《黑岩能源信托（BERI）2024年年度及财务报告「LSE」（英文版）（154页）.pdf》由会员分享，可在线阅读，更多相关《黑岩能源信托（BERI）2024年年度及财务报告「LSE」（英文版）（154页）.pdf（154页珍藏版）》请在三个皮匠报告上搜索。
1、Job No:53670Proof Event:12Black Line Level:2Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600BlackRock Energy and Resources Income Trust plcAnnual Report and Financial Statements 30 November 2024BlackRock Energy and Resou
2、rces Income Trust plc Annual Report and Financial Statements 30 November No:53670Proof Event:12Black Line Level:2Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Keeping in touch We know how important it is to receive up-
3、to-date information about the Company.To ensure that you are kept abreast,please scan the QR code to the right of this page to visit our website.If you have a smartphone,you can activate the QR code by opening the camera on your device and pointing it at the QR code.This will then open a link on the
4、 relevant section on the Companys website.By visiting our website,you will have the opportunity to sign up to our monthly newsletter which includes our latest factsheets and market commentary,as well as upcoming events and webinars.Information about how we process personal data is contained in our p
5、rivacy policy available on our website.Further information about the Company can be found on our website at enquiries about the Company should be directed to the Company Secretary at:.Register here to watch this years Annual General MeetingFor the benefit of shareholders who are unable to attend thi
6、s years AGM in person,we have arranged for the proceedings to be viewed via a webinar.You can register to watch this by scanning the QR Code opposite or by visiting our website at and clicking the registration banner.Please note that it is not possible to speak or vote at the AGM via this medium and
7、 joining the webinar does not constitute attendance at the AGM.Shareholders wishing to exercise their right to attend,speak and vote at the AGM should either attend in person or exercise their right to appoint a proxy to do so on their behalf.For further details please see page 148 of the Annual Rep
8、ort.Use this QR code to take you to the Companys website where you can sign up to monthly insights and factsheets.NM0225U-4209591-2/154Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 70
9、55 6600Financial highlightsas at 30 November 2024121.00pOrdinary share price14.0%1,2167.3mNet assets3.0%137.66pNet asset value(NAV)per ordinary share15.3%1,24.50pTotal dividends per share1.7%3.63pRevenue earnings per ordinary share17.2%3.7%2,3Yield Section 1:Overview and performance 1The Energy Tran
10、sition is a key megatrend.Specialists such as GE Vernova and Schneider Electric supply the power transformers and grid connection technology that will be critical in expanding the electricity infrastructure necessary to grow generation capacity.Both companies were strong contributors to returns over
11、 the year.The above financial highlights are at 30 November 2024 and percentage comparisons are against 30 November 2023.1 Mid-market share price and NAV performance are calculated in British Pound Sterling terms with dividends reinvested.2 Alternative Performance Measures,see Glossary on pages 139
12、to 143.3 Based on dividends paid and declared for the year ended 30 November 2024 and share price as at 30 November 2024.NM0225U-4209591-3/154Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F
13、:020 7055 66002 BlackRock Energy and Resources Income Trust plclAnnual Report and Financial Statements 30 November 2024Why BlackRock Energy and Resources Income Trust plc?Investment objectiveThe Companys objectives are to achieve an annual dividend target and,over the long term,capital growth by inv
14、esting primarily in securities of companies operating in the mining and energy sectors.Reasons to invest A member of the Association of Investment CompaniesFurther details about the Company,including the latest annual and half-yearly financial reports,fact sheets and stock exchange announcements,are
15、 available on the website at sensitivityA conviction-led approach,with the potential to benefit from inflation,delivering an attractive income from the best ideas in the Mining,Traditional Energy and Energy Transition sectors.YieldThe Company offers a consistent dividend as the managers focus on hig
16、her quality companies with strong cash flows that are good allocators of capital.The Companys global nature means that the large majority of its holdings generate earnings from businesses around the world.FlexibilityThe Companys flexibility means that the portfolio will adapt as the demand for Minin
17、g,Energy and Energy Transition related stocks changes.This approach allows the team to change the portfolio makeup to select the best stocks to generate returns.Energy Transition opportunitiesMining and Energy companies lie at the heart of the global economy.Without them,countries cannot grow and de
18、velop.Mining companies provide everything from materials to build wind turbines to lithium for electric cars.These companies provide an important role in the long-term de-carbonisation of the global economy.Energy companies power our cars,our homes and drive economic development.The path to a lower
19、global carbon economy is forecast to disrupt many industries and business models creating remarkable opportunities.Investment in a specialist trust gives targeted exposure to these important companies,as it is positioned to capture such industry shifts and reap the benefits from this transition.Expe
20、rtiseThe Companys assets are managed by BlackRocks Natural Resources Team.The team have been running Mining funds since 1993,Traditional Energy funds since 1999 and Energy Transition funds since 2001.The team undertakes extensive,proprietary,on-the-ground research to get to know the management of al
21、l the companies in which they invest.NM0225U-4209591-4/154 Section 1:Overview and performance 3Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600ContentsSection 1:Overview and pe
22、rformanceFinancial highlights 1Why BlackRock Energy and Resources Income Trust plc?2Performance record 4Chairmans statement 5Investment Managers report 11Section 2:PortfolioDistribution of investments 24Ten largest investments 26Investments 28Section 3:GovernanceGovernance structure 34Directors biog
23、raphies 35Strategic report 37Directors report 54Directors remuneration report 63Directors remuneration policy 67Corporate governance statement 69Report of the audit and management engagement committee 76Statement of Directors responsibilities in respect of the annual report and financial statements
24、82Section 4:Financial statementsIndependent auditors report 86Consolidated statement of comprehensive income 93Consolidated statement of changes in equity 94Parent company statement of changes in equity 95Consolidated and parent company statements of financial position 96Consolidated and parent comp
25、any cash flow statements 97Notes to the financial statements 98Section 5:Additional informationShareholder information 126Analysis of ordinary shareholders 129Historical analysis 130Management&other service providers 131AIFMD report on remuneration(unaudited)132Other AIFMD disclosures(unaudited)133I
26、nformation to be disclosed in accordance with Listing Rule 9.8.4 134Information to be disclosed in respect of investment in the Peoples Republic of China(PRC)via the Stock Connect 135Depositary report 138Glossary 139Section 6:Annual general meetingNotice of annual general meeting 146Share fraud warn
27、ing 150NM0225U-4209591-5/154Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 66004 BlackRock Energy and Resources Income Trust plclAnnual Report and Financial Statements 30 November
28、 2024Performance recordAs at 30 November 2024As at 30 November 2023Net assets(000)1167,327162,362Net asset value per ordinary share(pence)137.66123.58Ordinary share price(mid-market)(pence)121.00110.40Discount to net asset value212.1%10.7%For the yearended 30 November 2024For the yearended 30 Novemb
29、er 2023Performance(with dividends reinvested)Net asset value per share215.3%-11.8%Ordinary share price214.0%-15.2%Reference index#0.5%-17.0%Since inception to 30 November 2024Since inception to 30 November 2023Performance since inception3(with dividends reinvested)Net asset value per share2259.9%212
30、.2%Ordinary share price2218.4%179.4%For the year ended30 November2024For the year ended30 November2023Change%RevenueNet profit on ordinary activities after taxation(000)4,5415,774-21.4Revenue earnings per ordinary share(pence)43.634.39-17.3Dividends(pence)1st interim1.1251.1002.32nd interim1.1251.10
31、02.33rd interim1.1251.1002.34th interim1.1251.125Total dividends paid4.5004.4251.76080100120140160180200220240260280300Nov 19Nov 20Nov 21Nov 22Nov 23Nov 24Share price performanceNAV performanceSources:BlackRock and LSEG Datastream.Performance figures are calculated on a total return basis in British
32、 Pound Sterling terms,with dividends reinvested.Share prices and NAV at 30 November 2019,rebased to 100.#Reference index is the blended comparator index comprised of three indices the MSCI ACWI Select Metals&Mining Producers Ex Gold and Silver IM(Mining),the MSCI World Energy Index(Traditional Energ
33、y)and S&P Global Clean Energy Index(Energy Transition)with a 40:30:30 mix of the 3 indices.%40:30:30 Reference indexPerformance from 1 December 2019 to 30 November 20241 The change in net assets reflects portfolio movements,the repurchase of shares and dividends paid during the year.2 Alternative Pe
34、rformance Measures,see Glossary on pages 139 to 143.3 The Company was launched on 13 December 2005.4 Further details are given in the Glossary on page 143.NM0225U-4209591-6/154 Section 1:Overview and performance 5Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6
35、6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Dear ShareholderOverviewFrom the start of the Companys financial year on 1 December 2023 and through the first half of 2024,markets as a whole showed resilience driven initially by signs of easing inflation and expe
36、ctations of interest rate cuts in the US and UK.However,as the year progressed,continued weak economic data from China was a significant headwind for commodity prices and the mining sector in particular.In response,our portfolio managers reduced Mining sector exposure(down from 44.5%at the start of
37、the year to 40.2%at 30 November 2024)and increased the weighting of Energy Transition stocks within the portfolio(up to 29.2%at the year end from 24.9%at the start of the year)on the back of compelling valuations.Given the mix of opportunity and risks,the Board remains confident in your Companys 3-p
38、ronged investment strategy(Mining,Traditional Energy and Energy Transition).Since implementing this strategy,we have seen each of the 3 sectors move in or out of investors favour,and this strategy gives the portfolio managers the flexibility to manoeuvre the portfolio around volatile markets,to take
39、 advantage of where they think the best investment opportunities can be found.PerformanceDuring the year ended 30 November 2024,the Companys net asset value(NAV)per share returned 15.3%and the share price returned 14.0%(both percentages in British Pound Sterling terms with dividends reinvested).This
40、 was significantly ahead of the internal benchmark that the fund manager and the board use to evaluate performance.Performance has been measured against a blended comparator index which comprised three indices the MSCI ACWI Select Metals&Mining Producers Ex Gold and Silver IM(Mining),the MSCI World
41、Energy Index(Traditional Energy)and S&P Global Clean Energy Index(Energy Transition)with a 40:30:30 mix of the 3 indices.Over the period the comparator index showed a return of 0.5%with the representative indices returning for Mining 0.6%,Traditional Energy 10.7%and Energy Transition-11.7%(all perce
