Cold weather spurs Drax revenue

Drax, the operator of Britain’s largest coal-fired power station, reported higher revenue for the full-year as the cold weather boosted power sales, but warned rising coal prices could pressure margins. Drax reported revenue of £1.65bn for 2010, comfortably beating the average forecast of £1.47bn. Pre-tax profit rose 61 per cent to £255m, but fell short of analysts’ estimates of £305.2m. The average price expensed for purchased CO2 emissions allowances was £12.6 per tonne, down from £14.3 per tonne last year.