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1、Job No:52409Proof Event:2Black Line Level:0Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600BlackRock Energy and Resources Income Trust plcHalf Yearly Financial Report 31 May 2024NM0824U-3791214-1/50ContentsJob No:5240

2、9Proof Event:2Black Line Level:0Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Keeping in touch We know how important it is to receive up-to-date information about the Company.To ensure that you are kept abreast,plea

3、se 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 to the relevant section on the Companys website.By visiting our website,you will hav

4、e 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 privacy policy available on our website.Further information about the Company c

5、an be found on our website at http:/ enquiries about the Company should be directed to the Company Secretary at:.Use this QR code to take you to the Companys website where you can sign up to monthly insights and factsheets.NM0824U-3791214-2/50ContentsJob No:52409Proof Event:17Black Line Level:4Park

6、Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Financial highlightsas at 31 May 2024121.50pOrdinary share price12.3%1,2138.24pNet asset value(NAV)per ordinary share13.8%1.83pRevenue earnings per ordinary share22.7%172.2mN

7、et assets2.250pInterim dividends2.3%3.7%2,3Yield1 Mid-market share price and NAV performance are calculated in Pound Sterling terms with dividends reinvested.2 Alternative Performance Measures,see Glossary on pages 41 to 45.3 Based on dividends paid and declared for the twelve months to 31 May 2024

8、and share price as at 31 May 2024.Section 1:Overview and performance 1The above financial highlights are as at 31 May 2024 and percentage comparisons are against 30 November 2023.Revenue earnings per ordinary share percentage comparison is against 31 May 2023.As well as expanded demand for wind and

9、solar,ambitions of a tripling in renewables capacity by 2030 confirmed at COP28 in Dubai will need to be matched with equally ambitious investments into electricity grids.PHOTO COURTESY OF NEXTERA ENERGYNM0824U-3791214-3/50ContentsJob No:52409Proof Event:17Black Line Level:4Park Communications LtdAl

10、pine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 66002 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Why BlackRock Energy and Resources Income Trust plc?Investment objectiveThe Companys objectives are to a

11、chieve an annual dividend target and,over the long term,capital growth by investing 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 h

12、alf yearly financial reports,fact sheets and stock exchange announcements,are 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 secto

13、rs.YieldThe Company offers an attractive 3.7%dividend yield as at 31 May 2024,as the managers focus on higher 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

14、 the world.FlexibilityThe Companys flexibility means that the portfolio will adapt as the demand for Mining,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 opportunitiesMi

15、ning and Energy companies lie at the heart of the global economy.Without them,countries cannot grow and develop.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 gl

16、obal economy.Energy companies power our cars,our homes and drive economic development.The path to a lower carbon global economy is forecast to disrupt many industries and business models creating remarkable opportunities.Investment in a specialist trust gives targeted exposure to these important com

17、panies,as it is positioned to capture such industry shifts and reap the benefits from this transition.ExpertiseThe 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

18、 2001.The team undertakes extensive,proprietary,on-the-ground research to get to know the management of the companies in which they invest.ESG integrationConsideration of Environmental,Social and Corporate Governance(ESG)insights and data is integrated within the investment process.The teams philoso

19、phy is that whilst ESG is only one of many factors that should be considered when making an investment,there is a positive correlation between good ESG and investment performance.Portfolio asset allocation reflects this,with a significant allocation to companies active in the Energy Transition secto

20、r.More details in respect of BlackRocks approach to ESG integration can be found on page 48 of the Annual Report for the year to 30 November 2023.Investors should note that no ESG focused investment strategy or exclusionary screens have been adopted by the Company.However,in active and advisory port

21、folios,BlackRock as Manager excludes companies that generate more than 25%of their revenues from thermal coal production.NM0824U-3791214-4/50Contents Section 1:Overview and performance 3Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProjec

22、t Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600ContentsSection 1:Overview and performanceFinancial highlights 1Why BlackRock Energy and Resources Income Trust plc?2Performance record 4Chairmans Statement 5Investment Managers Report 7Section 2:PortfolioDistribution of investments 16Ten

23、largest investments 17Investments 19Section 3:GovernanceInterim Management Report and Responsibility Statement 22Section 4:Financial statementsConsolidated Statement of Comprehensive Income 24Consolidated Statement of Changes in Equity 25Consolidated Statement of Financial Position 26Consolidated Ca

24、sh Flow Statement 27Notes to the financial statements 28Section 5:Additional informationDirectors,management and other service providers 38Shareholder information 39Glossary 41Share fraud warning 46NM0824U-3791214-5/50ContentsJob No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine

25、WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 66004 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Performance recordAs at 31 May 2024As at 30 November 2023Net assets(000)1172,233 162,362 Net asset value per

26、ordinary share(pence)138.24 123.58 Ordinary share price(mid-market)(pence)121.50 110.40 Discount to net asset value212.1%10.7%For the six months ended31 May 2024For the year ended30 November2023Performance(with dividends reinvested)Net asset value per share2 13.8%(11.8)%Ordinary share price212.3%(15

27、.2)%Performance since inception(with dividends reinvested)Net asset value per share2 255.3%212.2%Ordinary share price2213.7%179.4%For the six months ended31 May2024For the six months ended31 May2023Change%RevenueNet profit on ordinary activities after taxation(000)2,3343,209-27.3Revenue earnings per

28、 ordinary share(pence)31.832.37-22.7Interim dividends(pence)1st interim1.1251.102.32nd interim41.1251.102.3Total dividends payable/paid2.2502.202.36080100120140160180200220240260May 24Nov 20Share price performanceNAV performanceSources:BlackRock and LSEG Datastream.Performance figures are calculated

29、 on a mid-market basis in Pound Sterling terms,with dividends reinvested.Share price and NAV at 31 May 2019,rebased to 100.%May 19Nov 19May 20Nov 21May 21May 22Nov 22May 23Nov 23Performance from 31 May 2019 to 31 May 20241 The change in net assets reflects portfolio movements,the buyback of shares a

30、nd dividends paid during the period.2 Alternative Performance Measures,see Glossary on pages 41 to 45.3 Further details are given in the Glossary on page 44.4 Paid on 15 July 2024.NM0824U-3791214-6/50Contents Section 1:Overview and performance 5Job No:52409Proof Event:17Black Line Level:4Park Commun

31、ications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Dear ShareholderI am pleased to report that our portfolio has performed well during the six months to 31 May 2024,delivering strong absolute NAV returns.My fellow Board members and

32、 I believe that the Company remains well positioned to exercise flexibility to take advantage of the energy transition to a lower carbon global economy.Market overviewAt the start of the Companys financial year on 1 December 2023 and through into the first half of 2024,markets as a whole showed resi

33、lience driven initially by signs of easing inflation and expectations of interest rate cuts in the US and UK.Generally strong corporate earnings and labour markets,as well as enthusiasm for AI,helped markets subsequently look through stubbornly high core services inflation(and consequently higher fo

34、r longer interest rates)and political uncertainty,although some cracks are starting to show as of the time of writing.Given the mix of opportunity and risks,the Board is confident in your Companys 3-pronged investment strategy(Mining,Traditional Energy and Energy Transition),giving the portfolio man

35、agers the flexibility to be able to manoeuvre the portfolio around volatile markets to invest in stocks where they think the best investment opportunities can be found.The portfolio managers decreased Traditional Energy exposure through 2023 and into 2024,to stand at 28.3%at the end of the period,an

36、d increased the weighting in the Energy Transition sector to 26.3%at 31 May 2024.PerformanceDuring the six months ended 31 May 2024,the Companys net asset value(NAV)per share rose by 13.8%and its share price rose by 12.3%(both percentages in Pound Sterling terms with dividends reinvested).Although t

37、he Company does not have a formal benchmark,to set this in the context of the market backdrop,the MSCI ACWI Metals and Mining Index rose by 10.6%,S&P Clean Energy Index rose by 5.5%and the MSCI World Energy Index rose by 9.7%over the same period(all percentages in Pound Sterling terms with dividends

38、 reinvested).As noted above,the Board does not formally benchmark the Companys performance against Mining and Energy sector indices because meeting a specific dividend target is not within the scope of these indices and also because no index appropriately reflects the Companys blended exposure to th

39、e Energy(including the Energy Transition)and Mining sectors.For internal monitoring purposes,however,the Board compares the performance of the portfolio against a bespoke internal Mining and Energy composite index.The neutral sector weightings of this bespoke index are 40%Mining,30%Traditional Energ

40、y and 30%Energy Transition.Further information on investment performance is given in the Investment Managers Report.Chairmans StatementAdrian Brown ChairmanNM0824U-3791214-7/50Contents6 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17

41、Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Revenue return and dividendsThe Companys revenue return per share for the six-month period was 1.83 pence per share,a decrease of 22.7%over the same pe

42、riod last year(the revenue return for the six months to 31 May 2023 was 2.37 pence per share).The Boards current target is 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.This tar

43、get represents a yield of 3.7%based on the share price of 121.50 pence per share as at 31 May 2024,and 3.8%based on the share price of 117.00 pence per share at the close of business on 29 July 2024.When the Companys net revenue is insufficient to meet the dividend payments,the Boards policy is to u

44、tilise the considerable distributable reserves,including group revenue reserves of 3.46p per share as at 31 May 2024(after adjusting for the second interim dividend for 2024)to meet any shortfall.This enables the portfolio managers to focus on total return from their investment selections.The first

45、quarterly interim dividend of 1.125 pence per share was paid on 26 April 2024 and the second quarterly interim dividend of 1.125 pence per share was paid on 15 July 2024(four quarterly interim dividends each of 1.10 pence per share were paid in the twelve months ended 30 November 2023).The Company m

46、ay 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 annual income target from option writing.Consequently,they will only enter into option transactions with the intent

47、ion that the overall contribution is beneficial to total return.GearingThe Company operates a flexible gearing policy which depends on prevailing 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%,a

48、nd the level of gearing at 31 May 2024 was 9.6%.For calculations,see the Glossary on pages 41 and 42.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

49、 conditions,may use the Companys share buyback,sale of shares from treasury and share issuance powers to ensure that the share price is broadly in line with the underlying NAV.The Board seeks to balance this aim,and to control discount volatility,against its desire to avoid excessive buybacks which

50、impact the size of the Company and hence the liquidity of its shares and the Ongoing Charges Ratio.During the period under review,the discounts on Investment Trusts in general have remained at close to historically high levels-the average discount for the Investment Trusts sector(ex 3i Group)has bee