42、ntages in British Pound Sterling terms with dividends reinvested).Within the Mining portfolio,mergers and acquisitions activity was a driver of performance,with the acquisition of Filo Corp(by BHP and Lundin Mining),and of the Canadian steel company,Stelco(by its peer,Cleveland-Cliffs)both contribut
43、ing significantly to returns.In the Energy Transition portfolio,the most significant contributions to performance came from industrial holdings,manufacturing energy efficiency products and electricity grid infrastructure equipment suppliers(key to support the growing demand for electricity generatio
44、n).Chairmans statementAdrian Brown ChairmanNM0225U-4209591-7/1546 BlackRock Energy and Resources Income Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annu
45、al Rpt 2024T:0207 055 6500F:020 7055 6600Our portfolio managers provide a detailed description of the main contributors and detractors to performance during the period,insight into the positioning of the portfolio and their views on the outlook for the forthcoming year in their report on pages 11 to
46、 20.The Board is very pleased with the Managers performance over all periods shown.The Companys NAV returned 125.0%over 5 years to 30 November 2024 compared to 81.5%net total return in MSCI ACWI Select Metals&Mining Producers Ex Gold and Silver IMI Index and 71.4%net total return in the MSCI World E
47、nergy Index(all percentages in British Pound Sterling terms with dividends reinvested).Further information on investment performance is given in the Investment Managers Report.Revenue return and dividendsThe Companys revenue earnings per share for the year to 30 November 2024 was 3.63 pence per shar
48、e,a 17.3%decrease compared to the prior year revenue earnings per share of 4.39 pence.The decrease was driven by lower dividend payments from a number of key mining companies,combined with an increased portfolio exposure to Energy Transition companies,which tend to have a lower yield.The Boards divi
49、dend target for 2024 was to declare quarterly dividends of at least 1.125 pence per share in the year to 30 November 2024,making a total of at least 4.50 pence per share for the year as a whole.The shortfall of 0.87 pence between earnings per share and the annual dividend target will be funded out o
50、f the Companys available revenue reserves(c5 million(4.29 pence per share)at 30 November 2024).This target represents a yield of 3.7%based on the share price of 121.00 pence at 30 November 2024,and 3.8%based on the share price at the close of business on 28 January 2025.The Board has decided to main
51、tain the annual dividend target of at least 4.50 pence per share for the year to 30 November 2025.The Company is committed to meet its target dividend next year and to review it annually.The dividend will be met through a mix of dividend income from the portfolio and revenue reserves,although this m
52、ay be supported by the distribution of other distributable reserves if required.The Company may also continue to write options to generate revenue return,although the portfolio managers focus is on investing the portfolio to generate an optimal level of total return without striving to meet an annua
53、l income target and will only undertake option transactions to the extent that the overall contribution is beneficial to total return.This dividend target should not be interpreted as a profit forecast.Cumulative performance as at 30 November 2024Performance to 30 November 20241 Year change%2 Years
54、change%3 Years change%5 Years change%Since inception2%Net Asset Value(with dividends reinvested)115.3 1.7 47.0 125.0 259.9 Share price(with dividends reinvested)114.0-3.4 39.9 129.9 218.4 Reference index3,4 0.5-14.913.9N/AN/A1 Alternative Performance Measures.Further details of the calculation of pe
55、rformance with dividends reinvested are given in the Glossary on pages 139 to 143.2 The Company was launched on 13 December 2005.3 Reference index is the blended comparator index comprised of three indices the MSCI ACWI Select Metals&Mining Producers Ex Gold and Silver IM(Mining),the MSCI World Ener
56、gy Index(Traditional Energy)and S&P Global Clean Energy Index(Energy Transition)with a 40:30:30 mix of the 3 indices.4 Please note though,that the Companys objectives are to achieve both an annual dividend target and,over the long term,capital growth(see table above).Consequently,the Board does not
57、formally benchmark performance against mining and energy sector indices as meeting a specific dividend target is not within the scope of these indices.In addition,the S&P Global Clean Energy Index following recent changes is the best available proxy.Source:BlackRock.Data as at 30 November 2024.NM022
58、5U-4209591-8/154 Section 1:Overview and performance 7Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600GearingThe Company operates a flexible gearing policy which depends on prev
59、ailing market conditions.It is not intended that gearing will exceed 20%of the gross assets of the Company.The maximum gearing used during the period was 14.8%,and the level of gearing at 30 November 2024 was 13.4%.Average gearing over the year to 30 November 2024 was 9.5%.For calculations,see the G
60、lossary contained on page 139.Management of share ratingThe Directors recognise the importance to investors that the Companys share price should not trade at a significant premium or discount to NAV,and therefore,in normal market conditions,may use share repurchases,sales of shares from treasury and
61、 share issues to ensure that the share price is broadly in line with the underlying NAV.Discounts across the closed end funds sector remained wide over the period under review,driven by ongoing uncertainty around interest rates,cost inflation and global economic growth,and heightened by an accelerat
62、ed stream of retail selling in the run-up to the UK Budget(and expectations of higher capital gains taxes).Against this challenging backdrop,the Companys shares started the year under review trading at a discount of 10.7%and ended the year at 12.1%,which compared to a closed end fund sector average(
63、excluding 3i)of 15.5%and an average for the AIC Commodities and Natural resources peer group of 13.1%at 30 November 2024.The Board stepped in to actively manage the discount,buying back 9,833,697 shares in the year under review at a cost of 11,288,000 and at an average discount of 10.8%.This discoun
64、t management activity has continued since the year end,and up to 28 January 2025,the Company repurchased 1,708,000 ordinary shares for a net consideration of 2,046,000 at an average discount of 10.3%.As at 28 January 2025 the Companys shares were trading at a discount of 8.3%.The Boards objectives i
65、n exercising the buy back are to seek to minimise share price volatility and encourage the Companys share price to trade within as tight a range as possible,taking into account the various factors described above.However,despite consistent and targeted action in support of the share rating,it was di
66、sappointing to see the discount remain wide during the period.The Board recognises that shareholders experience the share price performance of the Company and,in conjunction with our Broker and the Manager,keep the share rating under continuous review seeking to understand and address the drivers of
67、 the discount.There are of course several factors which influence the level of premium/discount at which a Companys shares trade in the market,many of which are outside of the Boards direct scope of control or influence.It is important to view the Companys share rating in the wider market context,no
68、ting that the Investment Trust sector average discount at 30 November 2024 had widened to 15.5%compared to 12.8%at the end of 2023 and 10.7%at the end of 2022,remaining correlated with Gilt yields.Buy back activity was significantly elevated across the sector as a whole as boards grappled with selli
69、ng pressure,with calendar year 2024 setting a new record for buy backs at 7.6 billion,nearly double the previous calendar year.Buybacks across the sector hit a monthly-high of 952m in October with a record-breaking 125 funds buying back shares,and this trend continued into November,with 124 companie
70、s buying back shares.Overall,we believe the share buy back activity undertaken has been beneficial in reducing the volatility of our share rating and delivering NAV accretion.Your Board will continue to monitor the Companys share rating and may deploy its powers to support it by issuing or buying ba
71、ck the Companys shares where it believes that it is in shareholders long-term best interests to do so.Consumer Duty Value AssessmentThe Manager has conducted an annual value assessment on the Company in line with FCA rules set out in the Consumer Duty regulation.The assessment focuses on the nature
72、of the product,including benefits received and its quality,limitations that are part of the product,expected total costs to clients and target market considerations.Within this,the assessment considers quality of services,performance of the Company(against both relevant reference indices and peers),
73、total costs associated with the product(including management fees and other operating costs),and also considers whether all consumers,including vulnerable consumers,are able to receive fair value from the product.The Manager has concluded that the Company is providing value based on the above assess
74、ment.Ongoing chargesThe Directors want to ensure that shareholders receive good value with an ongoing process of reviewing operating costs.To that end,as also announced on 1 December 2024,we agreed a reduced level of cap on the Companys Ongoing Charges(as set out and defined in the Glossary on pages
75、 141 to 142 and for avoidance of doubt including the management fee).Previously,Ongoing Charges had been capped at 1.25%per annum of average daily net assets;with effect from 1 December 2024 this reduced to 1.15%per annum of average daily net assets.NM0225U-4209591-9/1548 BlackRock Energy and Resour
76、ces Income Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Changes in cost disclosure requirementsFollowing the
77、 FCAs statement on 19 September 2024 that Investment Trusts were no longer required to comply with the cost disclosure requirements under the UK PRIIPs Regulation,the Company has amended its KID Document in line with guidance from the Association of Investment Companies(“AIC”),making it clear in the
78、 KID that there were no additional costs paid by investors to acquire shares,and disclosing that the Company had an OCF of 1.19%(reducing to 1.15%from 1 December 2024).In addition,the Manager has amended the cost data included in the EMT files provided to distributors to reflect the most up to date
79、OCF for the Company of 1.15%as this is felt to be the most accurate reflect of the costs associated with operating the Company.The Board considered that this change ensures that the Company is reporting its cost data in line with the wider industry approach and is on a level playing field with other
80、 products in terms of how the product is viewed by investors when they are assessing cost information to make investment decisions.Agreement with Saba Capital Management L.P.On 22 January the Company announced that it had entered into an agreement with Saba Capital Management L.P.(Saba)pursuant to w
81、hich Saba has given a number of undertakings to the Company,including commitments not to put forward any proposals to shareholders nor to requisition any resolution or general meeting of the Company nor to seek to control or influence the Board or the Company or the policies or management of the Com
82、pany.More detail can be found in the stock exchange announcement which is available at the following link https:/ agreement covers the period up to the Companys 2027 AGM(expected to be held in March 2027).The Board is committed at all times to exercising the best standards of corporate governance,pr
