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BlackRock New Engy (BRNE)

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Tuesday 25 June, 2013

BlackRock New Engy

Half-yearly Report


                   BlackRock New Energy Investment Trust plc                   
     Half yearly financial results for the six months ended 30 April 2013      

Investment Objective
The Company's objective is to generate long term capital growth for its
shareholders by investing globally in companies which have a significant focus
on alternative energy or energy technology.

Performance Record

Financial Highlights
                                         30 April     31 October
                                             2013           2012       Change
Attributable to ordinary              (unaudited)      (audited)            %
shareholders
Assets
Net assets (£'000)                         98,828         83,904        +17.8
Undiluted net asset value per
ordinary share                             42.06p         35.71p        +17.8
Ordinary share price (mid-market)          37.75p         31.38p        +20.3
Discount                                    10.2%          12.1%
MSCI World Developed Markets Index          948.4          807.9        +17.4
WilderHill New Energy Global
Innovation Index                             89.9           69.7        +29.0

                                      For the six    For the six      For the
                                     months ended   months ended   year ended
                                         30 April       30 April   31 October
                                             2013           2012         2012
                                      (unaudited)    (unaudited)    (audited)
Revenue
Net revenue return after taxation
(£'000)                                       393            155          614
Return per ordinary share                   0.17p          0.07p        0.26p
Dividend per ordinary share                     -              -        0.15p

Source: BlackRock


Chairman's Statement

Performance
Global equity markets strengthened over the period under review, bolstered by
the positive actions of policy makers and central banks to calm previously
volatile markets. These actions have contributed to a return of investor
confidence across a range of asset classes. However, concerns remain that this
momentum could yet be derailed by the many unresolved debt issues in Europe and
other major world economies. These fears resurfaced towards the end of the
first half under review when markets suffered a temporary setback following the
inconclusive elections in Italy, and latterly, as it became clear that Cyprus
would need to be bailed out, together with disappointing employment, production
and GDP data from the US and China.

Many New Energy stocks have benefited from a broadly positive regulatory
environment over the period. Renewed optimism in markets has contributed
towards the general change in investor risk appetite and the sector
performance, as measured by the WilderHill New Energy Global Innovation Index,
outperformed the MSCI World Developed Markets Index by 11.5% over the period
under review.

Against this background, the Company's net asset value ("NAV") has increased by
17.8% in the six months to 30 April 2013. By comparison, the share price has
increased by 20.3% and the MSCI World Developed Markets Index by 17.4%. The
WilderHill New Energy Global Innovation Index increased by 29.0% over the same
period (all figures are in sterling terms excluding income reinvested). A rally
in the solar sector contributed to the Index's strong relative performance;
while we are encouraged that industry pricing has shown signs of stabilising,
we remain concerned about over-capacity and the impact of an ongoing trade
dispute between China and the US and Europe and have remained selective in our
positioning. Our limited exposure to electric vehicles, based on adoption and
valuation concerns, also detracted from relative performance to the broader New
Energy sector during the period.

Since the end of April, the Company's NAV has decreased by 3.5% and the share
price has fallen by 3.3%.

Further details of the factors contributing to performance are given in the
Investment Manager's Report.

Cash exit
At a General Meeting held on 25 July 2012 shareholders approved a resolution
that the Board should submit proposals at the time of the Company's Annual
General Meeting in February 2014, which it will recommend shareholders to vote
in favour of. If the proposals are approved by Shareholders they will have the
right to elect to receive cash at Net Asset Value (less applicable costs) as
soon as practicable in respect of their entire investment in the Company.

Your Board is currently exploring the options available to the Company to
discharge its obligation if the election is carried at the 2014 General Meeting.
We will inform shareholders once we have decided on the most appropriate course
of action.

Subscription shares
During the six month period and up to the date of this report, the Company has
issued 2,049 ordinary shares, following the conversion of subscription shares
into ordinary shares. Total proceeds amounted to £1,209. At the date of this
report, the Company has 45,629,030 subscription shares in issue.

Subscription shareholders will have further opportunities to exercise their
subscription share rights at 59p per ordinary share on 31 July 2013, 
31 October 2013, 31 January 2014 and depending on how the cash exit opportunity
described above is implemented, on 30 April 2014 and 31 July 2014, following
which the subscription share rights will lapse. In accordance with the
resolutions passed at the general meeting of the Company's ordinary shareholders
held on 7 February 2013 and the adjourned class meeting of subscription
shareholders held on 8 February 2013 any outstanding subscription shares
remaining in issue following the lapse of the subscription share rights after
the final subscription date on 31 July 2014, will be redesignated as deferred
shares if they remain in existence at this point.

Prospects
We are mindful of the unresolved risks that remain in financial markets.
However, we continue to be optimistic that your portfolio is well positioned to
benefit from any further strengthening of investor risk appetite and from its
exposure to those sectors your Investment Manager has identified in its report
as areas experiencing strong near term growth.

We believe that New Energy sector valuations are generally attractive relative
to their history and the broader equity markets and could well be supported by
a continuation of recent mergers and acquisition activity.

John Roberts
Chairman
25 June 2013


Interim Management Report and Responsibility Statement

The Chairman's Statement and the Investment Manager's Report give details of
the important events which have occurred during the period and their impact on
the financial statements.

Principal risks and uncertainties
The principal risks faced by the Company can be divided into various areas as
follows:

- Performance;
- Income/dividend;
- Regulatory;
- Operational;
- Market;
- Sector; and
- Financial.

