Spark Infrastructure: Interim result 2014

Electricity volumes continue to decline as more people turn to rooftop solar. Spark is in the firing line.

At this rate, Spark Infrastructure would do well to give up on electricity distribution and go into the investing business. The company’s underlying earnings increased 15% to $140m for the six months to 30 June, though this was entirely due to the increasing value of financial instruments.

A few months ago Spark purchased derivative contracts that entitle it to a 14% stake in DUET Group, which owns various gas and electricity distribution assets (see Spark buys stake in DUET from 20 May 14 (Hold – $1.88)).

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