83、omoting the success of the Company and putting first the interests of shareholders as a whole,and the agreement in no way restricts the Boards or the Companys independence.Board compositionThe Board supports the increasing focus on independence,tenure and succession planning set out in the updated F
84、inancial Reporting Councils review of the UK Corporate Governance Code.As previously announced,Anne Marie Cannon joined the Board on 16 January 2024,and Carol Bell,having served nine years on the board,retired at the Companys AGM held on 15 March 2024.As at the date of this report the Board consists
85、 of four independent non-executive Directors.In accordance with best practice and good corporate governance,the Directors continue to submit themselves for annual re-election.Further information on all of the Directors can be found in their biographies contained within the Annual Report and Accounts
86、.Information on the recruitment and selection process undertaken and details of the Boards policy on director tenure and succession planning can be found in the Directors Report contained within the Annual Report and Accounts.Annual general meeting arrangementsThe AGM will be held in person at 12:00
87、 p.m.on Thursday,20 March 2025 at the offices of BlackRock at 12 Throgmorton Avenue,London EC2N 2DL.The Board very much looks forward to meeting shareholders and we encourage you to attend this years AGM.A buffet lunch and refreshments will be available to all shareholders joining us on the day,and
88、the Board look forward to meeting shareholders over lunch to discuss your views and to answer any questions you may have.In the meantime,if shareholders would like to contact me,please write to BlackRock Energy and Resources Income Trust plc,12 Throgmorton Avenue,London EC2N 2DL,marked for the atten
89、tion of the Chairman.Even if you cannot attend,we urge you to vote.For those of you who hold shares via platforms,information on how to vote can be found here:https:/www.theaic.co.uk/availability-on-platforms.Market outlook and portfolio positioningThe Energy Transition remains one of the key megatr
90、ends,likely to affect the world economy over the next 2-3 decades,and a priority for both governments and companies.On one hand,governments in the developed world are facing rising spending commitments due to ageing populations,higher interest burdens and a focus on defence spending:This may mean th
91、at expenditure on the low-carbon transition is more subdued through the course of 2025 as governments and businesses juggle priorities.On the other hand,increased focus on energy security and increased power demand from artificial intelligence(AI)applications,are likely to spur increased demand on e
92、lectricity grids and the materials and fuels that power them.Against this backdrop,the flexibility of the Companys investment mandate with the ability to shift exposure between Mining,Traditional Energy and Energy Transition sectors,means that it is uniquely positioned to serve investors as these se
93、ctors evolve.The Board considers that all three sectors have an important role to play as the energy system continues its transition to a lower NM0225U-4209591-10/154 Section 1:Overview and performance 9Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustome
94、r:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600carbon economy;the Mining sector provides the material supply chain for low carbon technologies from steel for wind turbines to lithium for electric cars;traditional energy is needed to support base load energy to continue to
95、 power economies during the transition;and the path to a lower carbon economy is expected to disrupt many industries and business models with scope for the Company to invest directly in opportunities in the Energy Transition space.The Board is confident that the Company offers investors exposures wh
96、ich would be hard to replicate through passive indices and remains well-placed to benefit from these key investment trends over the long term.Adrian Brown31 January 2025NM0225U-4209591-11/154NM0225U-4209591-12/154 Section 1:Overview and performance 11Job No:53670Proof Event:21Black Line Level:4Park
97、Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Investment Managers reportMarket overviewAfter a tough year in 2023,it was pleasing that the Company delivered a positive year in 2024,delivering a NAV total return well ahead o
98、f the passive sector indices and ahead of our blended comparator,and continuing the strong growth delivered over the last 5 years(NAV total return of 125.0%).This was achieved in a volatile environment across the three main sectors of focus with a strong dispersion of performance between commodities
99、 as well as within the different industries within the energy transition space.This kind of environment plays well to our active management style,investing flexibly across the mining,energy and energy transition.The US markets continued to dominate global market performance,delivering more than doub
100、le the total return of the UK indices.The US market now accounts for around seventy percent of the MSCI World Index and whilst there are good reasons for robust US performance to continue,it is worth remembering that markets go through cycles and phases-for example in the 1980s Japan represented mor
101、e than 40%of the MSCI World Index and now only stands at around 6%.There was a lot of focus on elections in 2024 with approximately half of the worlds population and countries going through polls.Whilst the issues that were debated ranged hugely in each election contest,what was notable was the abse
102、nce in references to austerity or balanced budgets.With Governments in the developed world facing rising spending commitments due to ageing populations,higher interest burdens and greater defence spending,the risk of renewed inflation remains and the outlook for returns from real or hard assets like
103、 commodities is potentially exciting.Tom HollMark HumeMidstream services and pipeline infrastructure leader Targa Resources was the top contributor to returns over the year.PHOTO COURTESY OF TARGA RESOURCESNM0225U-4209591-13/15412 BlackRock Energy and Resources Income Trust plclAnnual Report and Fin
104、ancial Statements 30 November 2024Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Despite all of the geo-political turmoil,and the challenging backdrop,energy markets were larg
105、ely untroubled,with oil prices trading within a relatively tight range.Although the sentiment towards energy transition may have come down from its very high levels of the last few years,the transformation is still very much happening but perhaps with a greater focus on economic rationality.This is
106、reassuring for our preferred areas of investment and supports the approach taken in this Company of being technology and commodity agnostic remaining focused on risk-adjusted investment returns rather than committing to championing one possible technology or solution.Commodity30 November 202430 Nove
107、mber 2023%change2024 on 2023Average Price%Change1 Base Metals(US$/tonne)Aluminium2,577 2,156 19.5%5.3%Copper8,892 8,388 6.0%7.4%Lead2,048 2,092-2.1%-3.7%Nickel15,671 16,438-4.7%-25.0%Tin28,695 22,984 24.8%15.0%Zinc3,109 2,467 26.0%1.3%Precious Metals(US$/ounce)Gold2,659.5 2,037.8 30.5%21.6%Silver30.
108、1 25.3 19.0%18.7%Platinum940.0 937.0 0.3%-1.6%Palladium983.0 1,025.0-4.1%-28.9%EnergyOil(West Texas Intermediate)(US$/barrel)68.3 75.6-9.7%-1.4%Oil(Brent)(US$/barrel)74.2 81.7-9.3%-2.3%Natural Gas(US$/Metric Million British Thermal Unit)3.4 2.8 23.3%-21.6%Bulk Commodities(US$/tonne)Iron ore106.0 132
109、.5-20.0%-3.6%Coking coal205.0 285.0-28.1%-5.4%Thermal coal141.5 129.0 9.7%-30.4%Equity IndicesMSCI ACWI2 Select Metals&Mining Producers Ex Gold and Silver IMI Net Index(US$)1,300.61,287.51.0%n/aMSCI ACWI2 Select Metals&Mining Producers Ex Gold and Silver IMI Net Index()1,666.11,656.00.6%n/aMSCI3 Wor
110、ld Energy Index(US$)511.3 459.9 11.2%n/aMSCI World Energy Index()669.3604.410.7%n/aS&P Global Clean Energy Index(US$)1,132.21,276.5-11.3%n/aS&P Global Clean Energy Index()890.81,008.3-11.7%n/aSource:LSEG Datastream and Bloomberg.1 Average Price%Change(Average of 30/11/22-30/11/23 to 30/11/23-30/11/2
111、4).2 Morgan Stanley Capital International All Country Weighted Index.3 Morgan Stanley Capital International.Portfolio performance&investment activityWhile the Company produced a positive NAV Total Return(with dividends reinvested)over the year,the second half of the Companys year started in a challe
112、nging way as continued weak economic data from China was a headwind to the commodity complex and this was eventually reflected in lower share prices across the Mining sector.As the charts below show,we reduced our exposure to mining companies early in the second half of the year compared to the firs
113、t half,which cushioned the impact and we shifted the mix of exposure within the Mining sector,reducing industrial metals exposure,including copper,and adding to uranium and precious metals in the second half of the year.NM0225U-4209591-14/154 Section 1:Overview and performance 13Job No:53670Proof Ev
114、ent:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600The biggest change in the portfolio over the course of 2024 though was the increased weight to the Energy Transition sector.A confluence of factors,
115、including the anticipation of Trump winning the US election and his subsequent victory,caused some high-quality companies in this sector to become oversold and,in our view,attractively valued for the first time in several years.Also,the tough stance on China taken by both Parties in the US gave us c
116、onviction that the surge in US manufacturing investment spending was likely to continue and with that backdrop,we found a number of interesting Energy Transition investments related to greater electricity grid spend and data centre build outs.120%100%80%60%40%20%0%-20%0 0.N N N N(T)(T)(T)(T):t .c,C)
117、.c,C).c,C).c,:,0 Q)Ill:,0 Q)Ill:,0 Q)Ill:,0 Q)Ill(z LL 2(z LL 2(z LL 2(z LL 2 Mining Conventional Energy Energy Transition Gearing/net cash:t :,0 .c,C).c,C).c,C):,0 Q)Ill:,0 Q)Ill:,0 Q)Ill:,0(z LL 2(z LL 2(z LL 2(z:t:t,C)Q)Ill:,LL 2(Mining Conventional Energy Energy Transition 0 z Absolute exposures
118、(%):Active exposures relative to neutral sector weight(%):Source:BlackRock.Data as at 30 November 2024.The Companys NAV total return was 15.3%for the year to 30 November 2024,which was a strong outcome compared to the performance of the three main sectors that the Company invests in as shown in the
119、chart below.120 85-Company NAV-MSCI ACWI Select Metals and Mining Producers ex Gold&Silver Net TR Index-S&P Global Clean Energy Net TR Index-Company share price-MSCI World Energy Net TR Index Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24859095100105110115120Company N
120、AVMSCI ACWI Select Metals and Mining Producers ex Gold&Silver Net TR IndexS&P Global Clean Energy Net TR IndexCompany share priceMSCI World Energy Net TR IndexThe key driver of the portfolios performance was stock selection,notably in the Mining and Energy Transition parts of the portfolio.On the Mi
121、ning side,some of that positive stock selection came from two companies that were acquired for very different reasons,Filo Corp and Stelco.Filo Corp was acquired by BHP and Lundin Mining who wanted to secure exposure to the world class copper discovery that had been made in the Vicua district of Arg
122、entina.Stelco was a Canadian steel company that for a number of years traded at a substantial discount to peers despite paying consistently strong and high dividends whilst the market might not have recognised the value in the company,their peer Cleveland-Cliffs did recognise this when they acquired