51、n 15.5%-and in this context,your Companys shares have been trading at a discount between 8.0%and 14.1%over the period under review with an average discount of 11.2%.The Company has therefore actively intervened to control the discount and has bought back 6,800,000 shares for costs of 7,684,000,repre

52、senting an average discount of 12.6%.All shares were bought back at a discount to NAV,delivering an uplift to the NAV per share of 0.5%for continuing shareholders for the period under review.Since 31 May 2024 and as at 29 July 2024,the Company has bought back 1,841,697 shares for costs of 2,172,000

53、and at an average discount of 10.7%.As at 29 July 2024 the Companys shares are trading at a discount of 10.0%.Market outlook&portfolio positioningDespite the current political uncertainty,the ongoing drive by governments to address climate change and decarbonise the energy supply chain remains an im

54、portant backdrop for the Companys three pillars,of Traditional Energy,Mining and Metals and Energy Transition.The Board considers that all three sectors have an important role to play as the energy system transitions to a lower carbon economy.Traditional energy is needed to support base load energy

55、to continue to power economies during the transition.The Metals and Mining sector provides the material supply chain for low carbon technologies from steel for wind turbines to lithium for electric cars.The path to a lower carbon economy is also expected to disrupt many industries and business model

56、s with scope for the Company to invest directly in opportunities in the Energy Transition space.Against this backdrop,the flexibility of the Companys investment mandate with the ability to shift exposure between Traditional Energy,Energy Transition and Mining sectors,means that it is uniquely positi

57、oned to serve investors as these sectors evolve.The Board is confident that the Company remains well-placed to benefit from these key investment trends over the long term.Adrian BrownChairman31 July 2024NM0824U-3791214-8/50Contents Section 1:Overview and performance 7Job No:52409Proof Event:17Black

58、Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Investment Managers ReportMarket overviewThe first six months of 2024 saw strong momentum in the broader equity markets carry over from 2023.Whilst the Compa

59、nys net asset value per share(NAV)saw a positive return,it again lagged the overall equity market as all three sectors the Company invests in lagged broader markets,which were once again driven in a narrow fashion by the spectacular performance of a small group of technology and artificial intellige

60、nce(AI)related companies.See Figure 1 below.Figure 1:Top 5 contributing stocks by year(%return contribution to overall return on S&P 500 Index)Source:Baird.Tom HollMark Hume0%1%2%3%4%5%6%7%8%9%10%11%12%13%AppleAppleCitigroupChevronChevronGeneralElectricExxonMobileAppleIBMPfizerPfizerPhilipMorrisExxo

61、nMobileAppleBank ofAmericaGeneralElectricGeneralElectricJPMorganJPMorganJPMorganWells FargoWells FargoGeneralElectricGoogleGoogleGoogleGoogleGoogleGoogleGoogleJohnson&JohnsonMicrosoftMicrosoftMicrosoftMicrosoftMicrosoftMicrosoftMicrosoftMicrosoftMicrosoftMicrosoftExxonMobileExxonMobileAppleAppleAppl

62、eAppleAppleAppleEli LillyMetaMetaMetaAT&TAmazonAmazonAmazonAmazonAmazonBerkshireIntelMerckMastercardNvidiaNvidiaNvidiaTesslaMerckExxonMobileChevron2010%return contribution to overall return on S&P 500 Index201120122013201420152016201720182019202020212022 2023AmazonBank of AmericaBerkshireCitigroupCh

63、evronMetaGeneral ElectricGoogleIBMIntelJohnson&Johnson JPMorganCoca-ColaMicrosoftPfizerPhilip MorrisAT&TWells FargoExxon MobileMastercardMerckNvidiaTesslaEli LillyGoogleMicrosoftAppleAmazonYTDAppleMetaGoogleMicrosoftNvidiaNM0824U-3791214-9/50Contents8 BlackRock Energy and Resources Income Trust plcl

64、Half Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Whilst the market excitement about AI has naturally focused on the relevant technolog

65、y companies and associated industrial companies that will benefit from the step change in demand for cooling etc.,there has been less attention paid to the energy and materials side of the equation.Just like the energy transition,the growth in AI is going to be materials and energy intensive as well

66、 as compounding some of the bottlenecks faced by the energy transition.We see some exciting opportunities associated with grid spending that is required to cope with the electricity demand growth as well as the upgrades to the grids.These investments are critical to cope with the rising complexity o

67、f grid management resulting from the higher proportion of intermittent generation from sources such as solar and wind.Although the market has been pre-occupied with the timing and pace of interest rate cuts in the major economies,we have not viewed delays in rate cut expectations as a concern.The hi

68、gher for longer scenario that now faces the market is a result of stronger than expected economic data in the US,which we view as positive for many of the companies held or potential investment opportunities for the portfolio.The resurgent US manufacturing industry,fuelled by the triple forces of re

69、shoring driven geopolitics,the investments funded by the Inflation Reduction Act of 2022 and the AI/datacentre boom,are all energy and materials intensive forms of growth,that more than offset the costs of higher interest rates for many of the companies in the portfolio.Commodity31 May 202430 Novemb

70、er 2023%changeH1 2024 on H1 2023Average Price%Change1 Base Metals(US$/tonne)Aluminium2,6072,15620.9-2.3Copper9,9138,38818.22.4Lead2,2162,0925.9-2.1Nickel19,45616,43818.4-32.0Tin32,77522,98442.69.1Zinc2,9152,46718.2-12.4Precious Metals(US$/ounce)Gold2,330.72,037.814.413.2Silver30.325.320.08.0Platinum

71、1,048.0937.011.8-7.5Palladium949.01,025.0-7.4-36.8EnergyOil(WTI)(US$/barrel)78.075.63.13.2Oil(Brent)(US$/barrel)79.481.7-2.82.8Natural Gas(US$/Metric Million British Thermal Unit(mmbtu)1.82.8-35.3-27.5Bulk Commodities(US$/tonne)Iron ore117.0132.5-11.74.7Coking coal220.5285.0-22.6-4.2Thermal coal142.

72、4129.010.4-47.9Equity IndicesMSCI ACWI2 Metals&Mining Index(US$)643.7578.711.21.4MSCI ACWI Metals&Mining Index()505.6457.210.6-1.7MSCI3 World Energy Index(US$)507.6459.910.48.5MSCI World Energy Index()398.7363.39.71.8S&P Clean Energy Index(US$)1,279.01,205.76.1-27.0S&P Clean Energy Index()822.3779.7

73、5.5-29.3Source:LSEG Datastream,June 2024.1Average of 1/12/2022-31/05/2023 to 1/12/2023-31/05/2024.2Morgan Stanley Capital International All Country Weighted Index.3Morgan Stanley Capital International.NM0824U-3791214-10/50Contents Section 1:Overview and performance 9Job No:52409Proof Event:17Black L

74、ine Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Portfolio activity&investment performanceThe Companys portfolio delivered a total NAV return of 13.8%during the period driven by positive performance within a

75、ll three sectors of the Company.The most notable top down change in the portfolio during the first half was to add to our Energy Transition exposure(see Figure 2 below)as the valuations continue to move lower compared to broader equity markets,a trend we noted in the 2023 annual report too.This chan

76、ge was still relatively modest in size as whilst valuations have become more attractive,we do not think that broad based positive earnings momentum is imminent,given that areas like electric vehicles are still seeing shorter-term sales estimates being revised downwards.Within the three sectors we ma

77、de some notable changes both to the industry/sub-sector exposures and the stock specific exposures(see Figure 3 on page 10).While we think that nuclear has a strong role to play in the energy transition,we exited our only uranium holding because both the spot price of uranium and the valuation of th

78、is particular company had got well ahead of fundamentals.On the Traditional Energy side we added several new positions across the infrastructure,services and production segments.The infrastructure companies we now own are focused on natural gas so should see good volume growth to drive earnings and

79、also benefit if there are unexpected reduction in rates.These purchases were funded by exiting a refining company(Valero)and an Exploration and Production(E&P)company(EOG Resources).On the Energy Transition side we added a new holding in a US wind turbine manufacturer that looks to be a beneficiary

80、from the ongoing fiscal support provided by the Inflation Reduction Act of 2022 and we initiated a position in a leading cable manufacturer,Prysmian.It should see its order books well supported by the array of investments needed in transmission and the grid.Figure 2:Portfolio positioning-20%0%20%40%

81、60%80%100%120%Jun-2020Aug-2020Oct-2020Dec-2020Feb-2021Apr-2021Jun-2021Aug-2021Oct-2021Dec-2021Feb-2022Apr-2022Jun-2022Aug-2022Oct-2022Dec-2022Feb-2023Apr-2023Jun-2023Aug-2023Oct-2023Dec-2023Feb-2024Apr-2024MiningTraditional EnergyEnergy TransitionGearing/net cashSource:BlackRock.NM0824U-3791214-11/5

82、0Contents10 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600IncomeThe Company paid a

83、total of 2.250p in dividends for the first half of the year,split between the two quarterly payments.The underlying dividend trends in the portfolio over the first six months of the year were a mixed picture.This is less as a result of companies deciding to make reductions to their dividend payments

84、 but more as a function of the changes we have made to the stock selection in the portfolio.The decisions to reduce Vale,TotalEnergies and BHP had negative implications for the ongoing income generation in the portfolio.However,we have conviction that the investments made with the proceeds offer a m

85、ore attractive total return prospect to offset the income foregone.We did make an investment in a new convertible bond issue that came with an attractive coupon as well as an equity upside.This was in a leading lithium producer where despite the near-term headwinds,the convertible bond offers a bett

86、er risk-adjusted return with the added benefit of enhancing the portfolios income.We also note that Pound Sterling has strengthened over 7%from its October 2023 lows against the US Dollar(as at 16 July 2024).If this trend continues then it will be a headwind for the Companys income in Pound Sterling

87、 as most of the dividends in the underlying portfolio companies are paid in US Dollars.Traditional EnergyOil prices remained relatively range-bound(see Figure 4 on page 11)in the period consistent with our view that Oil and Petroleum Exporting Countries(OPEC)plus countries continue to act in a disci

88、plined fashion in balancing supply and demand.Our thesis remains supported by oil futures firmly in backwardation despite market concerns of oversupply following OPECs June announcement to gradually phase out cuts to production.Excluding COVID-19,US natural gas prices(Henry Hub,see Figure 5 on page

89、11)hit a 32-year low in February 2024 forcing gas drillers to reduce production.Lower activity levels helped to rebalance markets and prices have since recovered through June.Figure 3:Relative change in portfolio positioning-20%-15%-10%-5%0%5%10%15%20%relative change in sector allocationAug-2020Oct-