The Board reported on the principal risks and uncertainties faced by the
Company in the Annual Report and Financial Statements for the year ended 
31 October 2012. A detailed explanation can be found in the Directors' Report
on pages 15 and 16 and in note 15 on pages 43 to 48 of the Annual Report and
Financial Statements which is available on the website maintained by the
Investment Manager, BlackRock Investment Management (UK) Limited, at 
www.brneplc.co.uk.

In the view of the Board, there have not been any changes to the fundamental
nature of these risks since the previous report and these principal risks and
uncertainties are equally applicable to the remaining six months of the
financial year as they were to the six months under review.

Related party transactions
The Investment Manager is regarded as a related party under the Listing Rules
and details of the management fees payable are set out in notes 3 and 9. The
related party transactions with the Directors are set out in note 8.

Going concern
The Board will submit proposals at a General Meeting immediately following the
Company's Annual General Meeting in February 2014, which it will recommend
shareholders to vote in favour of. If the proposals are approved by
Shareholders they will have the right to elect to receive cash at Net Asset
Value (less applicable costs) as soon as practicable in respect of their entire
investment in the Company. As at the date of this report, the voting intentions
of the majority of shareholders are not known and will be further influenced by
events leading up to the proposals being presented. Should a substantial
majority of shareholders elect for a cash exit, the Company will be placed into
liquidation shortly after the AGM in 2014.

On the grounds that the Company has sufficient financial resources to continue
in existence for the foreseeable future and that the outcome of the proposals
to be put to shareholders is uncertain, these interim financial statements have
been prepared under the going concern basis.

Directors' responsibility statement
The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority
require the Directors to confirm their responsibilities in relation to the
preparation and publication of the Interim Management Report and Financial
Statements.

The Directors confirm to the best of their knowledge that:

- the condensed set of financial statements contained within the half yearly
financial report has been prepared in accordance with International Accounting
Standard 34 'Interim Financial Reporting'; and

- the interim management report, together with the Chairman's Statement and
Investment Manager's Report, include a fair review of the information required
by 4.2.7R and 4.2.8R of the FCA's Disclosure and Transparency Rules.

This half yearly financial report has been reviewed by the Company's Auditor.

The half yearly financial report was approved by the Board on 25 June 2013 and
the above responsibility statement was signed on its behalf by the Chairman.

John Roberts
For and on behalf of the Board
25 June 2013


Investment Manager's Report

The significant increases in both the share price and NAV of the Company during
the first half of the financial year partially reflect an improved
macroeconomic environment, with overhangs such as the US fiscal cliff having
dissipated to some degree. The sovereign debt crisis in Europe rumbles on but
market reactions to events in Cyprus and Italy have not been severe, and other
periphery economies have not deteriorated much beyond expectations. The US
economy continues to show signs of recovery, while China remains the principal
source of global growth despite mixed economic data.

Sector update
Regulatory support for the sector over the period was broadly positive. In the
US the Production Tax Credit for wind power installations was extended by
Congress for one year, removing a significant source of uncertainty for the
industry. In China, the government committed to a US$2 billion subsidy for
domestic solar installations. In addition, pollution concerns caused by smog
encouraged further government response, including an increase in its near term
solar power installation target. However, in Europe utilities continued to be
squeezed by governments eager to plug deficits without hurting consumers. For
example, the Spanish government enacted retroactive reforms, moving renewable
energy assets onto fixed feed-in tariffs and decoupling power tariffs from
inflation.

The solar and wind renewable energy sectors benefited from this regulatory
support as well as the strengthening of the wider market over the period. For
example Vestas Wind Systems, the leading global wind turbine manufacturer,
rallied by 52% over the period, partly due to positive news regarding its
restructuring programme and credit facilities, but also to fears over US demand
being allayed. Solar technology businesses rallied 22% (as measured by the NYSE
Bloomberg Global Solar Energy Index) over the period.

Reflecting our continued caution on the sub-sector, approximately 5% of the
Company's portfolio was invested in renewable energy technology companies at
the end of the reporting period. This positioning was the cause of much of the
Company's underperformance relative to the sector, as measured by the
WilderHill New Energy Global Innovation Index (the "WilderHill Index"), which
currently has a much higher weighting to this area. The Company has little
direct exposure to solar technology businesses whereas the WilderHill Index had
a weighting of 15.2% in solar companies at the beginning of the first quarter
of 2013.

However, our cautious view of the solar industry remains unchanged. Events
during the period indicated that the market has yet to reach equilibrium, as
Suntech, a large Chinese solar panel manufacturer, filed for bankruptcy in
March 2013. This may indicate that the Chinese government support for solar
companies is becoming more discerning. However, industry overcapacity persists
and producers are still making losses.

The alternative fuels sub-sector continued to experience strong returns during
the period under review. The biofuels industry benefited from the improving US
economic background. Portfolio holdings exposed to biofuels include Novozymes,
the leading enzyme manufacturer, which released strong results in January 2013.
Companies with exposure to Liquefied Natural Gas ("LNG") markets continue to
enjoy strong end-market demand, notably from Asia, and a buoyant pricing
environment. In related news, Centrica agreed a deal to buy LNG exports from
the Sabine Pass liquefaction plants in the US in order to supply the UK market,
and Altagas entered into an agreement with Japanese firm Idemitsu Kosan to
explore LNG export opportunities from Canada to Japan.