123、 it in an all-cash deal at a substantial premium.Source:BlackRock.NM0225U-4209591-15/15414 BlackRock Energy and Resources Income Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRo
124、ckProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600On the Energy Transition side,it was our industrial holdings with exciting energy efficiency products that were strong contributors to returns along with companies such as Schneider Electric that produce the transformers that will be
125、critical in building out the electricity grid infrastructure required to enable the growing capacity of electrical generation.Reflecting on some of the investment decisions that were detractors to performance during the year,a couple of items stood out.The first was a tough year for European utiliti
126、es,with positions in RWE and EDP Renovveis both seeing meaningful declines in their share prices.The second challenging area was exposure to battery and battery materials companies.Whilst we have very limited exposure to electric vehicle(EV)manufacturers,the modest holdings we had in battery manufac
127、turer Samsung SDI and lithium producer,Albemarle,both detracted from performance during the year.IncomeThis year was a tougher year for income for the Company,primarily driven by lower dividend payments from a number of key Mining companies and the decisions during the year to increase the exposure
128、to Energy Transition companies,which are usually lower dividend payers as they are often using a greater proportion of their earnings to reinvest back into growth projects.The Traditional Energy companies in the UK,such as Shell,continued to have a more fixed dividend policy,although the increase th
129、ey announced this year was more modest than in the previous two years.However,with valuations where they are,we would expect a greater emphasis on capital allocation to buybacks from Conventional Energy and Mining companies in the year ahead.Option income remained at under 20%of total income generat
130、ed by the Company during the year and at levels comparable to that in 2023.Also similar to 2023,there was a balance of call and put options written given the lack of overall market direction in our sectors and our preference to focus on stock specific opportunities.We reduced option writing in the l
131、ast month or so of the year going into the US elections given it was a potentially binary event where investment outcomes were harder to predict.Exposure to the world-class copper discovery in the Vicua district of Argentina drove the acquisition of Filo Corp by BHP and Lundin Mining.PHOTO COURTESY
132、OF FILO CORPNM0225U-4209591-16/154 Section 1:Overview and performance 15Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600One of the brighter spots in the industrial commodities
133、was aluminium,where the price rose almost 20%over the course of the year.The demand story for aluminium for many years has been an attractive one it is widely used in high voltage cables and thanks to better research and development,has been able to be substituted for more expensive copper in air co
134、nditioning units and even some wiring applications.Its lightweight properties have also driven demand growth from the automobile industry where it has been substituted for steel.However historically there has been more than adequate supply of aluminium to meet demand as China grew production in an a
135、lmost unconstrained manner,placing new refineries and smelters close to coal fields to benefit from cheap energy.With Chinas growing focus on the environment and a desire to keep the energy onshore(aluminium exports can be seen as energy exports given how energy intensive the production process is),
136、the authorities have placed a capacity ceiling of 45 million tonnes per year on the industry.This has slowed the production growth as seen on the chart below and we expect this restraint to continue.In addition to improving margins for producers in China,the restraint should limit aluminium export g
137、rowth and tighten the supply-demand balance in the ex-China market,which would benefit the aluminium holdings in the portfolio such as Hydro.One brighter spot in the industrial commodities was aluminium,where the price rose almost 20%over the course of the year.The demand story for aluminium for man
138、y years has been an attractive one it is widely used in high voltage cables and thanks to better research and development,has been able to be substituted for more expensive copper in air conditioning units and even some wiring applications.Its lightweight properties have also driven demand growth fr
139、om the automobile industry where it has been substituted for steel.However historically there has been more than adequate supply of aluminium to meet demand as China grew production in an almost unconstrained manner,placing new refineries and smelters close to coal fields to benefit from cheap energ
140、y.With Chinas growing focus on the environment and a desire to keep the energy onshore(aluminium exports can be seen as energy exports given how energy intensive the production process is),the authorities have placed a capacity ceiling of 45 million tonnes per year on the industry.This has slowed th
141、e production growth as seen on the chart below and we expect this restraint to continue.In addition to improving margins for producers in China,the restraint should limit aluminium export growth and tighten the supply-demand balance in the ex-China market,which would benefit the aluminium holdings i
142、n the portfolio such as Norsk Hydro.20003000400050006000700080009000100001100012000Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Tonnes(thousands)China Steel Exports(monthly)China Steel Exports(monthly)Source:Bloomberg.Data as at 31
143、 December 2024.MiningThis year followed a similar pattern to 2023 with the mined commodities experiencing a wide variety of returns with gold on one hand up over 30%and coking coal on the other down a little less than 30%.The commodity prices that came under the most pressure were the steel inputs o
144、f iron ore and coking coal as weaker Chinese demand and a lack of supply disruptions,that had been a feature of recent years,caused these markets to be soft.Looking forward in these markets,the outlook is improving.For iron ore,when the price touched around US$90 per tonne in August 2024,we started
145、to see some higher cost supply curtailed,suggesting that this could be a reasonable longer-term price for the industry.On the coking coal side,the recent sale of some key producing assets led to a more consolidated industry which will,hopefully,bring supply discipline and a more robust pricing envir
146、onment.Although the future growth in demand for many mined commodities is likely to be driven by energy transition across developed and developing countries,we cannot forget that the Chinese economy probably still remains the key driver for the Mining sector.The concerns around the health of Chinas
147、economy surged again during the summer with the China Purchasing Managers Index falling below 50%in May and staying below 50%through the summer.Towards the end of the third quarter there was a series of stimulus announcements from the Chinese authorities that initially caused a remarkable risk-on ra
148、lly with the Chinese stock market(Shanghai Composite Index)rising almost 30%during the three weeks from the middle of September.Despite the policy support and stock market reaction,the real economy has been slower to respond,and this can be seen in the continued growth of steel exports from China wi
149、th higher exports implying weaker domestic demand for steel.NM0225U-4209591-17/15416 BlackRock Energy and Resources Income Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProj
150、ect Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600The mergers and acquisition(M&A)environment continued to remain active for the Mining sector during 2024 with the headline-grabbing attempt by BHP to acquire Anglo American,which ultimately ended in no deal being consummated.This was anothe
151、r example of companies recognising the benefits of“buying versus building”as both the capital intensity of building new assets continue to rise and the rising risk associated with getting assets permitted and built also grinds higher.We would expect this desire by companies to consolidate the indust
152、ry to continue into 2025,but it will require boards and management teams to take a long-term view.At current commodity prices and cost structures,the prices being demanded by sellers of assets look expensive,so a belief in tighter markets to come and ultimately higher commodity prices is necessary t
153、o justify most potential M&A transactions or greenfield investments.Energy Transition Over the past twelve months,the Energy Transition sector has continued to power ahead,with global solar panel installations expected to increase to 600GW,a rise of 35%on 2024,according to Bloomberg New Energy Finan
154、ce.This compares to solar installations of 252GW in 2022,which was in itself a record year.In recent years,factors impacting on the energy transition have shifted from a focus on decarbonisation to prioritisation of energy security,reshoring of critical supply chains and we are now seeing an additio
155、nal driver in the form of increasing electricity demand expectations.Mergers and acquisition(M&A)environment continued to remain active for the Mining sector during 2024 with headline-grabbing attempt by BHP to acquire Anglo American,which ultimately ended in no deal being consummated.This was anoth
156、er example of companies recognising the benefits of“buying versus building”as both the capital intensity of building new assets continue to rise and the rising risk of getting assets permitted and built also grinds higher.We would expect this desire by companies to consolidate the industry to contin
157、ue into 2025,but it will require boards and management teams to take a long-term view.At current commodity prices and cost structures,the prices being demanded by sellers of assets look expensive,so a belief in tighter markets to come and ultimately higher commodity prices is necessary to justify mo
158、st potential M&A transactions or greenfield investments.Energy Transition Over the past twelve months,the Energy Transition sector has continued to power ahead,with global solar panel installations expected to increase to 600GW,a rise of 35%on 2023,according to Bloomberg New Energy Finance.This comp
159、ares to solar installations of 252GW in 2022,which was in itself a record year.In recent years,factors impacting on the energy transition have shifted from a focus on decarbonisation to prioritisation of energy security,reshoring of critical supply chains and we are now seeing an additional driver i
160、n the form of increasing electricity demand expectations.Source:Fig 1.Chart by BlackRock using Bloomberg New Energy Finance data,4Q 2024 Global PV Market Outlook,28 November 2024,using the BNEF mid climate transition scenario.There is no guarantee that any forecasts made will come to pass.Source:Fig
161、 2 LSEG Datastream,U.S.Census Bureau,chart by BlackRock Investment Institute,15/09/2024 The US policy in the form of the US CHIPS Act and the Inflation Reduction Act(IRA)has supported a rapid increase in corporate investment in US manufacturing of key technologies including EV battery production,lea
162、ding-edge semiconductor fabrication plants,solar panel and wind turbine manufacturing.Companies supplying the necessary equipment for these facilities have benefited from increased demand and Trane Technologies,(energy efficient commercial heating,ventilation and air conditioning)and Ingersoll Rand(