90、2020Dec-2020Feb-2021Apr-2021Jun-2021Aug-2021Oct-2021Dec-2021Feb-2022Apr-2022Jun-2022Aug-2022Oct-2022Dec-2022Feb-2023Apr-2023Jun-2023Aug-2023Oct-2023Dec-2023Feb-2024Apr-2024MiningTraditional EnergyEnergy TransitionSource:BlackRock.NM0824U-3791214-12/50Contents Section 1:Overview and performance 11Job

91、 No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Figure 4:Brent Oil Price Level and Structure Figure 5:Global Natural Gas PricesSource:Bloomberg data through 21 June 2024.Dark s

92、haded area represents the difference between front-month(1m)Brent prices and 6th month(6m)futures prices.Light shaded area represents the difference between 6th month(6m)and 12th month(12m)futures prices.Henry Hub is the front-month natural gas price.TTF:Title Transfer Facility is the virtual tradin

93、g point in the Netherlands.Although the Companys Traditional Energy holdings contributed positively to overall performance in the period,the underlying sub-sector performance was more mixed.Underweight positions in Chevron and Total Energies drove an overall negative contribution from Integrated Oil

94、 Companies(IOCs).Elsewhere,the Biden Administration announced a moratorium on US Liquified Natural Gas export licenses at the end of January which impacted shares in Cheniere Energy.Subsequent to the period end,a federal district judge in Louisiana ordered the Biden Administration to lift the suspen

95、sion.On a more positive note,we made several changes within our Traditional Energy holdings during the period.We exited our position in EOG Resources to help fund new holdings in Targa Resources,Permian Resources and Saipem.The first two holdings reflect an overall positive view on the long-term gro

96、wth outlook for the world-class Permian Basin in West Texas.Targa Resources provides compelling low-risk throughput growth in its midstream business with an attractive yield whilst Permian Resources has continued to demonstrate best-in-class execution with a highly motivated management team.Our hold

97、ing in Saipem reflects an overall pivot within the Traditional Energy value-chain towards international oilfield services where we see a strong pipeline of new projects and improving margins.This follows new holdings initiated last year in TechnipFMC and Weatherford.Energy TransitionOver the trailin

98、g 12-month period(see Figure 6),Energy Transition-related stocks(S&P Clean Energy Index)have generally struggled against the Mining and Traditional Energy sectors,albeit with a strong step-up,particularly in the month of May(see Figure 7).This was partly driven by strong performance from a handful o

99、f renewable development companies that were subject to premium acquisitions including Encavis AG and Neoen SA.This precipitated a broader re-rating of renewables-focused stocks in the period which underpinned strong active return contributions from key holdings in NextEra Energy and First Solar.Figu

100、re 6:12-month Performance Rebased Figure 7:6-month Performance RebasedSource:Bloomberg.Data through 31st May 2024.The following Bloomberg indices were used Mining=MSXWD0MM Index;Energy:Global=MXWD0EN Index;S&P Clean=SPGTCED Index;Power:Global=MXWD0UT Index.50 60 70 80 90 100(2)-2 4 6 8 10 12 14Jun-2

101、3Sep-23Dec-23Mar-24Jun-24Brent 1-mth,USD/bblBrent Structure,USD/bbl1m-6m6m-12mBrent rhsBackwardation(+)Contango(-)50 60 70 80 90 100(2)-2 4 6 8 10 12 14Jun-23Sep-23Dec-23Mar-24Jun-24Brent 1-mth,USD/bblBrent Structure,USD/bbl1m-6m6m-12mBrent rhsBackwardation(+)Contango(-)-2 4 6 8 10 12 14 16 18 -0.5

102、1.0 1.5 2.0 2.5 3.0 3.5 4.0Jun-23Sep-23Dec-23Mar-24Jun-24USD/mmbtuUSD/mmbtuHenry HubTTF rhs 50 60 70 80 90 100 110 120 130May-23Nov-23May-24Rebased Px Perf(GBP)BERIMiningEnergy:GlobalS&P CleanSolar ETF 50 60 70 80 90 100 110 120 130May-23Nov-23May-24Rebased Px Perf(GBP)BERIMiningEnergy:GlobalS&P Cle

103、anSolar ETFBrent Structure,USD/barrelBrent 1-mth,USD/barrelNM0824U-3791214-13/50Contents12 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title

104、:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Elsewhere,manufacturing spend continued to broaden in the United States as a follow through from subsidies encapsulated in the Inflation Reduction Act of 2022 and the CHIPS and Science Act of 2022.This benefited stocks such as Trane Technologies

105、and Ingersoll Rand with strong backlog expansion in CHVAC(Cooling,Heating,Ventilation and Air Conditioning)and industrial equipment demand,respectively.Excitement around AI/datacentre build-outs in the United States led to a sharp upwards revision in long-term electricity demand forecasts(see Figure

106、 8)which for much of the last two decades has been largely flat.Given the competing forces around rapid data centre build-out and dramatic improvements in the energy efficiency of leading-edge chips from the likes of Nvidia the range of growth estimates remains necessarily wide at this stage.Neverth

107、eless,the outlook for baseload power demand growth in the region is likely to hit mid-single digits in the coming years.This helped drive positive stock performance from the likes of Schneider Electric.The Company also benefitted from a new position in GE Vernova,a spin-off from General Electric whi

108、ch has a leading position in electric power systems and gas turbine manufacturing.Building on the rising electrification theme,we also initiated new positions in global cabling systems supplier,Prsymian,and UK grid-operator,National Grid.Figure 8:United States Internet Energy Consumption ForecastSou

109、rce:ThunderSaid Energy,“Energy and AI:the power and the glory?”,April 2024.The Companys investments in renewables-focused utility companies in Europe were amongst the largest detractors for the period including German-utility RWE AG and Portuguese-based EDP Renovaveis SA.Both companies faced earning

110、s headwinds from a combination of lower trading earnings for the former and impairment charges for the latter.MiningThe mining sector saw a fairly strong first half performance for both mining companies and commodities.However there was significant dispersion in performance which was more pronounced

111、 for commodities than related equities explained further below.The main differences came between steel related commodities(iron ore and coking coal),which both saw heavy price falls in the six months,and base metals(such a copper and aluminium)that posted strong double digit price gains.The real est

112、ate sector in China remains under significant pressure and this weighed heavily on the steel sentiment in China.NM0824U-3791214-14/50Contents Section 1:Overview and performance 13Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title

113、:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Figure 9:Morgan Stanley estimated gross profit/tonne for Mill-Rebar SteelSource:Mysteel,Morgan Stanley Research.As shown in Figure 9 above,steel margins were negative in China early in the period and,with demand subdued given the real estate woes

114、,steel producers held back on iron ore purchases causing the price to fall back from$130/tonne to$100/tonne from the start of January to the end of March(SGX Iron Ore 62%).As margins improved in the second quarter steel production was able to pick up,with much of this destined for export given the d

115、epressed local demand.The chart below shows how much steel exports have picked up from China in 2024(and 2023)it is likely that this cant be sustained as trade barriers will be erected to protect steel industries in other countries(see Figure 10 below).Figure 10:Annual net exports of steel from Chin

116、aSource Citigroup,end May 2024;2024 data is to end May and annualised to show 2024 potential exports at current run rate.million tonnesNM0824U-3791214-15/50Contents14 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4P

117、ark Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Despite the challenging iron ore market,the major producers of iron ore,such as BHP and Rio Tinto,held up quite well(Rio Tinto total return 5.6%,BHP 0.0%;GBP).This perfor

118、mance relative to the underlying commodity implies a noticeable increase in valuation multiple associated with the companies in many ways we think this is deserved given the greater resilience and discipline of these businesses compared to previous cycles.However,despite this re-rating,they did lag

119、their peers that have a more diversified commodity mix with another one of our portfolio companies,Teck Resources delivering substantially better returns for the six month period.A key thematic to surface in the period was a“buy or build”question in the copper space.This is something that we have de

120、scribed in the past when talking about the incentive price to bring new projects online being substantially higher than current prices and that existing copper production capacity used to trade at lower implied copper prices than that incentive price.We saw significant corporate activity to emphasis

121、e this point with BHP making several approaches to Anglo American to try to get a deal agreed.The prize that BHP were seeking was clearly the South American copper portfolio of Anglo,which has several long life and high quality assets.In the end,they could not agree a deal due to the complexities of

122、 Anglos South African assets but other copper orientated companies saw strong share price appreciation as a result of the approach,with portfolio holdings such as Ivanhoe Mines notable performers.Whilst our enthusiasm for copper longer-term remains,it should be noted that in the short term there are

123、 some clouds on the horizon.Inventories,although low in terms of numbers of days of use at around 7 weeks,have been rising steadily during the first half of the year,as shown in Figure 11 below.Investor sentiment towards copper though has remained very positive,as shown by the long positions and ove

124、rall net length in copper futures in Figure 12 below.If physical markets do not see near-term improvements,there is every chance the“hot money”in futures will look to deploy elsewhere and cause a copper price pullback.Given our longer-term structural positive view,it is likely we would use such an o

125、pportunity to increase the portfolios exposure.Figure 11:LME COTR1 Investment Fund Figure 12:Visible global copper stocks,year to date changeMarket outlook and portfolio positioning Looking back at the 2023 annual report we flagged“an abnormally high level of uncertainty for the year ahead”.Part of

126、this reflected a record spate of elections in 2024 as well as persistent tensions between the United States and China“where tariffs continue to be the tool of choice in tackling the competitive threat of cheaper manufactured goods in the Energy Transition value chain”.Since then,the European Union h

127、as announced tariffs against Chinese Electric Vehicles.Against this backdrop,we believe there is likely to be higher and stickier inflation than we have seen in the last two decades and reinforces our view of a higher interest rate environment.Whilst risks remain elevated,we believe the flexibility

128、that the Company offers remains key to achieving our twin objectives of growth and income as these uncertainties drive persistent dispersion.1 London Metal Exchange(LME)Commitments of Traders Report(COTR).Source:LME,Comex,Shanghai Futures Exchange,Shanghai Metals Market,Bloomberg,Macquaire Strategy

129、June 2024.kilotonsnumber of lots in thousandsNM0824U-3791214-16/50Contents Section 1:Overview and performance 15Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600AI and datace

130、ntre demand will be additive to prior estimates of baseload power demand which we see as supportive not just for renewables,but critically for natural gas and nuclear.Further,as technology companies seek to drive rapid build out of these energy intensive assets the demand for traditional investments

131、 will drive further bottlenecks on the supply side.As we look into the second half of the year we are also closely monitoring the outcome of Federal-level elections and their potential impact on energy and climate policy.The UK(22 May)and France(10 June)both announced snap elections during the perio

132、d.Subsequent to the period end,a Labour majority has been confirmed in the UK that will likely see an acceleration of decarbonisation efforts and should provide a positive tailwind for grid expansion and permitting.Finally,as we head towards the November US Presidential election it is not unreasonab

133、le to surmise that,under either a Republican or Democratic victory,it will do little to derail the underlying pace of capital investment into the Energy Transition space.The Inflation Reduction Act of 2022,for instance,has been a very positive force in job creation and capital formation in the Unite

134、d States-an outcome most politicians will tend to favour.Tom Holl and Mark HumeBlackRock Investment Management(UK)Limited31 July 2024NM0824U-3791214-17/50Contents16 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Par

135、k Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Distribution of investments as at 31 May 2024Asset allocation GeographyGlobal 52.2%United States 20.6%Canada 9.4%Africa 2.7%Germany 2.6%United Kingdom 2.5%Latin America1 2.