In the energy efficiency sub-sector, companies with industrial exposure
benefited from the positive macroeconomic environment. Schneider Electric,
whose efficiency technology helps reduce corporate energy bills, enjoyed strong
performance over the period. Despite generating around 30% of its 2012 revenues
in the challenged Western European markets, the company is exposed to growth
trends in the US and Asia-Pacific region. Additional support for companies in
this sector came in the form of the EU Energy Efficiency Directive which was
adopted in the week prior to the beginning of the period under review. This
should help alleviate some of the longer term macroeconomic concerns faced by
local industry participants.

Pipelines businesses in the US continue to ride the wave of conventional and
shale gas development and the commensurate build-out of gas gathering,
processing and transportation networks. Gas pipeline companies are meeting the
need of producers to bring stranded gas to domestic and international markets.
In addition, the burgeoning shale oil revolution creates further demand, as
infrastructure is needed to gather the gas byproduct to reduce gas flaring. For
example, the Pipeline Authority of North Dakota, where the major Bakken field
is found, estimates that around US$4 billion has been spent on gas gathering
infrastructure to date, and forecasts a further US$10 billion of spending over
the next decade. Investors are encouraged by the growing dividends generated by
these companies, predicated on an expanding asset base.

The growth of electrical infrastructure businesses in the US remains strong.
Companies such as Quanta Services and ITC Holdings are reaping the benefits of
the swathe of large US transmission project contracts awarded over the past few
years and look set for a period of multi-year structural growth.

Despite the rally in global equity markets and the sector benchmark over the
period, energy costs as represented by the Brent price of crude oil decreased
by 6% to US$102/barrel. The price decrease reflects the easing of supply
concerns and continued worries over global growth levels. We note that the
price remains elevated versus historical levels, and that energy security
remains a topical and crucial theme given events in the Middle East.

Prospects
We anticipate that the near term performance of the New Energy sector and the
Company should continue to be predominantly driven by broader macroeconomic
events. Despite a reasonable macroeconomic picture, supported by signs of
sustained US growth, we continue to be wary of economic shocks and cognisant of
governments' needs to balance budgets, particularly in the Eurozone. As such,
we maintain limited exposure to the renewable energy technology sub-sector,
although we are monitoring developments closely for signs that the industry may
reach a tipping point where overcapacity is released through consolidation and
negative pricing pressure subsides.

By contrast, enabling energy and infrastructure companies and certain energy
efficiency players are enjoying strong growth. The shale gas revolution and
power grid expansion in the US has sparked a wave of investment in energy
infrastructure. Pipeline and grid infrastructure companies profit from this
trend. Energy efficiency also benefits from corporate and government cost
saving. In December for example Johnson Controls, a top ten portfolio holding,
provided a market update which indicated that 2013 profits were likely to beat
analyst estimates, partly due to their energy efficiency and power solutions
businesses. We therefore remain positive about these sub-sectors.

Robin Batchelor/Poppy Allonby
BlackRock Investment Management (UK) Limited
25 June 2013


Sector and Geographical Allocations

Sector Allocation as at 30 April
                                        % of investments   % of investments
                                           30 April 2013    31 October 2012
Enabling Energy & Infrastructure                    32.4               33.9
Renewable Energy Developers                         24.6               22.5
Energy Efficiency                                   23.2               19.9
Alternative Fuels                                   14.9               18.8
Renewable Energy Technology                          4.9                4.9
                                                   -----              -----
                                                   100.0              100.0
                                                   =====              =====
Source: BlackRock.

Geographical Allocation as at 30 April
                                        % of investments   % of investments
                                           30 April 2013    31 October 2012
United States                                       35.6               37.0
United Kingdom                                       8.7                7.1
Canada                                               8.4                8.3
Denmark                                              7.3                7.6
France                                               7.2                6.3
China                                                5.0                4.3
Germany                                              4.7                3.3
Portugal                                             4.0                3.7
Switzerland                                          3.7                3.1
Finland                                              3.1                3.1
South Africa                                         2.5                3.1
Italy                                                2.3                1.9
Belgium                                              1.7                1.8
Brazil                                               1.7                2.0
Australia                                            1.6                1.8
Ireland                                              1.4                1.4
Japan                                                0.6                2.6
Spain                                                0.5                1.6
                                                   -----              -----
                                                   100.0              100.0
                                                   =====              =====
Source: BlackRock.


Ten Largest Investments
30 April 2013

Set out below is a brief description by the Investment Manager of the Company's
ten largest investments.

Novozymes (5.7% (2012: 5.7%), Denmark, www.novozymes.com) generates over 90% of
its revenues from the development, production and distribution of enzymes. Its
enzymes are used in the production of detergents, foods and alternative fuels.
Through the use of enzymes, the biofuels industry achieves higher yields and
thus strengthens its sustainability profile. Novozymes is developing enzymes
for use in second generation cellulosic ethanol production.

NextEra Energy (5.4% (2012: 4.5%), USA, www.nexteraenergy.com) is a diversified
US utility company. Its unregulated division is the largest operator of wind
farms in North America, with 10.1GW of net installed capacity at the end of
2012. Its regulated business is regarded as one of the cleaner electricity
fleets among US utilities, given a high weighting to natural gas as a fuel
source.

Johnson Controls (5.4% (2012: 4.6%), USA, www.johnsoncontrols.com) is a
diversified industrial company operating across three divisions: Building
Efficiency, Automotive Experience and Power Solutions. The company is a
provider of building control and energy management solutions, as well as a
leading manufacturer of advanced batteries used in hybrid and electric
vehicles. The company opened the world's first lithium-ion battery
manufacturing facility in France in 2008, and their facility in Michigan, USA
was the first in the country to produce complete lithium-ion battery cells
(2011).