163、energy efficient pumps and compressors)were among the top contributors to performance.Large scale investment in the hardware required for generative artificial intelligence(AI)model training and subsequent querying has created increased demand for a number of related industries.In addition to microc
164、hips,AI data centres require specialist design and power management.Data centre and critical infrastructure design group,Vertiv and power management specialists,Schneider Electric saw strong share price performance over the year.Supplies to electricity grid connections and power transformers includi
165、ng GE Vernova reported quarterly results consistently ahead of market expectations with increased orderbooks and performed strongly during the year.Nov-2024Figure 1.Strong growth in solar power installations.Annual new solar installations,including forecast to 20351Figure 2.US private construction e
166、xpenditure manufacturingSource:Fig 1.Chart by BlackRock using Bloomberg New Energy Finance(BNEF)data,fourth quarter 2024 Global Photovoltaic Market Outlook,November 2024,using the BNEF mid climate transition scenario.There is no guarantee that any forecasts made will come to pass.Source:Fig 2 LSEG D
167、atastream,US Census Bureau,chart by BlackRock Investment Institute,September 2024.20162017201820192020202120222023e2024e2025eChina primary ali production(kt)%growth YoY45,00042,50040,00037,50035,00032,50030,00027,50025,00015.0%12.5%10.0%7.5%5.0%2.5%0.0%2.5%-5.0%Annual primary aluminium production in
168、 ChinaSource:Deutsche Bank estimates,CRU.NM0225U-4209591-18/154 Section 1:Overview and performance 17Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600The US policy in the form o
169、f the US CHIPS Act and the Inflation Reduction Act(IRA)has supported a rapid increase in corporate investment in US manufacturing of key technologies including EV battery production,leading-edge semiconductor fabrication plants,solar panel and wind turbine manufacturing.Companies supplying the neces
170、sary equipment for these facilities have benefited from increased demand.For example,Trane Technologies,(energy efficient commercial heating,ventilation and air conditioning)and Ingersoll-Rand(energy efficient pumps and compressors)were among the top contributors to performance.Large scale investmen
171、t in the hardware required for generative artificial intelligence(AI)model training and subsequent querying has created increased demand for a number of related industries.In addition to microchips,AI data centres require specialist design and power management.Data centre and critical infrastructure
172、 design group,Vertiv Holdings and power management specialists,Schneider Electric,saw strong share price performance over the year.Supplies to electricity grid connections and power transformers including GE Vernova reported quarterly results consistently ahead of market expectations with increased
173、orderbooks and performed strongly during the year.Within Energy Transition,elevated interest rates,overcapacity in the solar and EV supply chains and uncertainty around the direction of US policy caused market sentiment to remain negative for parts of the renewable power sector,particularly for non-
174、US companies,given a wide valuation differential between US and European stock markets.At a company level,given these market moves,wind turbine group,Vestas significantly underperformed during the year and detracted from returns,with the group experiencing higher costs,which prevented an awaited rec
175、overy in profit margins.European renewable utilities were sensitive to changes in interest rate expectations and underperformed following the US elections with RWE and EDP Renovveis detracting from returns.EV battery manufacturer Samsung SDI and EV semiconductor group ST Microelectronics fell during
176、 the year with EV demand growth in Europe lower than expected.EV sales globally are expected to rise c.20%in 2025,however this is skewed towards China with weaker automobile sales in Europe masking the continued increase in EV market share.Following the US elections,there was a pullback in valuation
177、s of renewables companies.In 2016,we saw similar initial negative share price reaction to renewables,yet the sector went on to outperform over the remaining presidential term and we see stronger demand drivers for these companies today.Source:Fig 1.Chart by BlackRock using Thunder Said Energy resear
178、ch and data.December 2024.There is no guarantee that any forecasts made will come to pass.8,000US Energy Consumption(TWH pa)7,0006,0005,0004,0003,0002,0001,0000202019901993199619992002200520082011201420172023202620292032203520382041204420472050Gas-Fired PowerCoal-Fired PowerOil-Fired PowerHydroOther
179、SolarWindNuclearForecastUS electricity demand has grown by 0.5%per year over the past 20 years(+20 terrawatt-hours(TWH)per annum),may accelerate to 2.4%per year to 2030(+100 TWH pa)Source:BlackRock using Thunder Said Energy research and data.December 2024.Whilst some policies or parts of the IRA may
180、 be changed,such as EV subsidies,lesser support at the federal level for offshore wind,or lower duration of tax credits for renewables,we do not see the core aim of reshoring of manufacturing to be reversed and we see opportunity in some of the market moves.NM0225U-4209591-19/15418 BlackRock Energy
181、and Resources Income Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Oil prices traded within a US$70-US$90/bar
182、rel range for most of the year,ending towards the lower band,but a level that enables the oil&gas industry to generate significant profits.Despite the significant ongoing investment into low-carbon alternatives,the world has yet to break the link between economic growth and oil demand and the 12 mon
183、th period set a new record for oil demand at 102.6 million barrels per day(source:US Energy Information Administration December 2024).In contrast,North American natural gas markets saw a distinctly looser market throughout most of 2023 and 2024 as supply growth continued well ahead of the anticipate
184、d inflection in US LNG export(thereby driving up demand).Henry Hub prices spent most of the prior two years in contango with gas production companies having to curtail significant volumes to help rebalance the market.Oil prices were driven by several notable factors during the year.On the supply sid
185、e,large new oil producing projects in Guyana and Norway,which have been under construction for several years,ramped production in 2024 and US shale oil producers led US production higher to 13.5 million barrels per day.On the demand side,global consumption has continued to increase.However,the main
186、source of oil demand growth in recent years has been China,which saw significantly slower-than-expected growth due to lower levels of construction activity and continued substitution away from diesel and into natural gas within the heavy-duty truck sector.The International Energy Agency(IEA)revised
187、downwards its estimate of 2024e oil demand growth expectations from China from 700,000 barrels per day to less than 200,000 barrels per day.With oil demand growth barely sufficient to absorb the new oil supply,global oil markets were well-supplied throughout the year,leading the Organisation of Petr
188、oleum Exporting Countries to delay adding back previously curtailed production to support oil prices.Despite the marked slowdown in Chinese growth the agency has been revising its expectations for 2025e demand upwards,notably in Asia ex-China.China oil demand growth slowing2024e Global oil demand gr
189、owth estimates*Source:Chart by BlackRock using IEA Oil Market Monthly Report.*Global year on year oil demand growth forecasts for 2024e based on IEA forecasts published March 2024,June 2024,September 2024,December 2024 and January 2025.Traditional EnergyBrent Crude Price and StructureHenry Hub Price
190、 and StructureSource:Bloomberg.*M1:=front-month commodity price,M2:=2nd month commodity price;M12:=twelve-month commodity price.When the stacked areas are greater than zero,near-term prices are higher than longer-dated prices which can be an indication of a tight physical market and the market is sa
191、id to be in“backwardation”.When the shaded areas are less than zero,the market is said to be in“contango”which can be an indication of an over-supplied physical market.-20406080100120140(10)_1020304050Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24USD per barrelUSD per barrelM1-M2*M2-M12*Brent rhs(+)Back
192、wardation(-)Contango_24681012(3)(2)(1)_123456Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24USD per mmbtuUSD per mmbtuM1-M2*M2-M12*Henry Hub rhs(+)Backwardation(-)Contango_2004006008001,0001,2001,4001,600Mar-24Jun-24Sep-24Dec-24Jan-25YoY Demand Growth kbpd2024e Global Oil DemandChinaRoW2025e Global oil d
193、emand estimates*-2004006008001,0001,200Mar-24Jun-24Sep-24Dec-24Jan-25YoY Demand Growth,kbpd2025e Global Oil DemandChinaRoWNM0225U-4209591-20/154 Section 1:Overview and performance 19Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Ti
194、tle:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Commodities,including oil,have long been used by investors as a hedge against increased geo-political risk and this was again evident in 2024.Houthi militant attacks on international shipping in the Red Sea during the first quarter of the year re
195、sulted in disruption to global trade routes.A majority of ships therefore diverted to taking the longer route between East and West around the Cape of Good Hope,rather than the Suez Canal route.Oil prices rose during this period,and later moved higher with escalation of events in the Middle East bet
196、ween Iran and Israel in October,on the risk of disruption to energy infrastructure.As risk of further escalation subsided,the Brent oil price tracked lower towards US$70 into the year end.Energy holdings delivered a positive return in the period,modestly ahead of the benchmark.Midstream pipeline com
197、panies,including Targa Resources,which was the top contributor to returns over the year,having seen valuations increase.In our view,selected pipeline companies may benefit from the increased power demand in the US with reshoring of manufacturing trends and the build out of AI data centres.Increased
198、demand for power in the US from hyperscalers,the large technology cloud service providers investing in AI data centres,has driven a resurgence in demand for nuclear power and a higher uranium price,which underpinned a positive contribution from Cameco.On the other hand,oil exploration and production
199、 company,Kosmos saw its shares fall on the range-bound oil price and lower than expected production from its Jubilee asset offshore Ghana.OutlookThe economic growth outlook for China remains important for the mining sector with the country accounting for the largest part of demand for many mined mat
200、erials including iron ore and copper.The incoming US administration has announced an intention to add further tariffs on goods imported from China and in order to maintain economic growth,we expect China to stimulate its domestic economy.In the past,such stimulus measures have included infrastructur
201、e and the property sectors,which may drive increased demand for certain metals.The supply of many metals remains constrained after a period of relative underinvestment in new production capacity,providing the potential for a supportive pricing outlook for mining companies.The energy transition invol
202、ves shifting from a predominantly oil&gas-based economy to lower carbon sources of energy,which are more materials intensive.The scale of the renewables industry,which continues to expand rapidly,is at a level that is already a material source of demand growth for certain metals,including copper and