136、5%Australia 2.3%France 1.8%Brazil 1.5%Italy 1.3%Ireland 0.6%Traditional Energy 28.3%Mining 45.4%Energy Transition 26.3%Energy Efficiency 9.4%Electrification 7.1%Renewables 5.5%Transport 3.0%Storage 1.3%Diversified 23.4%Copper 7.9%Steel 3.7%Industrial Minerals 2.9%Gold 2.5%Oil Services 2.2%Integrated

137、 8.4%Exploration&Production 12.2%Distribution 3.3%Refining&Marketing 0.8%Oil,Gas&Consumable Fuels 1.4%Aluminium 1.8%Metals&Mining 1.8%Nickel 1.4%Traditional Energy(28.3%)Energy Transition(26.3%)Mining(45.4%)Asset allocation Commodity1 Latin America represents Argentina.Source:BlackRock.Source:BlackR

138、ock.NM0824U-3791214-18/50Contents Section 2:Portfolio 17Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Ten largest investments1 Anglo American(2023:65th)Diversified mining

139、groupMarket value:8,817,000Share of investments:4.7%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 metals and minerals including platinum and diamonds.AngloAm

140、erican has mining operations globally,with significant assets in Africa and South America.2 Rio Tinto(2023:4th)Diversified mining groupMarket value:8,757,000Share of investments:4.6%(2023:4.4%)One of the worlds leading mining companies.The groups primary product is iron ore,but it also produces alum

141、inium,copper,diamonds,gold,industrial minerals and energy products.3 Teck Resources(2023:14th)Diversified mining groupMarket value:7,951,000Share of investments:4.2%(2023:2.1%)A diversified mining group headquartered in Canada.Teck Resources is engaged in mining and mineral development with operatio

142、ns and projects in Canada,the US,Chile and Peru.The group has exposure to copper,zinc,steelmaking coal and energy.4 Glencore(2023:1st)Diversified mining groupMarket value:6,450,000Share of investments:3.4%(2023:4.8%)One of the worlds largest globally diversified natural resources groups.The groups o

143、perations 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 gold and silver.5 Shell(2023:5th)Integrated oil groupMarket value:6,147,000Share of investments:3.3%(

144、2023:3.8%)Shell is one of the largest integrated energy companies globally with five main operating segments:Integrated Gas,Upstream,Marketing,Chemicals and Products,and Renewables and Energy Solutions.The company has a high quality,gas/liquified natural gas(LNG)-weighted portfolio.Together,the ten

145、largest investments represent 31.7%of the Companys portfolio as at 31 May 2024(30 November 2023:36.3%).NM0824U-3791214-19/50Contents18 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine Way

146、London E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 66006 Filo Corp.(2023:13th)Copper mining groupMarket value:4,802,000Share of investments:2.5%(2023:2.2%)Filo Corp.,part of the Lundin Group of companies,is a Canadian mineral exploration company focused on

147、exploring their copper-gold-silver deposit in Filo del Sol near the borders of Argentina and Chile.7 NextEra Energy(2023:7th)ElectrificationMarket value:4,610,000Share of investments:2.4%(2023:2.7%)NextEra Energy is Americas premier clean energy leader and the worlds largest producer of wind and sol

148、ar energy.The company has a dominant market share in a structurally growing renewables market.8 BHP(2023:2nd)Diversified mining groupMarket value:4,291,000Share of investments:2.3%(2023:4.7%)The worlds largest diversified mining group by market capitalisation.The group is an important global player

149、in a number of commodities including iron ore,copper,thermal and metallurgical coal,manganese,nickel,silver and diamonds.BHP also has significant interests in oil,gas and liquefied natural gas.9 Schneider Electric(2023:21st)Energy efficiencyMarket value:4,137,000Share of investments:2.2%(2023:1.8%)S

150、chneider Electric is a French multinational company specialising in digital automation and energy management and addresses homes,buildings,data centres,infrastructure and industries,by combining energy technologies,real-time automation,software,and services.10 Hess(2023:10th)Exploration&ProductionMa

151、rket value:3,995,000Share of investments:2.1%(2023:2.4%)An American global independent energy company,involved in the exploration and production of crude oil and natural gas.All percentages reflect the value of the holding as a percentage of total investments.Arrows indicate the change in relative r

152、anking of the position in the portfolio compared to its ranking as at 30 November 2023.Percentages in brackets represent the value of the holding as at 30 November 2023.Ten largest investmentscontinuedNM0824U-3791214-20/50Contents Section 2:Portfolio 19Job No:52409Proof Event:17Black Line Level:4Par

153、k Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600InvestmentsMain geographic exposureMarketvalue 000%ofinvestmentsMiningDiversifiedAnglo AmericanGlobal8,822 4.7 Anglo American Put Option 21/06/24Global(5)Rio TintoGlobal8,7

154、57 4.6 Teck ResourcesGlobal7,951 4.2 GlencoreGlobal6,449 3.4 BHPGlobal4,291 2.3 Abaxx TechnologiesGlobal3,334 1.8 Vale Debentures*Brazil2,162 1.5ValeBrazil750 TridentGlobal1,629 0.9 44,140 23.4 CopperFilo Corp.Latin America4,802 2.5 First Quantum Minerals 6.875%15/10/27Global1,616 1.6First Quantum M

155、ineralsGlobal1,200 Foran MiningCanada2,018 1.1 Metals AcquisitionAustralia1,981 1.0 Freeport-McMoRanUnited States1,619 0.9 Ivanhoe ElectricUnited States1,219 0.6 Develop GlobalAustralia414 0.2 14,869 7.9 SteelSteel DynamicsUnited States2,424 1.3 ArcelorMittalGlobal2,354 1.2 StelcoCanada2,291 1.2 7,0

156、69 3.7 Industrial MineralsAlbemarleGlobal2,431 1.3 BungeGlobal1,061 0.6 NutrienUnited States988 0.5 Lynas CorporationAustralia919 0.5 CF IndustriesUnited States47 5,446 2.9 GoldAllied Gold Corporation 8.75%07/09/2028Africa1,728 0.9 Wheaton Precious MetalsGlobal1,603 0.8 Barrick GoldGlobal1,419 0.8 4

157、,750 2.5 Metals&MiningIvanhoe MinesAfrica3,441 1.8 3,441 1.8 AluminiumNorsk HydroGlobal3,310 1.8 3,310 1.8 NickelNickel MinesAustralia1,138 0.6 Lifezone MetalsGlobal1,590 0.8 2,728 1.4 Total Mining85,75345.4NM0824U-3791214-21/50Contents20 BlackRock Energy and Resources Income Trust plclHalf Yearly F

158、inancial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Main geographic exposureMarketvalue 000%ofinvestmentsTraditional EnergyExploration&ProductionHessG

159、lobal3,995 2.1 Canadian Natural ResourcesCanada3,889 2.1 ConocoPhillipsGlobal3,540 1.9 Permian ResourcesUnited States2,920 1.5 Tourmaline OilCanada2,417 1.3 Arc ResourcesCanada2,284 1.2 Diamondback EnergyUnited States2,231 1.2 Kosmos EnergyUnited States1,688 0.9 22,964 12.2 IntegratedShellGlobal6,14

160、7 3.3 ExxonMobilGlobal3,985 2.1 BPGlobal3,564 1.9 Cenovus EnergyCanada2,188 1.1 Gazprom*Russian Federation15,884 8.4 DistributionTarga ResourcesUnited States3,887 2.1 Cheniere EnergyUnited States2,334 1.2 6,221 3.3 Oil ServicesTechnipFMCGlobal2,072 1.1 Weatherford InternationalGlobal1,228 0.6 Saipem

161、Global898 0.5 4,198 2.2 Oil,Gas&Consumable FuelsPembina PipelineCanada2,703 1.4 2,703 1.4 Refining&MarketingMarathon Petroleum CorporationUnited States1,519 0.8 1,519 0.8 Total Traditional Energy53,48928.3Energy TransitionEnergy EfficiencySchneider ElectricGlobal4,137 2.2 Ingersoll-RandUnited States

162、3,610 1.9 Analog DevicesGlobal3,422 1.8 Trane TechnologiesUnited States2,964 1.6 Regal RexnordUnited States1,683 0.9 Kingspan GroupIreland1,087 0.6 Nidec CorpGlobal809 0.4 17,712 9.4 InvestmentscontinuedNM0824U-3791214-22/50Contents Section 2:Portfolio 21Job No:52409Proof Event:17Black Line Level:4P

163、ark Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Main geographic exposureMarketvalue 000%ofinvestmentsElectrificationNextEra EnergyUnited States4,610 2.4 RWEGermany3,607 1.9 National GridUnited Kingdom2,916 1.7National

164、Grid Rights 11/06/2024United Kingdom161 Sempra EnergyUnited States1,975 1.1 EDP RenovveisGlobal42 13,311 7.1 RenewablesFirst SolarGlobal3,721 2.0 GE VernovaUnited States3,106 1.6 Vestas WindGlobal1,852 1.0 SSEUnited Kingdom1,660 0.9 10,339 5.5 TransportSTMicroelectronicsFrance3,365 1.8 Infineon Tech

165、nologiesGermany1,333 0.7 Samsung SDIGlobal967 0.5 5,665 3.0 StoragePrysmian SpaItaly2,420 1.3 2,420 1.3 Total Energy Transition49,447 26.3 Total Portfolio188,689 100.0 ComprisingEquity and debt investments188,694 100.0 Derivative financial instruments futures(5)188,689 100.0*The investment in the Va

