Correction : Portfolio Update

This announcement replaces the announcement issued on 8 June 2023 at 11:34am.
The performance at month end with dividend reinvested, Net asset value
percentages for the one, three, six months and the one, three and five years
were incorrect and have now been restated. All other information previously
provided remains the same.

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 31 May 2023 and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Months

Year

Years

Years

Net asset value

-6.5%

-10.2%

-13.8%

-8.3%

111.8%

75.1%

Share price

-12.1%

-16.6%

-15.9%

-18.7%

130.8%

76.1%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

121.51p

Net asset value cum income1:

122.84p

Share price:

111.60p

Discount to NAV (cum income):

9.2%

Net yield:

3.9%

Gearing - cum income:

6.2%

Total assets:

£166.6m

Ordinary shares in issue2:

135,586,194

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.13%

1 Includes net revenue of 1.33p. 2 Excluding 0 ordinary shares held in treasury. 3 The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 30 November 2022. In addition, the Company’s Manager has also agreed to cap ongoing charges by rebating a portion of the management fee to the extent that the Company’s ongoing charges exceed 1.25% of average net assets.

Sector Overview

Mining

40.9%

Traditional Energy

32.0%

Energy Transition

28.3%

Net Current Liabilities

-1.2%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

19.4

Global

58.8

Copper

8.0

USA

15.2

Industrial Minerals

4.5

Canada

8.6

Aluminium

2.6

Latin America

8.1

Steel

2.3

Germany

4.6

Nickel

1.9

France

2.5

Gold

1.1

Australia

1.8

Uranium

1.0

Ireland

0.6

Platinum Group Metals

0.4

Denmark

0.5

Tin

-0.3

China

0.5

Subtotal Mining:

40.9

Net Current Liabilities

-1.2

-----

Traditional Energy:

100.0

Integrated

15.5

=====

E&P

13.9

Distribution

1.6

Refining & Marketing

0.5

Storage

0.5

Subtotal Traditional Energy:

32.0

Energy Transition:

Electrification

10.6

Energy Efficiency

8.0

Transport

5.3

Renewables

4.4

Subtotal Energy Transition:

28.3

Net Current Liabilities

-1.2

----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current liabilities figure shown in the tables above therefore exclude bank overdrafts equivalent to 4.9% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Exxon Mobil

Global

5.0

Vale

Latin America

Equity

3.5

Bond

1.1

Glencore

Global

4.4

BHP

Global

4.3

Teck Resources

Global

4.2

Shell

Global

3.5

BP

Global

3.4

NextEra Energy

United States

3.3

Canadian Natural Resources

Canada

3.0

First Quantum Minerals

Global

Equity

1.2

Bond

1.6

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s Net Asset Value (NAV) per share decreased by 6.5% during the month of May (in GBP terms). Global economic data releases supported a higher for longer interest rate scenario, with core services inflation in the US continuing above target, at 5%. In contrast, the PMI survey data for manufacturing activity suggested some weakening for developed markets. US debt ceiling negotiations further contributed to market uncertainty. May was a challenging month for the mining sector due to concerns about the strength of China’s reopening, as well as a deteriorating global picture. China’s economic data broadly undershot high expectations from the market, with industrial production, for example, rising by 5.6% versus expectations of +10.9%. Meanwhile, China’s manufacturing PMI fell to 48.8 from 49.5 in April. Industrial mined commodity prices were weak in May, with the copper price falling by 5.9% and the iron ore (62% fe) price falling by 4.7%. Precious metals prices were also soft, with gold and silver prices falling by 1.0% and 6.0% respectively. Battery minerals prices rose however, with lithium prices in China rising sharply on improved demand. It is worth noting that the mining sector has risen strongly so far in June on hopes for fresh stimulus in China. Energy equities fell during the month on a weaker oil price, despite little evidence of underlying oil demand weakness. Whilst diesel refining margins have come down, there has been a ramp in supply as more capacity has come online and as Chinese refining exports have risen. European natural gas storage reached 76%, compared to a five-year average of 56% at this point in the year, which reduced perceived risk of natural gas shortage and contributed to weaker natural gas and power prices in Europe.  After month end, in response to the lower oil price, OPEC announced that Saudi Arabia would reduce target oil production by 1mbpd (million barrels per day). This follows the 0.5mbpd cut to target production announced in April. The US Henry Hub natural gas prices fell by 6.1% during the month to $2.25/mmbtu.  Brent and WTI (West Texas Intermediate) oil prices fell by 9.8% and 11.3%, ending the month at $73/bbl and $68/bbl respectively. Within the energy transition theme, The International Energy Agency (IEA) released their 8th World Energy Investment report, which highlighted the acceleration of investment into the sustainable energy theme. The IEA estimate US$1.7 trillion of investment into clean energy technologies in 2023 from renewable power to grids, storage and efficiency improvements. Legislators also signed the Carbon Border Adjustment Mechanism (CBAM) regulation, which will enter into its transitional phase on 1 October 2023, where companies will have to report on greenhouse gas emissions related to their imports of certain goods: cement, iron and steel, aluminium, fertilisers, electricity and hydrogen. 15 June 2023

ENDS

Latest information is available by typing www.blackrock.com/uk/beri on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.