2005

Power Prices rise to Record

Cold weather and numerous nuclear outages caused power prices to rise across Europe. In the U.K., 2006 baseload power rose 9% driven by soaring natural gas prices while prices in Germany added 7% to close at an all-time high of EUR 48/MWh. Plese refer to the PDF document link below to view the full November 2005 report for the EIC Energy Utility Fund.

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3Q Reporting of European & U.S. Utilities

In Europe, 3Q reporting season started with the Iberian companies presenting their results: Iberdrola reported numbers in line with consensus (assuming full recovery of the tariff deficit). The regulated companies Enagas and Red Electrica delivered good results due to the growing power demand in Spain. 3Q reporting of U.S utilities have been characterized by regional divergence: Western gas-dependent utilities are showing pressure on margins, while Eastern utilities are benefiting from higher margins for coal and nuclear power generation. In addition, utilities have benefited from hot summer weather and the associated higher demand. Please refer to the PDF document below to view the full October report for the EIC Energy Utility Fund.

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Consolidation drives Utility Sector

Consolidation remains the key theme within the European utility industry. After the Suez/Electrabel announcement last month, Gas Natural took center stage launching a EUR 22.7 billion offer for Endesa. Speculation around Union Fenosa continued as Spanish construction company ACS acquired a 22% stake at a 20% premium to the current market level. Apart from the heightened merger activity in Spain, E.On confirmed that it is considering a takeover of Scottisch Power. Please refer to the PDF document below to view the full September report for the EIC Energy Utility Fund.

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Walliser Bote: Hochspannung im europäischen Strommarkt

Not longer a bond-alike market: Energy stocks represent an attractive investment opportunity. [DE]

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EIC Energy Utility Fund - July Report

In July, the EIC Energy Utility Fund gained 1.5% (in CHF), compared to a 0.7% gain of the benchmark (MSCI World Utilities). Since inception in June 2003, the fund has a performance of 64.2% (benchmark 54.4%). Please refer to the PDF document below to view the full monthly report.

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EIC Energy Utility Fund - June Report

Power prices across Europe continued to rise in June. Baseload power for 2006 delivery rose by 19% in Scandinavia, by 18% in the UK and by 13% in Continental Europe. The main driver for the rise in power prices was the sharp increase in EU emission allowance prices from 19 to 28 Euros per ton during the month (+47%). Please refer to the PDF document link below in order to view the full monthly report for the EIC Energy Utility Fund.

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Cash: Setzen Sie Ihr Aktiendepot doch einfach unter Strom

Energy stocks with high potential due to market liberalization. Interview with Dominique Candrian. [DE]

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NZZ: Warum Energieaktien attraktiv bleiben

The utility sector still represents an attractive investment universe. [DE]

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EIC Energy Utility Fund - May Report

The EIC Energy Utility Fund reached another all-time high, coinciding with its second birthday: As per May 31, 2005 the NAV of the fund equaled to CHF 60.81, up 52% since inception on June 4, 2003. During the two year period, the fund outperformed its benchmark by 8.9%. Please refer to the PDF document below in order to view the monthly report for May 2005.

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Forward Power Prices rise in Europe

Forward power prices in Europe hit record highs during the month, driven by rising natural gas and emission allowance prices. European CO2 emission allowances traded at 15 EUR/ton, up by almost 60% since the beginning of the year. UK baseload power for 2006 delivery reached 39 £/MWh, up 30% on the year, while German baseload rose by 12% to 38 EUR/MWh. Please refer to the PDF document below to view the full monthly report for the EIC Energy Utility Fund. 

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EIC Energy Utility Fund - March Report

In March, the EIC Energy Utility Fund gained 0.8% (in CHF), compared to a 2.3% gain of the benchmark (MSCI World Utilities). Since inception, the fund has a performance of 42.7% (benchmark 34.5% ). Please refer to the PDF document link below in order to view the full monthly report for the EIC Energy Utility Fund.

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EIC Energy Utility Fund - February Report

In February, cold winter weather put upward pressure on power prices throughout Europe. Power prices on the spot market of the German power exchange doubled during the month. Higher volatility in the spot market, increasing fuel and emission prices helped push one-year futures up by 1 EUR/MWh (+4%). Please refer to the PDF document below in order to view the full February 2005 report for the EIC Energy Utility Fund.

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EIC Energy Utility Fund - Monthly Report

In January, the EIC Energy Utility Fund gained 5.9% (in CHF), compared to a 5.5% gain of the benchmark (MSCI World Utilities). Since inception, the fund has a performance of 41.4% (benchmark of 31.3%). Please refer to the PDF document below to view the full monthly report for January 2005.

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Large Scale Merger lifts Utilities in December

In December, the EIC Energy Utility Fund gained 3.3% (in CHF), compared to a 4.3% gain of the benchmark (MSCI World Utilities). In 2004 the fund rose by 23.0% versus a 18.1% rise of the benchmark and a 5.4% rise of the overall stock market (MSCI World). Please refer to the PDF document below to view the fulle monthly report for the EIC Energy Utility Fund.

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