203、 silver and the expected increase in power demand,from reshoring manufacturing and AI data centres will likely add to this trend.Companies within the mining sector have much stronger balance sheets today,with relatively low debt,enabling increased pricing to feed through to profits and shareholder d
204、istribution,whilst we find companies trading at attractive valuations.Energy holdings delivered a positive return in the period,modestly ahead of the benchmark.Midstream pipeline companies,including Targa Resources,which was the top contributor to returns over the year,having seen valuations increas
205、e.In our view,selected pipeline companies may benefit from the increased power demand in the US with reshoring of manufacturing trends and the build out of AI data centres.Increased demand for power in the US from hyperscalers,the large technology cloud service providers investing in AI data centres
206、,has driven a resurgence in demand for nuclear power and a higher uranium price,which as underpinned a positive contribution from Cameco.On the other hand,oil exploration and production company,Kosmos saw it share fall on the range-bound oil price and lower than expected production from its Jubilee
207、asset offshore Ghana.Outlook(TBC)The economic growth outlook for China remains important for the mining sector with country accounting for the largest part of demand for many mined materials including iron ore and copper.The incoming US administration has announced an intention to add further tariff
208、s on goods imported from China and in order to maintain economic growth,we expect China to stimulate its domestic economy.In the past,such stimulus measures have included infrastructure and the property sectors,which may drive increased demand for certain metals.The supply of many metals remains con
209、strained after a period of relative underinvestment in new production capacity,providing the potential for a supportive pricing outlook for mining companies.The energy transition involves shifting from a predominantly oil&gas-based economy to lower carbon sources of energy,which are more materials i
210、ntensive.The scale of the renewables industry,which continues to expand rapidly,is at a level that is already a material source of demand growth for certain metals,including copper and silver and the expected increase in power demand,from reshoring manufacturing and AI data centres will likely add t
211、o this trend.Companies within the mining sector have much stronger balance sheets today,with relatively low debt,enabling increased pricing to feed through to profits and shareholder distribution,whilst we find companies trading at attractive valuations.For illustrative purpose only.There is no guar
212、antee that any forecasts made will come to pass.Source:IEA,May 2024 The build out of low carbon technologies will drive demand for materials:Global copper demand in the Net Zero Scenario,2023-2040.Source:IEA,May 2024.NM0225U-4209591-21/15420 BlackRock Energy and Resources Income Trust plclAnnual Rep
213、ort and Financial Statements 30 November 2024Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600The outlook for the oil and gas industry appears uncertain,with a much wider-than-u
214、sual range of potential outcomes,both positive and negative.Our base case is that new oil production meets or exceeds oil demand growth in 2025.However,the potential for a supply shock is higher-than-normal given elevated geopolitical tensions.In one of its final acts,the previous US administration
215、introduced tighter oil-related sanctions on Russia,targeting the tankers transporting the countrys crude production and the insurers backing this so called shadow fleet.However,it remains unclear what the new US administrations policy on Russia will be.Meanwhile,there is also the potential for the T
216、rump administration to retighten the enforcement of sanctions against Iranian oil supply,which have been relaxed over the past 4 years(see chart below).Ultimately,however,OPEC+spare capacity at record levels means this could be used to help balance the market and effectively cap upside.Iranian crude
217、 exports:Ukraine-0.51.01.52.02.53.0Jan-17Jan-19Jan-21Jan-23Iranian Exports,mbpdTrumpBidenSource:EIA.Data as at December 2024.On the demand side,importantly,we are no longer seeing downgrades to estimates around demand from China(the key factor that held oil back through 2024)and in some instances,we
218、 are starting to see upgrades.Company valuations generally remain inexpensive in our view,offering investment opportunities but this uncertainty increases the need to be selective.Beyond 2025,we see demand exceeding supply,with fewer sizeable new oil production projects.Looking ahead,we believe that
219、 the duration of oil demand growth remains underappreciated and not reflected in energy company valuations today.Many energy companies are able to deliver attractive levels of cash flow generation at the expected oil price range of US$60-US$80/barrel and have strong balance sheets.The energy intensi
220、ty of global economic growth is expected to increase over the coming years because of electrification,power demands of artificial intelligence,emerging market economy growth and the reshoring of supply chains,which may be supportive for natural gas and nuclear assets.Reform of US planning regulation
221、s may further support midstream companies,whilst energy typically offers a hedge against geo-political risk and inflation.The outlook for energy transition related companies appears exceptionally strong,however US policy uncertainty may continue to impact on market sentiment towards renewables in th
222、e near term.There is a fundamental and pressing need for increased electricity generation in the US and Europe and renewables will have to be part of that solution,due to speed to roll out and low cost,even without considering corporate decarbonisation targets.Whilst we see increased demand for comb
223、ined cycle gas turbines(CCGTs)and for nuclear power,supply bottlenecks and time to build will likely drive increased demand for readily available renewable generation.The energy transition will not follow a straight line,and we have seen challenges to market sentiment over the past year.This market
224、caution has led to some companies trading on attractive valuations,in our view.We see several potential catalysts in Europe and in the US.The headwind of high interest rates is steadily reversing and industry destocking within the EV supply chain,which has impacted on underlying demand for semicondu
225、ctors,appears to have largely finished.The new US administration may drive an acceleration of investment into all forms of energy for national security reasons(energy security,re-shoring of manufacturing of key technologies,AI data centres),whilst in Europe,tighter vehicle emission regulations may l
226、ead to an increased demand for EVs.It is possible that reform to planning may facilitate project permitting which could be a significant positive in enabling faster build out of renewable projects.The Energy Transition is one of the key megatrends which will play out over the next 2-3 decades,althou
227、gh these trends will not be linear.Your Companys portfolio,with its mandate flexibly to invest across all 3 sectors and actively to select beneficiary companies,is well positioned to take advantage of the growth this trend will deliver.Tom Holl and Mark HumeBlackRock Investment Management(UK)Limited
228、31 January 2025NM0225U-4209591-22/154NM0225U-4209591-23/154NM0225U-4209591-24/154Job No:53670Proof Event:18Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600 Section 2:Portfolio 23PortfolioGlobal mining g
229、roup Anglo American,whose portfolio includes bulk commodities,base and precious metals and minerals,was the Companys largest holding at year end,and was also the subject of a failed acquisition attempt by BHP.PHOTO COURTESY OF ANGLO AMERCICANNM0225U-4209591-25/15424 BlackRock Energy and Resources In
230、come Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:18Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Distribution of investments as at 30 November 2024Asset al
231、location Commodity/sub-sectorsAsset allocation GeographyGlobal 49.1%United States 26.2%Canada 11.2%United Kingdom 3.1%Brazil 2.8%Australia 2.1%Italy 1.9%Africa 1.8%Latin America 0.7%Germany 0.6%Ireland 0.5%Source:BlackRock.1 Global relates to companies having businesses and operations in multiple co
232、untries and territories.2 Latin America represents Argentina.Mining 40.2%Traditional Energy 30.6%Energy Transition 29.2%Energy Efficiency 12.8%Electrification 8.0%Renewables 5.6%Storage 1.9%Transport 0.9%Exploration&Production 15.9%Integrated 6.4%Distribution 3.5%Oil Services 3.4%Oil,Gas&Consumable
233、Fuels 1.4%Diversified 19.9%Copper 5.8%Gold 3.7%Aluminium 2.9%Industrial Minerals 2.3%Uranium 2.2%Nickel 1.3%Steel 1.2%Metals&Mining 0.9%Traditional Energy 30.6%Energy Transition 29.2%Mining 40.2%Source:BlackRock.NM0225U-4209591-26/154Job No:43774Proof Event:20Black Line Level:6Park Communications Lt
234、dAlpine WayLondon E6 6LACustomer:BlackRockwwwProject Title:BERI Annual Rpt 2020T:0207 055 6500F:020 7055 6600 Section 2:Portfolio 25PHOTOS COURTESY OF ANGLO AMERICAN;RIO TINTO;TARGA RESOURCES;PHOTOGRAPHIC SERVICES,SHELL INTERNATIONAL LIMITED;HYDRO/YVIND BREIVIK;VALE;GLENCORE10741963852NM0225U-420959
235、1-27/15426 BlackRock Energy and Resources Income Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:18Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Ten largest in
236、vestments1 Anglo American(2023:65th)Diversified mining groupMarket value:8,687,000Share of investments:4.6%1(2023:0.4%)A global mining group.The groups mining portfolio includes bulk commodities including iron ore,manganese,metallurgical coal,base metals including copper and nickel and precious meta
237、ls and minerals such as platinum and diamonds.Anglo American has mining operations globally,with significant assets in Africa and South America.2 Rio Tinto(2023:4th)Diversified mining groupMarket value:8,453,000Share of investments:4.5%(2023:4.4%)One of the worlds leading mining companies.The groups
238、 primary product is iron ore,but it also produces aluminium,copper,diamonds,gold,industrial minerals and energy products.3 Targa Resources(2023:n/a)Traditional energy distributionMarket value:6,722,000Share of investments:3.5%(2023:n/a)Targa Resources is a leading provider of midstream services and
239、is one of the largest independent midstream infrastructure companies in North America.4 Shell(2023:5th)Integrated oil groupMarket value:5,533,000Share of investments:2.9%(2023:3.8%)Shell is one of the largest integrated energy companies globally with five main operating segments:Integrated Gas,Upstr
240、eam,Marketing,Chemicals and Products,and Renewables and Energy Solutions.The company has a high quality,gas/liquified natural gas(LNG)-weighted portfolio.5 Vertiv Holdings(2023:n/a)Energy efficiencyMarket value:5,474,000Share of investments:2.9%(2023:n/a)Vertiv Holdings is a multinational provider o
241、f critical infrastructure and services for data centres,communication networks,and commercial and industrial environments.Together,the Companys ten largest investments represented 32.5%of the Companys portfolio as at 30 November 2024(2023:36.3%)NM0225U-4209591-28/154 Section 2:Portfolio 27Job No:536
242、70Proof Event:18Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 66006 Hydro(2023:24th)Aluminium miningMarket value:5,457,000Share of investments:2.9%(2023:1.6%)Hydro is a Norwegian aluminium and renewable e
243、nergy company that has 33,000 employees in more than 140 locations and 40 countries.7 Permian Resources(2023:n/a)Exploration&ProductionMarket value:5,440,000Share of investments:2.9%(2023:n/a)Permian Resources is a leading independent oil and natural gas company headquartered in Texas,USA.The group
