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EnBW, Iberdrola top ranking of European utility stock returns in August

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EnBW, Iberdrola top ranking of European utility stock returns in August

EnBW Energie Baden-Württemberg AG topped a select group of European utilities ranked by share price total return in August, according to S&P Global Market Intelligence data. The German utility's return on stock rose to 16.6% during the month. EnBW settled the sale of €1 billion from two green hybrid bond offerings on Aug. 5 and made progress toward finding a potential buyer for the output of its 1,000-MW California floating wind farm.

Iberdrola SA saw a 9.1% return on equity during August. Its utility ScottishPower Renewables (UK) Ltd. reached a deal announced Aug. 12 to sell a 40% interest in the East Anglia One offshore wind project in the U.K. to Green Investment Group Ltd. for £1.63 billion, or about €1.75 billion.

Ranking third with a 7.0% return was Verbund AG. The Austrian utility reported EBITDA of €685.9 million in the first half of 2019, up 36.2% from €503.7 million for the same period in 2018.

EDP - Energias de Portugal SA is expected to take, among others, Iberdrola and Verbund AG to the final stage of bidding for an approximately 2-GW portfolio of Portuguese hydro assets valued at more than €2 billion.

Enel SpA and Suez SA each had a return of 6.4% during August. Enel CEO Francesco Starace has said there is no ceiling for the company's global green power growth in the next decade.

Red Eléctrica Corporación SA, RWE AG, Ørsted A/S, SSE PLC, Endesa SA, innogy SE, Naturgy Energy Group SA, Terna - Rete Elettrica Nazionale Società per Azioni, EDP and National Grid PLC also saw a positive return on their stocks.

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U.K.-headquartered Centrica PLC saw an 8.4% negative return on its stock during August, following the release July 30 of weak first-half results in 2019. Additionally, the company plans to sell its upstream oil and gas business. Remaining shareholders in Centrica's oil and gas subsidiary Spirit Energy Ltd. are also selling their stakes.

E.ON SE shares in August produced a negative 6.4% return. The German utility reported adjusted EBIT of €1.72 billion for the first half of 2019, a 12% drop from €1.94 billion in the same period of 2018.

Shares of Fortum Oyj, Uniper SE, Electricité de France SA, Engie SA and CEZ a. s. also posted negative returns in August.