ITC Holdings (5.0% (2012: 4.7%), USA, www.itc-holdings.com) is the largest
independent electricity transmission company in the US, serving a combined peak
load of over 26GW. The company operates power grids across Kansas, Oklahoma,
Michigan, Minnesota, Missouri, Illinois and Iowa. Growth in ITC's asset base is
being driven by efficiency investments designed to reduce grid losses and by
grid expansion focused on absorbing increasing volumes of renewable energy
capacity.

Quanta Services (4.6% (2012: 4.4%), USA, www.quantaservices.com) is a leading
provider of specialised contracting services for the electric power and natural
gas industries. The Electric Power division represents over 70% of group
revenues and includes contracting services for renewable energy developments
and transmission & distribution grid infrastructure projects. Quanta Services
is mainly focused on the North American market.

Schneider Electric (4.5% (2012: 4.2%), France, www.schneider-electric.com) is a
leading global player in energy management and a key beneficiary of the growing
demand for energy efficiency products. The company currently operates across
five divisions (Partner, Infrastructure, Industry, IT, Buildings) and generates
over one-third of its revenues from energy efficiency products and solutions.

EDP Renováveis (4.0% (2012: 3.7%), Portugal, www.edpr.com) is the World's third
largest wind energy company, with 8GW of installed capacity at the end of 2012.
The company's wind farm capacity is split with around half in Europe (mainly in
Spain) and half in the US. EDP Renováveis has built up a significant project
pipeline to support its future capacity expansion plans.

ABB (3.7% (2012: 3.1%), Switzerland, www.abb.com) is a leader in power and
automation technologies which operates across five divisions, including Power
Products, Power Systems, Discrete Automation & Motion, Low Voltage Products and
Process Automation. ABB's products are used in renewable energy plants
(including solar, wind and hydroelectric installations), smart grids and energy
efficient solutions.

Altagas (3.2% (2012: 2.8%), Canada, www.altagas.ca) is a North American energy
infrastructure company operating across three divisions, Gas, Power and
Utility. The gas business includes natural gas pipelines and gas processing.
Altagas owns gas-fired, biomass and hydro assets within its power division,
with significant hydro assets under construction. The Utility business includes
natural gas distribution utilities across Canada and in Michigan.

Transcanada (3.1% (2012: 2.5%), Canada, www.transcanada.com) is a leading
energy infrastructure company in North America with over 50% of 2012 group
revenues derived from its natural gas pipelines and US gas storage operations.
The company also has an energy business which includes power operations (such
as Combined Cycle Gas Turbine, hydro and solar facilities) and its Canadian gas
storage assets.

All percentages reflect the value of the holding as a percentage of
investments. The percentages in brackets represent the value of the holding as
at 31 October 2012.

Together, the ten largest investments represent 44.6% of the Company's
portfolio (ten largest investments as at 31 October 2012: 41.1%).


Investments
30 April 2013
                                                         Market
                                                          value         % of
                                           Country        £'000  investments
Enabling Energy & Infrastructure
ITC Holdings                                   USA        4,680          5.0
Quanta Services                                USA        4,361          4.6
ABB                                    Switzerland        3,465          3.7
Altagas                                     Canada        2,973          3.2
Transcanada                                 Canada        2,888          3.1
Johnson Matthey                                 UK        2,875          3.0
General Cable                                  USA        2,059          2.2
National Grid                                   UK        1,725          1.8
Kinder Morgan                                  USA        1,715          1.8
Umicore                                    Belgium        1,563          1.7
Gaslog                                         USA        1,190          1.3
AMEC                                            UK          608          0.6
Canada Lithium                              Canada          366          0.4
Azure Dynamics*                             Canada            1          0.0
Medis Technologies                             USA            -            -
                                                         ------         ----
                                                         30,469         32.4
                                                         ------         ----
Renewable Energy Developers
NextEra Energy                                 USA        5,062          5.4
EDP Renováveis                            Portugal        3,774          4.0
SSE                                             UK        2,828          3.0
Fortum                                     Finland        2,324          2.5
Enel Green Power                             Italy        2,170          2.3
China Suntien Green Energy                   China        1,713          1.8
Cemig                                       Brazil        1,639          1.7
China Longyuan Power                         China        1,598          1.7
Covanta                                        USA          539          0.6
Acciona                                      Spain          494          0.5
Ormat Technologies                             USA          441          0.5
Greenko*                                        UK          316          0.3
Ram Power                                   Canada          238          0.3
Homeland Renewable Energy**                    USA            -            -
                                                         ------         ----
                                                         23,136         24.6
                                                         ------         ----
Energy Efficiency
Johnson Controls                               USA        5,057          5.4
Schneider Electric                          France        4,241          4.5
Air Liquide                                 France        2,507          2.7
Linde                                      Germany        2,446          2.6
Itron                                          USA        1,498          1.6
Regal Beloit                                   USA        1,498          1.6
Kingspan                                   Ireland        1,309          1.4
EnerNOC                                        USA        1,169          1.2
Azbil                                        Japan          568          0.6
Vacon                                      Finland          529          0.5
Veeco Instruments                              USA          465          0.5
Aixtron                                    Germany          303          0.3
Echelon                                        USA          257          0.3
Tantalus Systems**                          Canada            2          0.0
                                                         ------         ----
                                                         21,849         23.2
                                                         ------         ----
Alternative Fuels
Novozymes                                  Denmark        5,331          5.7
Sasol                                 South Africa        2,318          2.5
Archer Daniels Midland                         USA        2,094          2.2
Oil Search                               Australia        1,507          1.6
Potash                                      Canada        1,379          1.5
Mascoma**                                      USA          565          0.6
Clean Energy Fuels                             USA          550          0.6
LS9**                                          USA          202          0.2
Mascoma 8% 01/08/2016**                        USA           43          0.0
                                                         ------         ----
                                                         13,989         14.9
                                                         ------         ----
Renewable Energy Technology
Vestas Wind Systems                        Denmark        1,533          1.6
Wacker Chemie                              Germany        1,514          1.6
Trina Solar                                  China        1,043          1.1
Yingli Green Energy                          China          385          0.4
SMA Solar Technology                       Germany          200          0.2
Centrotherm Photovoltaics                  Germany           34          0.0
Pelamis Wave Power**                            UK            -            -
                                                          -----          ---
                                                          4,709          4.9
                                                         ------        -----
Total investments                                        94,152        100.0
                                                         ======        =====
* Quoted on AIM.
** Unquoted investments at Directors' valuation.
All investments are in equity shares unless otherwise stated.
The number of investments held at 30 April 2013 was 59 (31 October 2012: 65).