244、is the second largest pure-play exploration and production company in the Permian Basin.8 Vale(2023:3rd)Diversified mining groupMarket value:5,316,000Share of investments:2.8%2(2023:4.6%)One of the largest mining groups in the world,with operations in 30 countries.Vale is the worlds largest producer
245、 of iron ore and iron ore pellets,and the worlds largest producer of nickel.The group also produces manganese ore,ferroalloys,metallurgical and thermal coal,copper,platinum group metals,gold,silver,cobalt,potash,phosphates and other fertiliser nutrients.9 EOG Resources(2023:25th)Exploration&Producti
246、onMarket value:5,265,000Share of investments:2.8%(2023:1.6%)EOG Resources is one of the largest crude oil and natural gas exploration and production companies in the USA with proven reserves in the USA and Trinidad.10 Glencore(2023:1st)Diversified mining groupMarket value:5,110,000Share of investmen
247、ts:2.7%(2023:4.8%)One of the worlds largest globally diversified natural resources groups.The groups operations include approximately 150 mining and metallurgical sites and oil production assets.Glencores mined commodity exposure includes copper,cobalt,nickel,zinc,lead,ferroalloys,aluminium,iron ore
248、,gold and silver.1(0.0)%relates to an equity option in Anglo American.2 1.0%relates to interest in Vale shareholder debentures.All percentages reflect the value of the holding as a percentage of total investments.Arrows indicate the change in relative ranking of the position in the portfolio compare
249、d to its ranking as at 30 November 2023.Percentages in brackets represent the value of the holding as at 30 November 2023.NM0225U-4209591-29/15428 BlackRock Energy and Resources Income Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:18Black Line Level:4Park C
250、ommunications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Investmentsas at 30 November 2024Main geographic exposureMarketvalue 000%ofinvestmentsMiningDiversifiedAnglo AmericanGlobal8,738 4.6Anglo American Put Option 20/12/24Global(51)Ri
251、o TintoGlobal8,453 4.5ValeBrazil3,410 2.8Vale Debentures*Brazil1,906 GlencoreGlobal5,110 2.7 Teck ResourcesGlobal4,265 2.2 BHPGlobal3,470 1.8 Abaxx TechnologiesGlobal2,387 1.3 37,688 19.9 CopperFirst Quantum Minerals 6.875%15/10/27Global1,646 1.5First Quantum MineralsGlobal1,284 Freeport-McMoRanUnit
252、ed States2,277 1.2 Foran MiningCanada1,732 0.9 Metals AcquisitionAustralia1,444 0.8 Ngex MineralsLatin America1,389 0.7 Ivanhoe ElectricUnited States1,026 0.5 Develop GlobalAustralia348 0.2 11,146 5.8 GoldBarrick GoldGlobal2,050 1.1 Allied Gold Corporation 8.75%07/09/2028Africa1,614 0.9 Wheaton Prec
253、ious MetalsGlobal1,581 0.8 Kinross GoldGlobal1,207 0.6 NewmontGlobal577 0.3 7,029 3.7 AluminiumHydroGlobal5,457 2.9 5,457 2.9 Industrial MineralsAlbemarleGlobal1,637 0.9 Lynas CorporationAustralia933 0.5 CF IndustriesUnited States924 0.5 NutrienUnited States788 0.4 4,282 2.3 UraniumCamecoCanada4,210
254、 2.2 4,210 2.2 NickelLifezone MetalsGlobal1,257 0.7 Nickel MinesAustralia1,051 0.6 2,308 1.3 NM0225U-4209591-30/154 Section 2:Portfolio 29Job No:53670Proof Event:18Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020
255、 7055 6600Main geographic exposureMarketvalue 000%ofinvestmentsSteelArcelorMittalGlobal2,203 1.2 Steel DynamicsUnited States7 2,210 1.2 Metals&MiningIvanhoe MinesAfrica1,777 0.9 1,777 0.9 Total Mining76,107 40.2 Traditional EnergyExploration&ProductionPermian ResourcesUnited States5,440 2.9 EOG Reso
256、urcesUnited States5,265 2.8 ConocoPhillipsGlobal4,789 2.5 Arc ResourcesCanada3,601 1.9 Tourmaline OilCanada3,584 1.9 Canadian Natural ResourcesCanada3,452 1.8 Diamondback EnergyUnited States1,991 1.0 HessGlobal1,533 0.8 Kosmos EnergyUnited States637 0.3 30,292 15.9 IntegratedShellGlobal5,533 2.9 Exx
257、onMobilGlobal4,788 2.5 EniGlobal1,883 1.0 Gazprom*Russian Federation 12,204 6.4 DistributionTarga ResourcesUnited States6,722 3.5 6,722 3.5 Oil ServicesGaztransport&TechnigazGlobal2,756 1.5 TechnipFMCGlobal1,812 1.0 SaipemGlobal1,686 0.9 6,254 3.4 Oil,Gas&Consumable FuelsPembina PipelineCanada2,703
258、1.4 2,703 1.4 Total Traditional Energy58,175 30.6 NM0225U-4209591-31/15430 BlackRock Energy and Resources Income Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:18Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:
259、BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Main geographic exposureMarketvalue 000%ofinvestmentsEnergy TransitionEnergy EfficiencyVertiv HoldingsGlobal5,474 2.9 Schneider ElectricGlobal4,321 2.3 Ingersoll-RandUnited States4,052 2.1 Trane TechnologiesUnited States3,779 2.0 Analog DevicesGlobal
260、3,186 1.7 Regal RexnordUnited States1,950 1.0 Kingspan GroupIreland857 0.5 Nidec CorpGlobal597 0.3 24,216 12.8 ElectrificationNational GridUnited Kingdom4,244 2.2 VistraUnited States2,635 1.4 Talen EnergyUnited States2,264 1.2 Constellation EnergyUnited States2,210 1.2 NextEra EnergyUnited States1,9
261、01 1.0 SempraUnited States1,863 1.0 EDP RenovveisGlobal31 15,148 8.0 RenewablesGE VernovaUnited States4,204 2.2 Innergex Renewable EnergyCanada2,025 1.1 SSEUnited Kingdom1,679 0.9 First SolarGlobal1,573 0.8 Siemens EnergyGlobal1,214 0.6 10,695 5.6 StoragePrysmian SpaItaly3,618 1.9 3,618 1.9 Transpor
262、tInfineon TechnologiesGermany1,089 0.6 Samsung SDIGlobal653 0.3 1,742 0.9 Total Energy Transition55,419 29.2 Total Portfolio189,701 100.0 Comprising:Equity and debt investments189,752 100.0 Derivative financial instruments written options(51)189,701 100.0*The investment in the Vale debenture is illi
263、quid and has been valued using secondary market pricing information provided by the Brazilian Financial and Capital Markets Association(ANBIMA).*The investment in Gazprom has been valued at a nominal value of RUB0.01 as secondary listings of the depositary receipts on Russian companies have been sus
264、pended from trading.All investments are ordinary shares unless otherwise stated.The total number of holdings(including options)at 30 November 2024 was 74(2023:78).InvestmentscontinuedNM0225U-4209591-32/154 Section 2:Portfolio 31Job No:53670Proof Event:18Black Line Level:4Park Communications LtdAlpin
265、e WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600There was one open option and no open futures as at 30 November 2024(2023:one option and one future).The equity and fixed income investment total of 189,752,000(2023:175,540,000)above before the deduc
266、tion of the negative option valuation of 51,000(2023:negative option valuation of 110,000 and negative futures contract valuation of 780,000)represents the Groups total investments held at fair value as reflected in the Consolidated and Parent Company Statements of Financial Position on page 96.The
267、table above excludes cash and gearing;the level of the Groups gearing may be determined with reference to the bank overdraft of 25,944,000(2023:17,862,000)and cash and cash equivalents of 3,714,000(2023:5,276,000)that are also disclosed in the Consolidated and Parent Company Statements of Financial
268、Position.Details of the AIC methodology for calculating gearing are given in the Glossary on page 139.As at 30 November 2024,the Company did not hold any equity interests comprising more than 3%of any companys share capital.NM0225U-4209591-33/154NM0225U-4209591-34/154Job No:53670Proof Event:21Black
269、Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600GovernanceState constraints on Chinese aluminium exports should benefit aluminium and renewable energy company Hydro.Headquartered in Norway,Hydro employs 33,00
270、0 people in 40 countries.PHOTO COURTESY OF HYDRO/HANS FREDRIK ASBJRNSEN Section 3:Governance 33NM0225U-4209591-35/154Job No:48455Proof Event:2Black Line Level:0Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:World Mining Annual Rpt 2022T:0207 055 6500F:020 7055 6600Gove
271、rnance structureResponsibility for good governance lies with the Board.The governance framework of the Company reflects that as an investment company the Company has no employees,the Directors are all non-executive and the investment management and administration functions are outsourced to the Mana
272、ger and other external service providers.The Board6 scheduled meetings per annumFour non-executive Directors(NEDs),all independent of the Investment Manager.Chairman:Adrian Brown(since March 2022)Senior Independent Director(SID):Anne Marie Cannon(since March 2024)Objectives:To determine and review t
273、he investment policy,guidelines,strategy and parameters;To provide leadership within a framework of prudent and effective controls which enable risk to be assessed and managed and the Companys assets to be safeguarded;To challenge constructively and scrutinise performance of all outsourced activitie
274、s;and To set the Companys remuneration policy.Audit and Management Engagement Committee3 scheduled meetings per annumMembership:All independent NEDs excluding the Chairman of the Board1Chairman:Andrew Robson(since March 2021)Key objectives:To oversee financial reporting and the control environment;T
275、o review the performance of the Manager and Investment Manager;and To review the performance of other service providers.Nomination Committee1 scheduled meeting per annumMembership:All independent NEDsChairman:Adrian Brown(since March 2022)Key objectives:To review regularly the Boards structure and c
276、omposition;To be responsible for Board succession planning;and To make recommendations to the Board for any new appointments.1 The Chairman of the Board is not a member of the Audit and Management Engagement Committee but may attend the Committee meetings by invitation.34 BlackRock Energy and Resour
277、ces Income Trust plclAnnual Report and Financial Statements 30 November 2024NM0225U-4209591-36/154Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600 Section 3:Governance 35Direct
278、ors biographiesAdrian Brown Chairman(with effect from 15 March 2022)Appointed 10 December 2019is a senior advisor for Apex Group,where he provides investment advice to institutional pension fund clients.He is also a Trustee/Director of Boots Pensions Ltd,and a Trustee of the Archbishop Tenison Schoo
279、l Foundation and of Malawi Association for Christian Support.He has a wealth of experience in the financial and commerce sectors,starting his career as an Investment Analyst at Morgan Grenfell&Co.Following an MBA at INSEAD,he joined Boots plc,holding a range of senior operating and strategic finance
280、 roles before returning to work in the financial services sector in 2006 as a Senior Portfolio Manager at AllianceBernstein LP and subsequently at JPMorgan Asset Management,where he was a Managing Director in the Global/International Equity Group from 2011 until his retirement in 2018.Mr Brown holds
281、 a degree in Natural Sciences(Geology)from St Johns College,Cambridge.Attendance record:Board:6/6 Audit and Management Engagement Committee1:n/a Nomination Committee:1/11 The Chairman of the Board is not a member of the Audit and Management Engagement Committee but may attend the Committee meetings
282、by invitation.Andrew Robson Audit and Management Engagement Committee Chairman Appointed 8 December 2020is a qualified chartered accountant with over 15 years of corporate finance experience,gained at Robert Fleming&Co Limited and SG Hambros.He has considerable experience as a finance director and a
283、s chairman of audit committees,including for a number of investment companies.He is currently a non-executive director of abrdn New India Investment Trust plc and with effect from 6 February 2024 a non-executive director of JP Morgan European Growth&Income plc.He was also a non-executive director of
284、 AVI Global Trust plc(formerly British Empire Trust plc)until 2017 and Shires Income plc until July 2020,JPMorgan Smaller Companies Investment Trust plc until November 2020 and Baillie Gifford China Growth Trust plc until 16 June 2023.Mr Robson has a degree in History from Trinity College,Cambridge.