166、le debentures is illiquid 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 co

167、mpanies have been suspended from trading.All investments are ordinary shares unless otherwise stated.The total number of holdings(including options)at 31 May 2024 was 74(30 November 2023:78).There was one open option as at 31 May 2024(30 November 2023:one).The equity and fixed income investment tota

168、l of 188,694,000(30 November 2023:175,540,000)above before the deduction of the negative valuation of commodity futures contracts of 5,000(30 November 2023:negative option valuation of 110,000 and negative futures contract valuation of 780,000)represents the Groups total investments held at fair val

169、ue as reflected in the Consolidated Statement of Financial Position.The table above excludes cash and gearing;the level of the Groups gearing may be determined with reference to the bank overdraft of 15,213,000(30November 2023:17,862,000)and cash and cash equivalents of 73,000(30 November 2023:5,276

170、,000)that are also disclosed in the Consolidated Statement of Financial Position.Details of the AIC methodology for calculating gearing are given in the Glossary on pages 41 and 42.As at 31 May 2024,the Company did not hold any equity interests comprising more than 3%of any companys share capital.NM

171、0824U-3791214-23/50ContentsJob No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 660022 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Interim

172、 Management Report and Responsibility StatementThe Chairmans Statement on pages 5 and 6 and the Investment Managers Report on pages 7 to 15 give details of the important events which have occurred during the period and their impact on the financial statements.Principal risks and uncertaintiesThe pri

173、ncipal risks faced by the Company can be divided into various areas as follows:Investment performance;Income/dividend;Gearing;Legal and regulatory compliance;Operational;Market;and Financial.The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Fin

174、ancial Statements for the year ended 30 November 2023.A detailed explanation can be found in the Strategic Report on pages 38 to 42 and in note 18 on pages 110 to 122 of the Annual Report and Financial Statements which are available on the Companys website at Board and the Investment Manager continu

175、e to monitor investment performance in line with the Companys investment objectives,and the operations of the Company and the publication of net asset values are continuing.In the view of the Board,there have not been any changes to the fundamental nature of the principal risks and uncertainties sin

176、ce the previous report and these are equally applicable to the remaining six months of the financial year as they were to the six months under review.Going concernThe Board is mindful of the risk that unforeseen or unprecedented events including(but not limited to)heightened geopolitical tensions su

177、ch as the wars in Ukraine and Middle East,their longer-term effects on the global economy,high inflation and the current cost of living crisis could have a significant impact on global markets.Notwithstanding this significant degree of uncertainty,the Directors,having considered the nature and liqui

178、dity of the portfolio,the Companys investment objective,the Companys projected income and expenditure and the Companys substantial distributable reserves,are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and is financially sound.The

179、 Company has a portfolio of investments which are considered to be readily realisable and is able to meet all of its liabilities from its assets and income generated from these assets.Borrowings under the overdraft facility shall be lower of 40.0 million or 20%of the Companys net assets(calculated a

180、t the time of draw down)and this covenant was complied with during the period.Ongoing charges(excluding finance costs,direct transaction costs,custody transaction charges,VAT recovered,taxation,prior year expenses written back and certain non recurring charges)have been capped by the Manager at 1.25

181、%of average daily net assets with effect from 17 March 2020 and were 1.20%of net assets for the year ended 30 November 2023.Based on the above,the Board is satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.Related party disclosure and

182、 transactions with the Investment ManagerBlackRock Fund Managers Limited(BFM)is the Companys Alternative Investment Fund Manager(AIFM)and has,with the Companys consent,delegated certain portfolio and risk management services,and other ancillary services,to BlackRock Investment Management(UK)Limited(

183、BIM(UK).Both BFM and BIM(UK)are regarded as related parties under the Listing Rules.Details of the management fee payable are set out in note 4 on page 30 and note 14 on page 37 of the financial statements.The related party transactions with the Directors are set out in note 13 on page 36 of the fin

184、ancial statements.NM0824U-3791214-24/50ContentsJob No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600 Section 3:Governance 23Directors responsibility statementThe Disclosure Guida

185、nce 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 f

186、inancial 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 Chairmans Statement and Investment Managers Report include a fair review of

187、the information required by 4.2.7R and 4.2.8R of the FCAs Disclosure Guidance and Transparency Rules.This Half Yearly Financial Report has not been audited or reviewed by the Companys Auditor.The Half Yearly Financial Report was approved by the Board on 31 July 2024 and the above responsibility stat

188、ement was signed on its behalf by the Chairman.Adrian BrownFor and on behalf of the Board31 July 2024NM0824U-3791214-25/50Contents24 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLo

189、ndon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Consolidated Statement of Comprehensive Incomefor the six months ended 31 May 2024The notes on pages 28 to 37 form part of these financial statements.Six months ended 31 May 2024(unaudited)Six months ende

190、d 31 May 2023(unaudited)Year ended 30 November 2023(audited)RevenueCapitalTotal RevenueCapitalTotal RevenueCapitalTotalNotes000000000000000000000000000Income from investments held at fair value through profit or loss3 2,7002,7003,4111013,5126,258796,337Other income3 4284286526521,2181,218Total reven

191、ue3,1283,1284,0631014,1647,476797,555Net profit/(loss)on investments and derivatives held at fair value through profit or loss19,01119,011(29,497)(29,497)(27,606)(27,606)Net(loss)/profit on foreign exchange(1)(1)(35)(35)66Total 3,12819,01022,1384,063(29,431)(25,368)7,476(27,521)(20,045)ExpensesInves

192、tment management fee4(181)(543)(724)(202)(606)(808)(387)(1,162)(1,549)Other operating expenses5(240)(4)(244)(232)(13)(245)(535)(16)(551)Total operating expenses(421)(547)(968)(434)(619)(1,053)(922)(1,178)(2,100)Net profit/(loss)on ordinary activities before finance costs and taxation2,70718,46321,17

193、03,629(30,050)(26,421)6,554(28,699)(22,145)Finance costs6(128)(385)(513)(93)(279)(372)(196)(588)(784)Net profit/(loss)on ordinary activities before taxation2,57918,07820,6573,536(30,329)(26,793)6,358(29,287)(22,929)Taxation(expense)/credit(245)34(211)(327)54(273)(584)117(467)Net profit/(loss)on ordi

194、nary activities after taxation8 2,33418,11220,4463,209(30,275)(27,066)5,774(29,170)(23,396)Earnings/(loss)per ordinary share(pence)8 1.8314.1716.002.37(22.40)(20.03)4.39(22.17)(17.78)The total columns of this statement represent the Groups Statement of Comprehensive Income,prepared in accordance wit

195、h UKadopted International Accounting Standards(IAS).The supplementary revenue and capital accounts are both prepared under guidance published by the Association of Investment Companies(AIC).All items in the above statement derive from continuing operations.No operations were acquired or discontinued

196、 during the period.All income is attributable to the equity holders of the Group.The Group does not have any other comprehensive income/(loss)(31 May 2023:nil;30 November 2023:nil).The net profit/(loss)for the period disclosed above represents the Groups total comprehensive income/(loss).NM0824U-379

197、1214-26/50Contents Section 4:Financial statements 25Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Consolidated Statement of Changes in Equityfor the six months ended 31 Ma

198、y 2024Called up share capitalSharepremiumaccountSpecial reserveCapital reservesRevenue reserveTotalNotes000000000000000000For the six months ended 31 May 2024(unaudited)At 30 November 2023 1,356 69,980 66,100 18,660 6,266 162,362 Total comprehensive incomeNet profit for the period 18,112 2,334 20,44

199、6 Transaction with owners,recorded directly to equity:Ordinary shares bought back into treasury9 (7,631)(7,631)Share buyback costs (53)(53)Dividends paid17 (2,891)(2,891)At 31 May 2024 1,356 69,980 58,416 36,772 5,709 172,233 For the six months ended 31 May 2023(unaudited)At 30 November 20221,34468,

200、20370,93747,8036,421194,708Total comprehensive(loss)/income:Net(loss)/profit for the period(30,275)3,209(27,066)Transactions with owners,recorded directly to equity:Ordinary share issues 121,7811,793Share issue costs(4)(4)Share reissue costs written back2828Dividends paid27(2,969)(2,969)At 31 May 20

201、231,35669,98070,93717,5566,661166,490For the year ended 30 November 2023(audited)At 30 November 2022 1,344 68,203 70,937 47,803 6,421 194,708 Total comprehensive(loss)/income:Net(loss)/profit for the year (29,170)5,774(23,396)Transactions with owners,recorded directly to equity:Ordinary share issues

202、 12 1,781 1,793 Share issue costs (4)(4)Ordinary shares bought back into treasury (4,802)(4,802)Share buyback costs (35)(35)Share reissue costs written back 27 27 Dividends paid37 (5,929)(5,929)At 30 November 2023 1,356 69,980 66,100 18,660 6,266 162,362 1 4th interim dividend of 1.125p per share fo

203、r the year ended 30 November 2023,declared on 7 December 2023 and paid on 12 January 2024 and 1st interim dividend of 1.125p per share for the year ending 30 November 2024,declared on 15 March 2024 and paid on 26 April 2024.2 4th interim dividend of 1.100p per share for the year ended 30 November 20

204、22,declared on 7 December 2022 and paid on 13 January 2023 and 1st interim dividend of 1.100p per share for the year ended 30 November 2023,declared on 13 March 2023 and paid on 19 April 2023.3 4th interim dividend of 1.100p per share for the year ended 30 November 2022,declared on 7 December 2022 a

205、nd paid on 13 January 2023;1st interim dividend of 1.100p per share for the year ended 30 November 2023,declared on 13 March 2023 and paid on 19 April 2023;2nd interim dividend of 1.100p per share for the year ended 30 November 2023,declared on 7 June 2023 and paid on 14 July 2023 and 3rd interim di

206、vidend of 1.100p per share for the year ended 30 November 2023,declared on 20 September 2023 and paid on 27 October 2023.For information on the Companys distributable reserves,please refer to note 11 on page 34.The notes on pages 28 to 37 form part of these financial statements.NM0824U-3791214-27/50

207、Contents26 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 660031 May 2024(unaudited)31 M

208、ay 2023(unaudited)30 November 2023(audited)Notes000000000Non current assetsInvestments held at fair value through profit or loss12 188,694175,627175,540Current assetsOther receivables 484 835618Current tax asset 195 134 130 Cash collateral pledged with brokers 343 1,0861,538Cash and cash equivalents