Statement of Comprehensive Income
for the six months ended 30 April 2013

                           Revenue £'000                    Capital £'000                     Total £'000
                                            Year                              Year                              Year
                    Six months ended       ended      Six months ended       ended      Six months ended       ended
                  30.04.13    30.04.12  31.10.12    30.04.13    30.04.12  31.10.12    30.04.13    30.04.12  31.10.12
         Notes (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited)

Income from
investments
held at
fair value
through
profit or
loss        2       1,142         835     2,028           -           -         -       1,142         835     2,028
Other
income      2           3           3         7           -           -         -           3           3         7
                    -----         ---     -----          --          --        --       -----         ---     -----
Total
revenue             1,145         838     2,035           -           -         -       1,145         838     2,035
                    =====         ===     =====          ==          ==        ==       =====         ===     =====
Gains/
(losses) on
investments
held at
fair value
through
profit or
loss                    -           -         -      14,882      (1,964)   (5,022)     14,882      (1,964)   (5,022)
                    -----         ---     -----      ------      ------    ------      ------      ------    ------
                    1,145         838     2,035      14,882      (1,964)   (5,022)     16,027      (1,126)   (2,987)
                    -----         ---     -----      ------      ------    ------      ------      ------    ------
Expenses
Investment
management
fees        3        (512)       (472)     (922)          -           -         -        (512)       (472)     (922)
Other
expenses    4        (160)       (165)     (355)          -           -         -        (160)       (165)     (355)
                     ----        ----      ----          --          --        --        ----        ----      ----
Total
operating
expenses             (672)       (637)   (1,277)          -           -         -        (672)       (637)   (1,277)
                     ----        ----    ------      ------      ------    ------      ------      ------    ------
Profit/
(loss)
before
taxation              473         201       758      14,882      (1,964)   (5,022)     15,355      (1,763)   (4,264)
Taxation              (80)        (46)     (144)          -           -         -         (80)        (46)     (144)
                      ---        ----      ----      ------      ------    ------      ------      ------    ------
Net profit/
(loss)
for the
period      6         393         155       614      14,882      (1,964)   (5,022)     15,275      (1,809)   (4,408)
                      ---         ---       ---      ------      ------    ------      ------      ------    ------
Earnings/
(loss)
per
ordinary
share -
basic
and
fully
diluted     6       0.17p       0.07p     0.26p       6.33p      (0.84p)   (2.14p)      6.50p      (0.77p)   (1.88p)
                    -----       -----     -----       -----      ------    ------       -----      ------    ------

The total column of this statement represents the Statement of Comprehensive
Income, prepared in accordance with International Financial Reporting Standards
(IFRS), as adopted by the European Union. The supplementary revenue and capital
columns are both prepared under guidance published by the Association of
Investment Companies ("AIC"). All items in the above statement derive from
continuing operations. All income is attributable to the equity holders of
BlackRock New Energy Investment Trust plc. The net return of the Company for
the six months ended 30 April 2013 was a profit of £15,275,000 (six months
ended 30 April 2012: loss of £1,809,000; year to 31 October 2012: loss of 
£4,408,000). The Company does not have any other recognised gains or losses. 
The net return for the period disclosed above represents the Company's total
comprehensive income.


