PARENT COMPANY. A type of holding company heading a group of companies controlling their ownership either directly or through other subsidiary companies. Normally, the parent company consolidates the balance sheets and annual accounts of the subsidiaries in its own accounts.

PAY-OUT. Part of a company’s profits set aside for dividend payments. It is expressed in ratio form and is the result of dividing the dividend by the net profit and multiplying the result by 100.

PELAMIS TECHNOLOGY. A generator which processes energy produced by waves. It takes its name from the sea serpent, Pelamis, and its structure is formed by three large articulated cylinders, 142 metres long by 3.5m in diameter, and is partially submerged in the sea. Each of these marine generators is capable of transforming the force of the swell into sufficient electrical energy to supply 1,500 homes. See WAVE ENERGY.

PHOTOVOLTAIC. See PHOTOVOLTAIC SOLAR ENERGY.

PHOTOVOLTAIC CELL. System for capturing solar radiation able to transform light energy into electricity.