly any market premium.

Got to be way undervalued.

12 month high today.

Interim Management Statement.

Final Results.

Reported4 financial highlights
· Revenue €16,167 million (2010: €11,382 million)

· EBITDA €4,225 million (2010: €2,534 million)

· Adjusted current operating income €2,978 million (2010: €1,742 million) - up 71%

· EPS of 27.9 euro cents (2010: 30.4 euro cents) excluding exceptional items and specific IAS 39 mark to market movements - down 8%

· EPS of 28.1 euro cents (2010: 29.0 euro cents) including exceptional items and specific IAS 39 mark to market movements - down 3%

· Free cash flow of €2,698 million (2010: €1,554 million)

Power Purchase Agreements Signed for Two 220MW Geothermal Projects in Indonesia


2 March 2012 - GDF SUEZ and International Power (70% owned by GDF SUEZ) announce that IPR-GDF SUEZ Asia, together with project partners PT Supreme Energy and Sumitomo Corporation, has signed 30-year Power Purchase Agreements (PPAs) for two 220MW geothermal projects with PLN, the state-owned utility of Indonesia. The Ministry of Finance of the Republic of Indonesia has issued a Government Guarantee Letter for the two projects, covering the obligations of PLN under the PPA.

The two projects, called Muara Laboh and Rajabasa, are planned to be built on Sumatra island to deliver power to the region which continues to experience high demand growth. Both projects are included in the Indonesian Government's second fast-track programme, of which around 4,500MW should come from geothermal sources. Signing of the PPAs is a necessary pre-condition to commencing exploratory drilling for geothermal resource. Following confirmation of the resource, project financing and EPC (Engineering, Procurement and Construction) arrangements will be negotiated. Subject to the timing of these, both projects are expected to start operation in 2016. IPR-GDF SUEZ Asiahas a 35% interest in the projects.

RNS Number : 9924Z

International Power plc

27 March 2012

Paiton 3 Plant in Indonesia Starts Commercial Operation

27 March 2012 -- GDF SUEZ and International Power (70% owned by GDF SUEZ) are pleased to announce that Paiton 3, a highly efficient 815MW coal-fired power plant in Indonesia, has started commercial operation.

Paiton 3, located on Java Island, will be the first super-critical coal unit in Indonesia and the largest generating unit on the Java-Bali grid. The output from Paiton 3 will be supplied to PT PLN (Persero), the Indonesian state utility, under a 30-year Power Purchase Agreement (PPA).

International Power owns 40.5% of PT Paiton Energy, which owns and operates the Paiton plants, including the existing Paiton units with a total capacity of 1,280MW. The other shareholders in PT Paiton Energy are Mitsui & Co., Ltd (40.5%), The Tokyo Electric Power Company, Inc (TEPCO) (14%) and PT Batu Hitam Perkasa (5%).

GDF Suez bid for remainder of International Power

StockMarketWire.com

International Power (IPR) has received a non binding indicative proposal of 390p per share in cash from GDF Suez (GDFS) to acquire the issued and to be issued ordinary share capital in IPR not already owned by GDFS as a majority shareholder.

The proposal is subject to certain pre conditions and there can be no certainty that an offer will ultimately be forthcoming or on the terms on which any offer might be made.

IPR has told its shareholders they will be kept informed of relevant developments and in the meantime are advised to take no action.

At 10:18am:
(LON:IPR) International Power share price was +20.85p at 404.25p


Story provided by StockMarketWire.com

"GDF SUEZ's new bid for the remaining stake in utilities giant International Power (raised from 390p to 418p per share) is now close to Investec's expectations and the broker expects the offer to 'progress smoothly to its conclusions'.

The broker does not foresee much regulatory risk: "Given that GDFS already owns 70% of IPR, we do not think that there will be too much of a problem with regulatory clearances, especially as the original IPR/GDFS deal went through the merger clearance process from August 2010 to February 2011," Anastasiou added.

Investec has removed its buy rating for International Power and now recommends investors to hold the stock following the sweetened bid. The broker's target price is raised from 417p to 422p."

So it's all about signed and sealed now.
I would like to think that 'chocolat' the thread founder has still got an interest in these and is going to make some money.
Not seen anything of chocolat for some time.
If you are around chocolat it would be nice to see you post on here again :-)