Statement of Changes in Equity
for the six months ended 30 April 2013

                        Called
                            up     Share               Capital
                         share   premium   Special  redemption    Capital  Revenue
                       capital   account   reserve     reserve   reserves  reserve    Total
                         £'000     £'000     £'000       £'000      £'000    £'000    £'000

For the six months
ended 30 April 2013
(unaudited)
At 31 October 2012      12,799    24,541   175,741          53   (123,827)  (5,403)  83,904
Total comprehensive
income:
Net profit for the
period                       -         -         -           -     14,882      393   15,275
Transactions with
owners, recorded
directly to equity:
Dividend paid                -         -      (352)          -          -        -     (352)
Exercise of
subscription shares          -         1         -           -          -        -        1
                        ------    ------   -------          --   --------   ------   ------
At 30 April 2013        12,799    24,542   175,389          53   (108,945)  (5,010)  98,828
                        ------    ------   -------          --   --------   ------   ------
For the six months
ended 30 April 2012
(unaudited)
At 31 October 2011      12,796    24,505   175,741          53   (118,805)  (6,017)  88,273
Total comprehensive
income:
Net (loss)/profit for
the period                   -         -         -           -     (1,964)     155   (1,809)
Transactions with
owners, recorded
directly to equity:
Exercise of
subscription shares          1         9         -           -          -        -       10
                        ------    ------   -------          --   --------   ------   ------
At 30 April 2012        12,797    24,514   175,741          53   (120,769)  (5,862)  86,474
                        ------    ------   -------          --   --------   ------   ------
For the year ended
31 October 2012
(audited)
At 31 October 2011      12,796    24,505   175,741          53   (118,805)  (6,017)  88,273
Total comprehensive
income:
Net (loss)/profit for
the year                     -         -         -           -     (5,022)     614   (4,408)
Transactions with
owners, recorded
directly to equity:
Exercise of
subscription shares          3        36         -           -          -        -       39
                        ------    ------   -------          --   --------   ------   ------
At 31 October 2012      12,799    24,541   175,741          53   (123,827)  (5,403)  83,904
                        ------    ------   -------          --   --------   ------   ------

The transaction costs incurred on the acquisition and disposal of investments
are included within the capital reserves. Purchase and sale costs amounted to 
£24,000 and £10,000, respectively for the six months ended 30 April 2013 (six
months ended 30 April 2012: £18,000 and £18,000; year ended 31 October 2012: 
£42,000 and £39,000).

Statement of Financial Position
as at 30 April 2013

                                         30 April 2013  30 April 2012    31 October 2012
                                                 £'000          £'000              £'000
                                  Notes    (unaudited)    (unaudited)          (audited)
Non current assets
Investments held at fair value
through profit or loss                          94,152         82,757             79,186
                                                ------         ------             ------
Current assets
Amounts due from brokers                           293            685              1,161
Other receivables                                  314            280                162
Cash and cash equivalents                        4,960          4,143              5,183
                                                ------         ------             ------
                                                 5,567          5,108              6,506
                                                ------         ------             ------
Total assets                                    99,719         87,865             85,692
                                                ------         ------             ------
Current liabilities
Amounts due to brokers                               -           (705)            (1,044)
Other payables                                    (891)          (686)              (744)
                                                ------         ------             ------
                                                  (891)        (1,391)            (1,788)
                                                ------         ------             ------
Net assets                                      98,828         86,474             83,904
                                                ======         ======             ======
Equity attributable to equity
holders
Called up share capital               7         12,799         12,797             12,799
Share premium account                           24,542         24,514             24,541
Special reserve                                175,389        175,741            175,741
Capital redemption reserve                          53             53                 53
Capital reserves                              (108,945)      (120,769)          (123,827)
Revenue reserve                                 (5,010)        (5,862)            (5,403)
                                              --------       --------           --------
Total equity                                    98,828         86,474             83,904
                                                ======         ======             ======
Net asset value per ordinary
share - diluted and undiluted         6         42.06p         36.81p             35.71p
                                                ======         ======             ======


Cash Flow Statement
for the six months ended 30 April 2013

                                             Six months      Six months
                                                  ended           ended        Year ended
                                          30 April 2013   30 April 2012   31 October 2012
                                                  £'000           £'000             £'000
                                            (unaudited)     (unaudited)         (audited)

Net cash inflow/(outflow) from operating
activities before financing activities               92          (1,348)             (323)
                                                    ---          ------              ----
Financing activities
Shares issued                                         1              10                39
Equity dividend paid                               (352)              -                 -
                                                   ----              --                --
Net cash (outflow)/inflow from financing
activities                                         (351)             10                39
                                                   ----              --                --
Decrease in cash and cash equivalents              (259)         (1,338)             (284)
Cash and cash equivalents at start of
period                                            5,183           5,499             5,499
Effect of foreign exchange rate changes              36             (18)              (32)
                                                  -----           -----             -----
Cash and cash equivalents at end of
period                                            4,960           4,143             5,183
                                                  =====           =====             =====

Reconciliation of net income before taxation to net cash inflow/(outflow) from
operating activities

                                             Six months      Six months
                                                  ended           ended        Year ended
                                          30 April 2013   30 April 2012   31 October 2012
                                                  £'000           £'000             £'000
                                            (unaudited)     (unaudited)         (audited)

Profit/(loss) before taxation                    15,355          (1,763)           (4,264)
(Gains)/losses on investments held at
fair value through profit or loss
including transaction costs                     (14,882)          1,964             5,022
(Increase)/decrease in other receivables           (138)            (94)               22
Increase in other payables                          147             266               324
Decrease/(increase) in amounts due from
brokers                                             868            (586)           (1,062)
Decrease in amounts due to brokers               (1,044)         (1,037)             (698)
Net movement in investments held at fair
value through profit or loss                        (71)            (53)              560
Taxation recovered                                    1              20                44
Taxation on investment income included
within gross income                                 (95)            (65)             (181)
Scrip dividends included in investment
income                                              (49)              -               (90)
                                                    ---          ------              ----
Net cash inflow/(outflow) from operating
activities                                           92          (1,348)             (323)
                                                     ==          ======              ==== 


Notes to the Financial Statements
30 April 2013

1. Principal activity
The principal activity of the Company is that of an investment trust company
within the meaning of sub-sections 1158-1165 of the Corporation Tax Act 2010.