209、 73 1945,276Total current assets 1,095 2,2497,562Total assets 189,789 177,876 183,102Current liabilitiesOther payables(2,338)(1,463)(1,988)Derivative financial liabilities held at fair value through profit or loss12(5)(559)(890)Bank overdraft(15,213)(9,364)(17,862)Total current liabilities(17,556)(1

210、1,386)(20,740)Net assets 172,233 166,490 162,362 Equity attributable to equity holdersCalled up share capital10 1,356 1,356 1,356Share premium account 69,980 69,980 69,980Special reserve 58,416 70,937 66,100Capital reserves 36,772 17,55618,660Revenue reserve 5,709 6,6616,266Total shareholders funds

211、172,233 166,490 162,362 Net asset value per ordinary share(pence)8 138.24 122.79 123.58 The financial statements on pages 24 to 37 were approved and authorised for issue by the Board of Directors on 31 July 2024 and signed on its behalf by Adrian Brown,Chairman.BlackRock Energy and Resources Income

212、Trust plcRegistered in England,No.5612963Consolidated Statement ofFinancial Positionas at 31 May 2024The notes on pages 28 to 37 form part of these financial statements.NM0824U-3791214-28/50Contents Section 4:Financial statements 27Job No:52409Proof Event:17Black Line Level:4Park Communications LtdA

213、lpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Consolidated Cash Flow Statementfor the six months ended 31 May 2024Six monthsended31 May2024(unaudited)Six months ended 31 May 2023(unaudited)Year ended 30 November 2023(audited)000000000Opera

214、ting activities:Net profit/(loss)on ordinary activities before taxation 20,657(26,793)(22,929)Add back finance costs513372784 Net(profit)/loss on investments and derivatives held at fair value through profit or loss(including transaction costs)(19,011)29,49727,606Net amount for capital special divid

215、ends received(86)Net loss/(profit)on foreign exchange135(6)Sales of investments held at fair value through profit or loss61,48453,13397,330Purchases of investments held at fair value through profit or loss(56,512)(51,272)(93,247)Decrease/(increase)in other receivables 20444(134)Increase in other pay

216、ables253515471(Increase)/decrease in amounts due from brokers (70)1,1001,496 Increase/(decrease)in amounts due to brokers 23(4,838)(4,269)Net movement in cash collateral held with brokers 1,195(801)(1,253)Net cash inflow from operating activities before taxation8,737 9065,849Taxation on investment i

217、ncome included within gross income(276)(304)(494)Net cash inflow from operating activities8,461 6025,355Financing activitiesInterest paid(513)(372)(784)Receipts from share issues1,7931,793 Share issue costs paid(58)(59)Shares bought back into treasury(7,557)(4,802)Share buyback costs(53)(35)Dividend

218、s paid(2,891)(2,969)(5,929)Net cash outflow from financing activities (11,014)(1,606)(9,816)Decrease in cash and cash equivalents(2,553)(1,004)(4,461)Effect of foreign exchange rate changes(1)(35)6Change in cash and cash equivalents(2,554)(1,039)(4,455)Cash and cash equivalents at start of period/ye

219、ar(12,586)(8,131)(8,131)Cash and cash equivalents at end of period/year(15,140)(9,170)(12,586)Comprised of:Cash at bank73 1945,276Bank overdraft(15,213)(9,364)(17,862)(15,140)(9,170)(12,586)The notes on pages 28 to 37 form part of these financial statements.NM0824U-3791214-29/50Contents28 BlackRock

220、Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 66001.Principal activityThe principal activity of t

221、he Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010.The principal activity of the subsidiary,BlackRock Energy and Resources Securities Income Company Limited,is investment dealing and options writing.2.Basis of preparationThe half year

222、ly financial statements for the period ended 31 May 2024 have been prepared in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the Financial Conduct Authority and with the UK-adopted International Accounting Standard 34(IAS 34),Interim Financial Reporting.The half yearly

223、 financial statements should be read in conjunction with the Groups Annual Report and Financial Statements for the year ended 30 November 2023,which have been prepared in accordance with UK-adopted International Accounting Standards(IAS)in conformity with the requirements of the Companies Act 2006.I

224、nsofar as the Statement of Recommended Practice(SORP)for investment trust companies and venture capital trusts,issued by the Association of Investment Companies(AIC)in October 2019 and updated in July 2022,is compatible with UK-adopted IAS,the financial statements have been prepared in accordance wi

225、th guidance set out in the SORP.Adoption of new and amended International Accounting Standards and interpretations:IFRS 17 Insurance contracts(effective 1 January 2023).This standard replaced IFRS 4 and applies to all types of insurance contracts.IFRS 17 provides a consistent and comprehensive model

226、 for insurance contracts covering all relevant accounting aspects.This standard did not have any impact on the Company as it has no insurance contracts.IAS 12-Deferred tax related to assets and liabilities arising from a single transaction(effective 1 January 2023).The IASB has amended IAS 12 Income

227、 Taxes to require companies to recognise deferred tax on particular transactions that,on initial recognition,give rise to equal amounts of taxable and deductible temporary differences.According to the amended guidance,a temporary difference that arises on initial recognition of an asset or liability

228、 is not subject to the initial recognition exemption if that transaction gave rise to equal amounts of taxable and deductible temporary differences.These amendments might have a significant impact on the preparation of financial statements by companies that have substantial balances of right-of-use

229、assets,lease liabilities,decommissioning,restoration and similar liabilities.The impact for those affected would be the recognition of additional deferred tax assets and liabilities.The amendment of this standard did not have any significant impact on the Company.IAS 8 Definition of accounting estim

230、ates(effective 1 January 2023).The IASB has amended IAS 8 Accounting Policies,Changes in Accounting Estimates and Errors to help distinguish between accounting policies and accounting estimates,replacing the definition of accounting estimates.IAS 1 and IFRS Practice Statement 2 Disclosure of account

231、ing policies(effective 1 January 2023).The IASB has amended IAS 1 Presentation of Financial Statements to help preparers in deciding which accounting policies to disclose in their financial statements by stating that an entity is now required to disclose material accounting policies instead of signi

232、ficant accounting policies.IAS 12 International Tax Reform Pillar Two Model Rules(effective 1 January 2023).The IASB has published amendments to IAS 12 Income Taxes to respond to stakeholders concerns about the potential implications of the imminent implementation of the OECD pillar two rules on the

233、 accounting for income taxes.The amendment is an exception to the requirements in IAS 12 that an entity does not recognise and does not disclose information about deferred tax assets as liabilities related to the OECD pillar two income taxes and a requirement that current tax expenses must be disclo

234、sed separately to pillar two income taxes.Relevant International Accounting Standards that have yet to be adopted:IAS 1 Classification of liabilities as current or non current(effective 1 January 2024).The IASB has amended IAS 1 Presentation of Financial Statements to clarify its requirement for the

235、 presentation of liabilities depending on the rights that exist at the end of the reporting period.The amendment requires liabilities to be classified as non current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period.The amendment no l

236、onger refers to unconditional rights.Notes to the financial statementsfor the six months ended 31 May 2024NM0824U-3791214-30/50Contents Section 4:Financial statements 29Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT In

237、terim Rpt 2024T:0207 055 6500F:020 7055 6600IAS 1-Non current liabilities with covenants(effective 1 January 2024).The IASB has amended IAS 1 Presentation of Financial Statements to introduce additional disclosures for liabilities with covenants within 12 months of the reporting period.The additiona

238、l disclosures include the nature of covenants,when the entity is required to comply with covenants,the carrying amount of related liabilities and circumstances that may indicate that the entity will have difficulty complying with the covenants.None of the standards that have been issued but are not

239、yet effective are expected to have a material impact on the Group.3.IncomeSix monthsended31 May2024(unaudited)Six months ended 31 May 2023(unaudited)Year ended 30 November 2023(audited)000000000Investment income:UK dividends654 329 608 Fixed income332 227 453 Overseas dividends1,560 2,0554,578Overse

240、as special dividends154 800619Total investment income2,700 3,411 6,258 Other income:Bank interest2 2 Interest on collateral received8 7Option premium income418 652 1,209 428 6521,218 Total income3,128 4,063 7,476During the period,the Group received option premium income in cash totalling 418,000(six

241、 months ended 31 May 2023:652,000;year ended 30 November 2023:1,209,000)for writing covered call and put options for the purposes of revenue generation.Option premium income is amortised evenly over the life of the option contract and accordingly,during the period,option premiums of 418,000(six mont

242、hs ended 31 May 2023:652,000;year ended 30 November 2023:1,209,000)were amortised to revenue.At 31 May 2024,there was one open position(31 May 2023:nil;30 November 2023:one)with an associated liability of 5,000(31 May 2023:nil;30 November 2023:110,000).Dividends and interest received in cash during

243、the period amounted to 2,374,000 and 287,000(six months ended 31 May 2023:2,837,000 and 178,000;year ended 30 November 2023:5,107,000 and 482,000).Special dividends of nil have been recognised in capital during the period(six months ended 31 May 2023:101,000;year ended 30 November 2023:79,000).NM082

244、4U-3791214-31/50Contents30 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 66004.Investme

245、nt management feeSix months ended 31 May 2024(unaudited)Six months ended 31 May 2023(unaudited)Year ended 30 November 2023(audited)RevenueCapitalTotalRevenueCapitalTotalRevenueCapitalTotal000000000000000000000000000Investment management fee181 543 724 202606808 387 1,162 1,549Total181 543 724 202606

246、808 387 1,162 1,549The investment management fee is levied at 0.80%of gross assets per annum.Gross assets for the purposes of calculating the management fee equate to the value of the portfolios gross assets held on the relevant date as valued on the basis of applicable accounting policies,less the

247、value of any investments in in-house funds.The fee is allocated 25%to the revenue account and 75%to the capital account of the Consolidated Statement of Comprehensive Income.There is no additional fee for company secretarial and administration services.The Company is entitled to a rebate from the in

248、vestment management fee charged by the Manager in the event the Companys ongoing charges exceed the cap of 1.25%per annum of average daily net assets.The amount of rebate accrued for the six months ended 31 May 2024 amounted to nil(six months ended 31 May 2023:nil;year ended 30 November 2023:nil).Th

249、e rebate,if any,is offset against management fees and is allocated between revenue and capital in the ratio of total ongoing charges(as defined on page 142 of the Annual Report and Financial Statements for the year ended 30 November 2023)allocated between revenue and capital during the period.Notes

250、to the financial statementscontinuedNM0824U-3791214-32/50Contents Section 4:Financial statements 31Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 66005.Other operating expenses