285、Attendance record:Board:6/6 Audit and Management Engagement Committee:3/3 Nomination Committee:1/1NM0225U-4209591-37/154Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 660036 Black
286、Rock Energy and Resources Income Trust plclAnnual Report and Financial Statements 30 November 2024None of the Directors has a service contract with the Company.The terms of their appointment are detailed in a letter sent to them when they join the Board.These letters are available for inspection at
287、the registered office of the Company and will be available at the Annual General Meeting.Carole FergusonAppointed 22 December 2021is CEO of Carbon Transition Analytics and a Non-Executive Director of Henderson Far East Income Limited.She was also on the advisory board of WHEB Asset Management,an imp
288、act investor focused on the opportunities created by the transition to a low carbon and sustainable global economy,and was also formerly a Managing Director of Industry Tracker,a climate research house.Mrs Ferguson has extensive experience in the financial services sector in research,finance and sus
289、tainability.She began her career in fund management with BZW Investment Management,moving to work in equity derivatives with Swiss Bank Corporation,JP Morgan Securities and later with Jardine Fleming(Hong Kong)and Robert Fleming(London).Subsequently she was a senior member of the UK fund management
290、team at SG Asset Management before moving to work as a mining analyst at SP Angel for four years.In 2017 she became Head of Investor Research at CDP,the charity that runs the global disclosure system for investors,companies,and others to manage their environmental impact.Attendance record:Board:6/6
291、Audit and Management Engagement Committee:3/3 Nomination Committee:1/1Directors biographiescontinuedAnne Marie CannonSenior Independent Director (with effect from 15 March 2024)Appointed 16 January 2024has over 40 years experience in the energy industry and investment banking and is an experienced d
292、irector holding executive and non-executive roles.She is currently Deputy Chair at Aker BP ASA and was formerly a Non-Executive Director of Harbour Energy plc,STV Group plc,Aker ASA and Aker Energy AS.In addition,she is a Senior Advisor in the Strategic Advisory business at PJT Partners.Mrs Cannon w
293、as previously a Senior Advisor at Morgan Stanley and a Director at Schroder Wagg and was an Executive Director on the boards of Hardy Oil&Gas plc and British Borneo plc.She has also held financial and commercial roles at Shell UK and Thomson North Sea.Mrs Cannon is a Fellow of the Energy Institute.A
294、ttendance record:Board:6/6 Audit and Management Engagement Committee:3/3 Nomination Committee:1/1NM0225U-4209591-38/154 Section 3:Governance 37Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500
295、F:020 7055 6600Strategic reportThe Directors present the Strategic Report of the Company for the year ended 30 November 2024.The aim of the Strategic Report is to provide shareholders with the information required to enable them to assess how the Directors have performed in their duty to promote the
296、 success of the Company for the collective benefit of shareholders.The Chairmans Statement together with the Investment Managers Report and the Section 172 Statement set out how the Directors promote the success of the Company on pages 46 to 49 form part of the Strategic Report.The Strategic Report
297、was approved by the Board at its meeting on 31 January 2025.Business and management of the CompanyBlackRock Energy and Resources Income Trust plc(the Company)is an investment trust company that has a premium listing on the London Stock Exchange.Its principal activity is portfolio investment and opti
298、on writing.The Companys wholly owned subsidiary is BlackRock Energy and Resources Securities Income Company Limited(together the Group).Its principal activity is investment dealing.Investment trusts,like unit trusts and open-ended investment companies(OEICs),are pooled investment vehicles which allo
299、w exposure to a diversified range of assets through a single investment thus spreading,although not eliminating,investment risk.In accordance with the Alternative Investment Fund Managers Directive(AIFMD)the Company is an Alternative Investment Fund(AIF).BlackRock Fund Managers Limited(the Manager)i
300、s the Companys Alternative Investment Fund Manager(AIFM).The management of the investment portfolio and the administration of the Company have been contractually delegated to the Manager.The Manager,operating under guidelines determined by the Board,has direct responsibility for decisions relating t
301、o the running of the Company and is accountable to the Board for the investment,financial and operating performance of the Company.The Company delegates fund accounting services to the Manager,which in turn subdelegates these services to the Fund Accountant,The Bank of New York Mellon(International)
302、Limited.The Company sub-delegates registration services to the Registrar,Computershare Investor Services PLC.Other service providers include the Depositary,also performed by The Bank of New York Mellon(International)Limited.Details of the contractual terms with these service providers are set out in
303、 the Directors Report on page 55.Business modelThe Company invests in accordance with the investment objective.The Board is collectively responsible to shareholders for the long-term success of the Company.There is a clear division of responsibility between the Board and the Manager.Matters reserved
304、 for the Board include setting the Companys strategy,including its investment objective and policy,setting limits on gearing,capital structure,governance,and appointing and monitoring of the performance of service providers,including the Manager.As the Companys business model follows that of an exte
305、rnally managed investment trust,it does not have any employees and outsources its activities to third party service providers including the Manager who is the principal service provider.Investment objectiveThe Companys objectives are to achieve an annual dividend target and,over the long term,capita
306、l growth by investing primarily in securities of companies operating in the mining and energy sectors.Investment policy and strategyThe Company seeks to achieve its objectives through a focused portfolio,consisting of approximately 30 to 150 securities.Although the Company has the flexibility to inv
307、est within this range,at 30 November 2024 the portfolio consisted of 74 investments(including one open option contract),and the detailed portfolio listing is provided on pages 28 to 30.There are no restrictions on investment in terms of geography or sub-sector and,in addition to equities,other types
308、 of securities,such as convertible bonds and debt issued primarily by mining or energy companies,may be acquired.Although most securities will be quoted,listed or traded on an investment exchange,up to 10%of the gross assets of the Group,at the time of investment,may be invested in unquoted securiti
309、es.Investment in securities may be either direct or through other funds,including other funds managed by BlackRock or its associates,with up to 15%of the portfolio being invested in other listed investment companies,including listed investment trusts.In order to comply with the current Listing Rules
310、,the Company will not invest more than 10%of its gross asset value in other listed closed-ended investment funds which themselves may invest more than 15%of their gross assets in other listed closed-ended investment funds.This restriction NM0225U-4209591-39/15438 BlackRock Energy and Resources Incom
311、e Trust plclAnnual Report and Financial Statements 30 November 2024Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600does not form part of the Companys investment policy.Up to 10
312、%of the gross assets of the Group,at the time of investment,may be invested in physical assets,such as gold and in securities of companies that operate in the commodities sector other than the mining and energy sectors.No more than 15%of the gross assets of the Group will be invested in any one comp
313、any as at the date any such investment is made and the portfolio will not own more than 15%of the issued shares of any one company,other than the Companys subsidiary.The Group may deal in derivatives,including options and futures,up to a maximum of 30%of the Groups assets for the purposes of efficie
314、nt portfolio management and to enhance portfolio returns.In addition,the Group is also permitted to enter into stock lending arrangements up to a maximum of 33.3%of the total asset value of the portfolio.The Group may,from time to time,use borrowings to gear its investment policy or in order to fund
315、 the market purchase of its own ordinary shares.This gearing typically is in the form of an overdraft or short-term facility,which can be repaid at any time.Under the Companys Articles of Association,the Board is obliged to restrict the borrowings of the Company to an aggregate amount equal to 40%of
316、 the value of the gross assets of the Group.However,borrowings are not anticipated to exceed 20%of gross assets at the time of drawdown of the relevant borrowings.The Groups financial statements are maintained in British Pound Sterling.Although many investments are denominated and quoted in currenci
317、es other than British Pound Sterling,the Company does not intend to employ a hedging policy against fluctuations in exchange rates but may do so in the future if circumstances warrant implementing such a policy.No material change will be made to the investment policy without shareholder approval.Env
318、ironmental,social and governance(ESG)impactThe Boards ESG approach is set out on page 51.The direct impact of the Companys activities is minimal as it has no employees,premises,physical assets or operations either as a producer or a provider of goods or services.Neither does it have customers.Its in
319、direct impact occurs through the investments that it makes,and this is managed through BlackRocks approach to ESG integration.PerformanceDetails of the Companys performance for the year are given in the Chairmans Statement on pages 5 and 6.The Investment Managers Report on pages 11 to 20 includes a
320、review of the main developments during the year,together with information on investment activity within the Companys portfolio.Results and dividendsThe Companys revenue earnings for the year amounted to 3.63p per share(2023:4.39p).Details of dividends paid and declared in respect of the year,togethe
321、r with the Companys dividend policy,are set out on page 6 of the Chairmans Statement.Future prospectsThe Boards main focus is the achievement of an annual dividend target and,over the long term,capital growth.The future of the Company is dependent upon the success of the investment strategy.The outl
322、ook for the Company is discussed in both the Chairmans Statement on pages 8 and 9 and in the Investment Managers Report on pages 11 to 20.Employees,social,community and human rights issuesThe Company has no employees,and all the Directors are non-executive,therefore,there are no disclosures to be ma
323、de in respect of employees.The Company believes that it is in shareholders interests to consider environmental,social and governance factors and human rights issues when selecting and retaining investments.Details of the Companys policy on socially responsible investment are set out on pages 73 and
324、74.Strategic reportcontinuedNM0225U-4209591-40/154 Section 3:Governance 39Job No:53670Proof Event:21Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BERI Annual Rpt 2024T:0207 055 6500F:020 7055 6600Modern slavery actAs an investment vehicle the Company
325、 does not provide goods or services in the normal course of business and does not have customers.Accordingly,the Directors consider that the Company is not required to make any slavery or human trafficking statement under the Modern Slavery Act 2015.The Board considers the Companys supply chain,deal
326、ing predominantly with professional advisers and service providers in the financial services industry,to be low risk in relation to this matter.Directors and gender representationThe Directors of the Company are set out in the Governance structure and Directors biographies on pages 35 and 36.All the
327、 Directors held office throughout the year with the exception of Mrs Anne Marie Cannon(who was appointed to the Board on 16January 2024).The Board consists of two male Directors and two female Directors.Key performance indicatorsA number of performance indicators(KPIs)are used to monitor and assess
328、the Companys success in achieving its objectives and to measure its progress and performance.The principal KPIs are described below:PerformanceAt each meeting the Board reviews the performance of the portfolio as well as the net asset value and share price for the Company and compares this to the pe
329、rformance of other companies in the peer group.The Company does not have a benchmark;however,the Board also reviews performance in the context of the blended performance of the MSCI ACWI Metals and Mining Index,MSCI World Energy Index and the S&P Global Clean Energy Index and a 40:30:30 composite of
330、 the three indices.The Board also monitors performance relative to a peer group of commodities and natural resources focused funds and also regularly reviews the Companys performance attribution analysis to understand how performance was achieved.This provides an understanding of how components such
331、 as sector exposure,stock selection and asset allocation impacted performance.Information on the Companys performance is given in the performance record on page 4 and the Chairmans Statement and Investment Managers Report on pages 8 and 9 and pages 11 to 20 respectively.Share ratingThe Board monitor
332、s the level of the Companys premium or discount to NAV on an ongoing basis and considers strategies for managing any premium or discount.In the year to 30 November 2024,the Companys share price to NAV traded in the range of a discount of 8.0%and 14.2%on a cum income basis.The average discount for th
333、e year was 10.8%.9,833,697 shares were repurchased into treasury during the year at a total cost of 11,288,000 and an average discount of 10.8%.Details of shares issued or repurchased since the year end date are given in note 15 on page 109.Further details setting out how the discount or premium at which the Companys shares trade is calculated are included in the Glossary on page 139.Ongoing charg
0731-84720580
sgpjbg002
工作日 9:30 - 18:00
报告分类
新质生产力
DeepSeek
低空经济
大模型
AI Agent
AI Infra
具身智能
自动驾驶
银发经济
人形机器人
企业出海
算力
微短剧
薪酬
白皮书
创新药
人工智能
AI产业
信息科技
互联网
消费经济
汽车交通
电商零售
传媒娱乐
医药健康
投资金融
能源环境
地产建筑
传统产业
英文报告
最新报告
中英对照
全文搜索
报告精选
PDF上传翻译
多格式文档互转
入驻&报告售卖
会员权益
机构报告
券商研报
财报库
专题合集
英文报告
数据图表
会议报告
其他资源
行业聚焦
芯片产业
热点概念
全球咨询智库
人工智能
500强
新质生产力
会议峰会
新能源汽车
企业年报
互联网
公司研究
行业综观
消费教育
科技通信
医药健康
人力资源
投资金融
汽车产业
物流地产
电子商务
传统产业
传媒营销
其它
2025DeepSeek报告合集（共55套打包）
2025年生成式AI/GenAI/ChatGPT/AIGC报告合集（共50套打包）
AI、科技与通信
广告、传媒与营销
消费、零售与支付
HR、文化与旅游
金融、保险与投资
能源、环境与工业
医疗制药与大健康
物流、地产与建筑
其他行业
AI ▪ 科技 ▪ 通信
数字化
金融财经
智能制造
电商传媒
地产建筑
医疗医学
能源化工
其他行业
收藏
下载
2025-03-03
AI读财报
年报
一季报
半年报
三季报
IPO招股书
社会责任报告
A股
IPO申报
港股
美股&全球
新三板
数据
AI查数
行业数据
政策法规
商业模式
产业链
竞争格局
市场规模
产业概述
其它
2025年
扫码登录
手机快捷登录
账号登录