Basis of preparation
The half yearly financial report has been prepared using the same accounting
policies as set out in the Company's annual report and financial statements for
the year ended 31 October 2012 (which were prepared in accordance with IFRS as
adopted by the EU and as applied in accordance with the provisions of the
Companies Act 2006) and in accordance with International Accounting Standard
34. Insofar as the Statement of Recommended Practice ("SORP") for investment
trust companies and venture capital trusts issued by the Association of
Investment Companies ("AIC"), revised in January 2009 is compatible with IFRS,
the financial statements have been prepared in accordance with guidance set out
in the SORP. The taxation charge has been calculated by applying an estimate of
the annual effective tax rate to any profit for the period.

2. Income

                             Six months        Six months
                                  ended             ended         Year ended
                          30 April 2013     30 April 2012    31 October 2012
                                  £'000             £'000              £'000
                            (unaudited)       (unaudited)          (audited)
Investment income:
Overseas dividends                1,031               747              1,525
Fixed interest                        2                 2                  4
UK dividends                         60                86                409
Scrip dividends                      49                 -                 90
                                  -----               ---              -----
                                  1,142               835              2,028
                                  -----               ---              -----
Other income:
Deposit interest                      3                 3                  7
                                  -----               ---              -----
Total                             1,145               838              2,035
                                  =====               ===              =====

3. Investment management and performance fees

                             Six months        Six months   
                                  ended             ended         Year ended
                          30 April 2013     30 April 2012    31 October 2012
                                  £'000             £'000              £'000
                            (unaudited)       (unaudited)          (audited)

Investment management fee           512               472                922
                                    ===               ===                ===

The investment management fee is levied at a rate of 1.08% of gross assets per
annum and is charged wholly to the revenue column of the Statement of
Comprehensive Income. The Investment Manager is also entitled to a performance
fee equal to 15% of the increase of the Company's net assets above a threshold
of either 10% per annum or the MSCI World Developed Markets Index (capital
return in sterling), whichever of the two is higher. The performance fee will
only be paid to the extent that the NAV per share at the year end is higher
than the NAV per share at 28 April 2006 (55.58p), and also higher than the
opening NAV per share at the start of the current financial year. No
performance fee was accrued for the six months ended 30 April 2013, the six
months ended 30 April 2012 or the year ended 31 October 2012.

4. Other expenses

                              Six months        Six months
                                   ended             ended         Year ended
                           30 April 2013     30 April 2012    31 October 2012
                                   £'000             £'000              £'000
                             (unaudited)       (unaudited)          (audited)

Custody fee                           13                 9                 21
Auditor's remuneration:
- audit services                      12                11                 21
- other audit services*                6                 6                  6
Directors' emoluments                 44                40                 80
Registrar's fee                       20                15                 34
Other administrative costs            65                84                193
                                     ---               ---                ---
                                     160               165                355
                                     ===               ===                ===
                                                                            
* Other audit services relate to the review of the interim financial statements.                                                       

5. Dividend

The Board has not declared an interim dividend.

6. Earnings/(loss) per share and net asset value per ordinary share

Total revenue and capital returns per share are shown below and have been
calculated using the following:

                                     Six months       Six months
                                          ended            ended         Year ended
                                  30 April 2013    30 April 2012    31 October 2012
                                    (unaudited)      (unaudited)          (audited)
Net revenue return
attributable to ordinary
shareholders (£'000)                        393              155                614
Net capital return/(loss)
attributable to ordinary
shareholders (£'000)                     14,882           (1,964)            (5,022)
                                         ------           ------             ------
Total earnings/(loss)
attributable to ordinary
shareholders (£'000)                     15,275           (1,809)            (4,408)
                                         ======           ======             ======
Total equity shareholders'
funds (£'000)                            98,828           86,474             83,904
                                         ======           ======             ======
The weighted average number
of ordinary shares in issue
during each period on which
the return per ordinary share
was calculated was:                 234,969,703      234,907,612        234,930,940
The actual number of ordinary
shares in issue at the end of
the period on which the net
asset value was calculated was:     234,970,407      234,911,764        234,968,732
Number of subscription shares
in issue at the end of the
period                               45,629,404       45,688,047         45,631,079
Diluted and undiluted
Revenue return per share                  0.17p            0.07p              0.26p
Capital return/(loss) per share           6.33p           (0.84p)            (2.14p)
                                         ------           ------             ------
Total return/(loss) per share             6.50p           (0.77p)            (1.88p)
                                         ======           ======             ======
Net asset value per share                42.06p           36.81p             35.71p
                                         ======           ======             ======
Ordinary share price                     37.75p           30.00p             31.38p
Subscription share price                  0.28p            0.58p              0.28p
                                         ======           ======             ======

There was no dilution in the Company's NAV at 30 April 2013, 30 April 2012 or
at 31 October 2012.