251、Six monthsended31 May2024(unaudited)Six months ended 31 May 2023(unaudited)Year ended 30 November 2023(audited)000000000Allocated to revenue:Custody fee4 5 9 Auditors remuneration audit services128 24 48 Registrars fee17 18 35 Directors emoluments75 66 133 Broker fees13 12 24 Depositary fees8 9 17 M

252、arketing fees15 21 84 Printing and postage fees21 19 39 Legal and professional fees12 13 26 Directors search fees 6 38 Bank charges7 7 14 Stock exchange listings fees5 9 14 Other administration costs35 42 75 Write back of prior year expense accruals2(19)(21)240 232 535 Allocated to capital:Custody t

253、ransaction costs34 13 16 244 245 551 1 No non-audit services were provided by the Companys auditors in the six months ended 31 May 2024(six months ended 31 May 2023:none;year ended 30 November 2023:none).2 No expenses were written back during the period(six months ended 31 May 2023:miscellaneous fee

254、s,external Director evaluation fees,legal and professional fees;year ended 30 November 2023:miscellaneous fees,external Director evaluation fees,legal and professional fees).3 For the six months ended 31 May 2024,expenses of 4,000(six months ended 31 May 2023:13,000;year ended 30 November 2023:16,00

255、0)were charged to the capital account of the Statement of Comprehensive Income.The transaction costs incurred on the acquisition of investments amounted to 99,000 for the six months ended 31 May 2024(six months ended 31 May 2023:32,000;year ended 30 November 2023:89,000).Costs relating to the dispos

256、al of investments amounted to 21,000 for the six months ended 31 May 2024(six months ended 31 May 2023:19,000;year ended 30 November 2023:23,000).All transaction costs have been included within the capital reserves.NM0824U-3791214-33/50Contents32 BlackRock Energy and Resources Income Trust plclHalf

257、Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 66006.Finance costsSix months ended 31 May 2024(unaudited)Six months ended 31 May 2023(unaudit

258、ed)Year ended 30 November 2023(audited)RevenueCapitalTotalRevenueCapitalTotalRevenueCapitalTotal000000000000000000000000000Interest payable bank overdraft128 385 513 93279372 196 588 784Total128 385 513 93279372 196 588 784Finance costs for the Company are charged 25%to the revenue account and 75%to

259、 the capital account of the Consolidated Statement of Comprehensive Income.Subsidiary finance costs are charged 100%to the revenue account of the Consolidated Statement of Comprehensive Income.At 31 May 2024,the Group had an overdraft facility of the lower of 40 million(six months ended 31 May 2023:

260、40 million;year ended 30 November 2023:40 million)or 20%of the Groups net assets.7.DividendsThe Boards current dividend target is to declare quarterly dividends of 1.125 pence per share in the year to 30 November 2024,making a total of at least 4.500 pence per share for the year as a whole.A first i

261、nterim dividend for the year ending 30 November 2024 of 1,423,000(1.125 pence per share)was paid on 26 April 2024 to shareholders on the register on 29 March 2024.The Directors have declared a second interim dividend for the year ending 30 November 2024 of 1.125 pence per share.The total cost of the

262、 dividend was 1,394,000 and was paid on 15 July 2024 to shareholders on the Companys register on 14 June 2024.This dividend has not been accrued in the financial statements for the six months ended 31 May 2024,as under IAS,interim dividends are not recognised until paid.Dividends are debited directl

263、y to reserves.The third and fourth interim dividends will be declared in September 2024 and December 2024 respectively.Dividends on equity shares paid during the period were:Six monthsended31 May2024(unaudited)000Six months ended 31 May 2023(unaudited)000Year ended 30 November 2023(audited)0002nd in

264、terim dividend of 1.100p per share for the year ended 30 November 2023(2022:1.100p)1,478 3rd interim dividend of 1.100p per share for the year ended 30 November 2023(2022:1.100p)1,491 4th interim dividend of 1.125p per share for the year ended 30 November 2023(2022:1.100p)1,468 1,478 1,491 1st inter

265、im dividend of 1.125p per share for the year ending 30 November 2024(2023:1.100p)1,423 1,491 1,469 2,891 2,969 5,929 Notes to the financial statementscontinuedNM0824U-3791214-34/50Contents Section 4:Financial statements 33Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayL

266、ondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 66008.Consolidated earnings and net asset value per ordinary shareRevenue,capital earnings/(loss)and net asset value per ordinary share are shown below and have been calculated using the following:Six months

267、ended31 May2024(unaudited)Six months ended 31 May 2023(unaudited)Year ended 30 November 2023(audited)Net revenue profit attributable to ordinary shareholders(000)2,334 3,2095,774Net capital profit/(loss)attributable to ordinary shareholders(000)18,112(30,275)(29,170)Total profit/(loss)attributable t

268、o ordinary shareholders(000)20,446(27,066)(23,396)Equity shareholders funds(000)172,233 166,490162,362The weighted average number of ordinary shares in issue during each period on which the earnings per ordinary share was calculated was:127,790,523 135,151,964131,610,148The actual number of ordinary

269、 shares in issue at the period end on which the net asset value per ordinary share was calculated was:124,586,194 135,586,194131,386,194Earnings per shareRevenue earnings per share(pence)-basic and diluted1.83 2.37 4.39Capital earnings/(loss)per share(pence)basic and diluted14.17(22.40)(22.17)Total

270、earnings/(loss)per share(pence)basic and diluted16.00(20.03)(17.78)As at 31 May 2024(unaudited)As at 31 May 2023(unaudited)As at 30 November 2023(audited)Net asset value per ordinary share(pence)138.24 122.79 123.58Ordinary share price(pence)121.50 111.60 110.40There were no dilutive securities at t

271、he period end(six months ended 31 May 2023:nil;year ended 30 November 2023:nil).9.Reconciliation of liabilities arising from financing activitiesSix months ended 31 May 2024(unaudited)000Six monthsended31 May2023(unaudited)000Yearended30 November2023(audited)000Bank overdraft at beginning of period/

272、year17,862 14,34514,345Cash flows:Movement in overdraft(2,649)4,9813,517Bank overdraft at end of period/year15,213 9,36417,86210.Called up share capitalOrdinaryshares TreasurysharesTotal sharesNominal value(unaudited)numbernumbernumber000Allotted,called up and fully paid share capital comprised:Ordi

273、nary shares of 1 pence each:At 30 November 2023131,386,194 4,200,000 135,586,194 1,356 Ordinary shares repurchased into treasury(6,800,000)6,800,000 At 31 May 2024124,586,194 11,000,000 135,586,194 1,356 During the period ended 31 May 2024,6,800,000 shares were bought back into treasury(six months e

274、nded 31 May 2023:nil;year ended 30 November 2023:4,200,000)for a net consideration after costs of 7,684,000(six months ended 31 May 2023:nil;year ended 30 November 2023:4,837,000).NM0824U-3791214-35/50Contents34 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024

275、Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 660010.Called up share capital continuedDuring the period ended 31 May 2024,no shares were issued(six months ended 31 May 2023:1,

276、230,000;year ended 30 November 2023:1,230,000)for a net consideration after costs of nil(six months ended 31 May 2023:1,789,000;year ended 30 November 2023:1,789,000).Since 31 May 2024,no shares have been issued.Since 31 May 2024 and as at 29 July 2024,the Company has bought back 1,841,697 shares fo

277、r costs of 2,172,000.11.ReservesThe share premium account and capital redemption reserve are not distributable reserves under the Companies Act 2006.In accordance with ICAEW Technical Release 02/17BL on Guidance on Realised and Distributable Profits under the Companies Act 2006,the special reserve a

278、nd capital reserve of the Parent Company may be used as distributable reserves for all purposes and,in particular,the repurchase by the Parent Company of its ordinary shares and for payments such as dividends.In accordance with the Companys Articles of Association,the special reserve,capital reserve

279、s and revenue reserve may be distributed by way of dividend.The Parent Companys gain on the capital reserve arising on the revaluation of investments of 32,843,000(31 May 2023:gain of 13,039,000;year ended 30 November 2023:gain of 15,447,000)is subject to fair value movements and may not be readily

280、realisable at short notice,as such it may not be entirely distributable.The investments are subject to financial risks,as such capital reserves(arising on investments sold)and the revenue reserve may not be entirely distributable if a loss occurred during the realisation of these investments.The res

281、erves of the subsidiary company are not distributable until distributed as a dividend to the Parent Company.12.Financial risks and valuation of financial instrumentsThe Companys investment activities expose it to the various types of risk which are associated with the financial instruments and marke

282、ts in which it invests.The risks are substantially consistent with those disclosed in the previous annual financial statements with the exception of those outlined below.Market risk arising from price riskPrice risk is the risk that the fair value or future cash flows of a financial instrument will

283、fluctuate because of changes in market prices(other than those arising from interest rate risk or currency risk)whether those changes are caused by factors specific to the individual financial instrument or its issuer,or factors affecting similar financial instruments traded in the market.Local,regi

284、onal or global events such as war,acts of terrorism,the spread of infectious illness or other public health issues,recessions,climate change or other events could have a significant impact on the Group and the market price of its investments and could result in increased premiums or discounts to the

285、 Companys net asset value.Valuation of financial instrumentsFinancial assets and financial liabilities are either carried in the Consolidated Statement of Financial Position at their fair value(investments and derivatives)or at an amount which is a reasonable approximation of fair value(due from bro

286、kers,dividends and interest receivable,due to brokers,accruals,cash at bank and bank overdrafts).IFRS 13 requires the Group to classify fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements.The valuation techniques used by the G

287、roup are explained in the accounting policies note 2(h)as set out on page 100 of the Groups Annual Report and Financial Statements for the year ended 30 November 2023.Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value

288、measurement of the relevant asset.The fair value hierarchy has the following levels:Level 1 Quoted market price for identical instruments in active marketsA financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange,dealer,broker,industry g

289、roup,pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an arms length basis.The Group does not adjust the quoted price for these instruments.Level 2 Valuation techniques using observable inputs This category includes instruments val

290、ued using quoted prices for similar instruments in markets that are considered less than active,or other valuation techniques where all significant inputs are directly or indirectly observable from market data.Valuation techniques used for non-standardised financial instruments such as options,curre

291、ncy swaps and other over-the-counter derivatives include the use of comparable recent arms length transactions,reference to other instruments that are substantially the same,discounted cash flow analysis,option pricing models and other valuation techniques commonly used by market participants making

292、 the maximum use of market inputs and relying as little as possible on entity specific inputs.Notes to the financial statementscontinuedNM0824U-3791214-36/50Contents Section 4:Financial statements 35Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:Bl