7. Called up share capital
                                                              Number     Nominal 
                                                                           value 
                                                                           £'000 
Allotted, called up and fully paid share capital                                 
comprised:                                                                       
Ordinary shares of 5p each:                                                      
At 1 November 2012                                       234,968,732      12,343 
Ordinary shares issued                                         1,675           - 
                                                         -----------      ------ 
                                                         234,970,407      12,343 
                                                         -----------      ------ 
Subscription shares of 1p each:                                                  
At 1 November 2012                                        45,631,079         456 
Subscription shares exercised                                 (1,675)          - 
                                                         -----------         --- 
                                                          45,629,404         456 
                                                         -----------      ------ 
At 30 April 2013                                         280,599,811      12,799 
                                                         ===========      ====== 

During the period the Company issued 1,675 ordinary shares following the
conversion of 1,675 subscription shares. A further 374 ordinary shares were
issued on 8 May 2013 following the conversion of 374 subscription shares. The
number of ordinary shares in issue at the date of this report is 234,970,781
(excluding 11,900,000 ordinary shares held in treasury) and there are
45,629,030 subscription shares in issue. The subscription shares were issued as
a bonus issue to ordinary shareholders on 15 July 2009, on the basis of one
subscription share for every five ordinary shares. Each subscription share
confers the right (but not the obligation) to subscribe for one ordinary share,
exercisable quarterly on 31 January, 30 April, 31 July and 31 October between
the next exercise date on 31 July 2013 to the final exercise date on 
31 July 2014 (both dates inclusive) when rights under the subscription shares
will lapse. The current and final exercise price is 59p.

8. Related party disclosure
The Board consists of four non-executive Directors all of whom are considered
to be independent by the Board. None of the Directors has a service contract
with the Company. The Company had until 31 March 2013 a consultancy agreement
with Crewood Consultants Limited, dated 16 June 2011, in respect of the
services of Mr Batey. Mr Batey now provides his services directly to the
Company. The Chairman receives an annual fee of £28,500, the Chairman of the
Audit and Management Engagement Committee receives an annual fee of £21,500 and
each of the other Directors receives an annual fee of £19,000.

All members of the Board hold shares in the Company. Dr Roberts holds 35,000
ordinary shares and 7,000 subscription shares, Mr Batey holds 30,680 ordinary
shares and no subscription shares, Mr O'Hare holds 20,000 ordinary shares and
no subscription shares and Professor Skea holds 16,000 ordinary shares and no
subscription shares.

9. Transactions with the Investment Manager
BlackRock Investment Management (UK) Limited ("BlackRock") provides management
and administration services to the Company under a contract which is terminable
on six months' notice. Details of the fees receivable by BlackRock in relation
to these services are set out in note 3.

The investment management fee for the six months ended 30 April 2013 was 
£512,000 (six months ended 30 April 2012: £472,000; year ended 31 October 2012:
£922,000). At the period end an amount of £512,000 was outstanding in respect
of investment management fees (six months ended 30 April 2012: £472,000; year
ended 31 October 2012: £450,000).

10. Contingent liabilities
There were no contingent liabilities at 30 April 2013, 30 April 2012 or 
31 October 2012.

11. Publication of non-statutory accounts
The financial information contained in this half yearly financial report does
not constitute statutory accounts as defined in section 435 of the Companies
Act 2006. The financial information for the six months ended 30 April 2013 and
30 April 2012 has not been audited.

The information for the year ended 31 October 2012 has been extracted from the
latest published audited financial statements, which have been filed with the
Registrar of Companies. The report of the independent auditor on those
financial statements contained no qualification or statement under 498(2) or
(3) of the Companies Act 2006.

12. Annual results
The Board expects to announce the annual results for the year ending 
31 October 2013, as prepared under IFRS, in mid December 2013. Copies of the 
results announcement can be obtained from the Company Secretary on 
020 7743 3000. The annual report should be available in late December 2013/early
January 2014, with the Annual General Meeting being held in February 2014.

For further information please contact:                                   
                                                                          
Simon White, Managing Director,              020 7743 5284      
Investment Company Division                                                                  
Robin Batchelor, Fund Manager                020 7743 3000      
Emma Phillips, Media & Communications        020 7743 2922      
BlackRock Investment Management (UK) Limited                              


Independent Review Report
to BlackRock New Energy Investment Trust plc

Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half yearly financial report for the six month period ended
30 April 2013 which comprises the Statement of Comprehensive Income, Statement
of Changes in Equity, Statement of Financial Position, Cash Flow Statement,
Reconciliation of net income before taxation to net cash inflow/(outflow) from
operating activities, and the related notes. We have read the other information
contained in the half yearly financial report and considered whether it
contains any apparent misstatements or material inconsistencies with the
condensed set of financial statements.

This report is made solely to the Company in accordance with guidance contained
in International Standard on Review Engagements (UK and Ireland) 2410 "Review
of Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Auditing Practices Board. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the
Company, for our work, for this report, or for the conclusions we have formed.

Directors' responsibilities
The half yearly financial report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
half yearly financial report in accordance with the Listing Rules of the
Financial Conduct Authority.

As disclosed in note 1, the annual financial statements of the Company are
prepared in accordance with International Financial Reporting Standards
("IFRS") as adopted by the European Union and as applied in accordance with the
provisions of the Companies Act 2006. The condensed set of financial statements
included in this half yearly financial report has been prepared in accordance
with the Accounting Standards Board Statement "Half Yearly Financial Reports".

Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half yearly financial report based on our
review.

Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.

Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half yearly
financial report for the six month period ended 30 April 2013 is not prepared,
in all material respects, in accordance with the Accounting Standards Board
Statement "Half Yearly Financial Reports" and the Disclosure and Transparency
Rules of the United Kingdom's Financial Conduct Authority.

Ernst & Young LLP
London
25 June 2013


The Half Yearly Financial Report will also be available on the website at
www.brneplc.co.uk. 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.

a d v e r t i s e m e n t