293、ackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Over-the-counter derivative option contracts have been classified as Level 2 investments as their valuation has been based on market observable inputs represented by the underlying quoted securities to which these contracts ex

294、pose the Group.Level 3 Valuation techniques using significant unobservable inputs This category includes all instruments where the valuation technique includes inputs not based on market data and these inputs could have a significant impact on the instruments valuation.This category also includes in

295、struments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market.The Investment Manager considers observable data to

296、be that market data that is readily available,regularly distributed or updated,reliable and verifiable,not proprietary and provided by independent sources that are actively involved in the relevant market.The level in the fair value hierarchy within which the fair value measurement is categorised in

297、 its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement.If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs,that measurement is a Level 3 measurement.Assessing the significanc

298、e of a particular input to the fair value measurement in its entirety requires judgement,considering factors specific to the asset or liability including an assessment of the relevant risks including but not limited to credit risk,market risk,liquidity risk,business risk and sustainability risk.The

299、determination of what constitutes observable inputs requires significant judgement by the Investment Manager and these risks are adequately captured in the assumptions and inputs used in measurement of Level 3 assets or liabilities.Fair values of financial assets and financial liabilitiesThe table b

300、elow sets out fair value measurements using the IFRS 13 fair value hierarchy.Financial assets/(liabilities)at fair value through profit or loss at 31May 2024(unaudited)Level 1Level 2Level 3Total000000000000Assets:Equity investments186,532 186,532Fixed income investments 2,162 2,162Liabilities:Deriva

301、tive financial instruments written options(5)(5)186,5272,162 188,689 Financial assets/(liabilities)at fair value through profit or loss at 31May 2023(unaudited)Level 1Level 2Level 3Total000000000000Assets:Equity investments170,896 170,896Fixed income investments 2,714 2,017 4,731 Liabilities:Derivat

302、ive financial instruments commodity futures(559)(559)173,0512,017 175,068Financial assets/(liabilities)at fair value through profit or loss at 30November 2023(audited)Level 1Level 2Level 3Total000000000000Assets:Equity investments169,171 169,171Fixed income investments4,022 2,347 6,369 Liabilities:D

303、erivative financial instruments written options(110)(110)Derivative financial instruments commodity futures(780)(780)172,303 2,347174,650The investment in Vale debentures has been classified as Level 2 in the tables above for all periods as these are priced using secondary market pricing information

304、 provided by the Brazilian Financial and Capital Markets Association(ANBIMA).NM0824U-3791214-37/50Contents36 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:Blac

305、kRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 660012.Financial risks and valuation of financial instruments continuedAs at 31 May 2024,the investment in Gazprom has been valued at a nominal value of RUB0.01(31 May 2023:RUB0.01;30 November 2023:RUB0.01)due to lack of access to t

306、he Moscow Stock Exchange as a result of sanctions against Russia following the invasion of Ukraine.Following the suspension of the secondary listings of depositary receipts of Russian companies,the investment in Gazprom ADRs was transferred from Level 1 to Level 3.Towards the previous year end,the A

307、DRs in Gazprom were converted into equity shares of Gazprom.As at the period-end,this investment is considered a Level 3 financial asset.For exchange listed equity investments,the quoted price is the bid price.Substantially,all investments are valued based on unadjusted quoted market prices.Where su

308、ch quoted prices are readily available in an active market,such prices are not required to be assessed or adjusted for any business risks,including climate change risk,in accordance with the fair value related requirements of the Companys financial reporting framework.The Company may invest no more

309、than 10%of its net asset value in investments held through Stock Connect as set out on page 122 of the Groups Annual Report and Financial Statements for the year ended 30 November 2023.13.Related party disclosureDirectors emolumentsThe Board consists of four non-executive Directors,all of whom are c

310、onsidered to be independent of the Manager by the Board.None of the Directors has a service contract with the Company.The Chairman receives an annual fee of 42,000,the Chairman of the Audit and Management Engagement Committee receives an annual fee of 35,000,the Senior Independent Director receives

311、an annual fee of 31,000 and each of the other Directors receives an annual fee of 30,000.As at 31 May 2024,an amount of 11,000(31 May 2023:11,000;30 November 2023:11,000)was outstanding in respect of Directors fees.At the period end,interests of the Directors in the ordinary shares of the Company ar

312、e as set out below:31 May 202431 May 202330 November 2023Mr Adrian Brown(Chairman)35,00035,00035,000Mr Andrew Robson35,00035,00035,000Mrs Anne Marie Cannon115,000n/an/aMrs Carole Ferguson14,50510,00014,505Dr Carol Bell2n/a44,00050,8001 Mrs Cannon joined the Board with effect from 16 January 2024 and

313、 held no shares as at that date.2 Dr Carol Bell retired from the Board with effect from 15 March 2024.Since the period end and up to the date of this report there have been no changes in Directors holdings.Significant HoldingsThe following investors are:a.funds managed by the BlackRock Group or are

314、affiliates of BlackRock,Inc.(Related BlackRock Funds);orb.investors(other than those listed in(a)above)who held more than 20%of the voting shares in issue in the Company and are as a result,considered to be related parties to the Company(Significant Investors).Total%of shares held by Related BlackRo

315、ck FundsTotal%of shares held by Significant Investors who are not affiliates of BlackRock Group or BlackRock,Inc.Number of Significant Investors who are not affiliates of BlackRock Group or BlackRock,Inc.As at 31 May 20240.75n/an/aAs at 30 November 20230.70n/an/aAs at 31 May 20230.95n/an/aNotes to t

316、he financial statementscontinuedNM0824U-3791214-38/50Contents Section 4:Financial statements 37Job No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 660014.Transactions with the Inves

317、tment Manager and AIFMBlackRock Fund Managers Limited(BFM)provides management and administration services to the Group under a contract which is terminable on six months notice.BFM has(with the Groups consent)delegated certain portfolio and risk management services,and other ancillary services,to Bl

318、ackRock Investment Management(UK)Limited(BIM(UK).Further details of the investment management contract are disclosed on page 53 of the Directors Report in the Companys Annual Report and Financial Statements for the year ended 30 November 2023.The investment management fee due for the six months ende

319、d 31 May 2024 amounted to 724,000(six months ended 31 May 2023:808,000;year ended 30 November 2023:1,549,000).At the period end 1,088,000 was outstanding in respect of these fees(31 May 2023:1,187,000;30 November 2023:742,000).The Company is entitled to a rebate from the investment management fee ch

320、arged by the Manager in the event the Companys ongoing charges exceed the cap of 1.25%per annum of average daily net assets.The amount of rebate accrued to 31 May 2024 amounted to nil(six months ended 31 May 2023:nil;year ended 30 November 2023:nil).Any final rebate for the full year ending 30 Novem

321、ber 2024 will not crystallise and fall due until the calculation date of 30 November 2024.In addition to the above services,BIM(UK)has provided the Group with marketing services.The total fees paid or payable for these services for the period ended 31 May 2024 amounted to 15,000 excluding VAT(six mo

322、nths ended 31 May 2023:21,000;year ended 30 November 2023:84,000).Marketing fees of 121,000(31 May 2023:43,000;30 November 2023:106,000)were outstanding at 31 May 2024.The ultimate holding company of the Manager and the Investment Manager is BlackRock,Inc.,a company incorporated in Delaware,USA.15.C

323、apital commitments and contingent liabilitiesThe Group had no capital commitments at 31 May 2024(31 May 2023:one SPAC PIPE commitment for investment in Lifezone Metals;year ended 30 November 2023:none).There were no contingent liabilities at 31 May 2024(31 May 2023:none;30 November 2023:none).16.Pub

324、lication of non-statutory accountsThe 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 31 May 2024 and 31 May 2023 has not been reviewed o

325、r audited by the auditor.The information for the year ended 30 November 2023 has been extracted from the latest published audited financial statements,which have been filed with the Registrar of Companies unless otherwise stated.The report of the Auditors on those accounts contained no qualification

326、 or statement under Sections 498(2)or 498(3)of the Companies Act 2006.17.Annual resultsThe Board expects to announce the annual results for the year ending 30 November 2024 in January 2025.Copies of the annual results announcement can be obtained from the Secretary on 020 7743 3000 or at .The Annual

327、 Report and Financial Statements should be available at the beginning of February 2025,with the Annual General Meeting being held in March 2025.NM0824U-3791214-39/50ContentsJob No:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERI

328、T Interim Rpt 2024T:0207 055 6500F:020 7055 660038 BlackRock Energy and Resources Income Trust plclHalf Yearly Financial Report 31 May 2024Directors,management and other service providersDirectorsAdrian Brown(Chairman)Andrew Robson(Chairman of the Audit and Management Engagement Committee)Anne Marie

329、 Cannon(Senior Independent Director)Carole FergusonRegistered office(Registered in England,No.5612963)12 Throgmorton AvenueLondon EC2N 2DLAlternative Investment Fund Manager1BlackRock Fund Managers Limited212 Throgmorton AvenueLondon EC2N 2DLTelephone:020 7743 3000Investment Manager and Company Secr

330、etaryBlackRock Investment Management(UK)Limited212 Throgmorton AvenueLondon EC2N 2DLBanker,Custodian and DepositaryThe Bank of New York Mellon(International)Limited2160 Queen Victoria StreetLondon EC4V 4LARegistrarComputershare Investor Services PLC2The PavilionsBridgwater RoadBristol BS99 6ZZTeleph

331、one:0370 707 1476AuditorDeloitte LLP110 Queen StreetGlasgow G1 3BXStockbrokerWinterflood Securities Limited2The Atrium BuildingCannon Bridge25 Dowgate HillLondon EC4R 2GASolicitorGowling WLG(UK)LLP4 More London RiversideLondon SE1 2AU1 BlackRock Fund Managers Limited(BFM)was appointed as the Alterna

332、tive Investment Fund Manager on 2 July 2014.BlackRock Investment Management(UK)Limited continues to act as the Investment Manager under a delegation agreement with BFM.2 Authorised and regulated by the Financial Conduct Authority.NM0824U-3791214-40/50Contents Section 5:Additional information 39Job N

333、o:52409Proof Event:17Black Line Level:4Park Communications LtdAlpine WayLondon E6 6LACustomer:BlackRockProject Title:BRERIT Interim Rpt 2024T:0207 055 6500F:020 7055 6600Contact informationGeneral enquiries about the Company should be directed to:The Company SecretaryBlackRock Energy and Resources Income Trust plc,12 Throgmorton Avenue,London EC2N 2DLTelephone:020 7743 3000Email:W enquiriesThe Com