Power creating firm Drax had 99 per cent of generation from renewables last year, as the firm looks to help shore up UK energy security.
The company announced a series of new plants, including a 360Kt site in Alabama and 40Kt satellite plant in Arkansas, while its biomass, hydro and pumped storage elements in the UK continue to power homes against the backdrop rising energy bills due to war in Ukraine.
It said two of its biomass units underwent maintenance, while two coal units were brought into limited operations – but did not increase total carbon emissions, according to the group.
The firm added its small amount of biomass sourced from Russia and Belarus has been removed from the supply chain, with it now being sourced from north America and Europe – but the company warned this has led to higher prices and shortages.
The UK-based company also said its EBITDA (earnings before interest, tax, depreciation, amortisation) was near the top end of analysts expectations, around £570m.
Drax CEO Will Gardiner said it “helped to keep the lights on for millions of British homes and businesses.
“We advanced our strategy to increase biomass pellet production, with another 400Kt of capacity commissioned from two new pellet plants in the US.
“Drax is ready to invest £3bn this decade in delivering vital renewable energy technologies including BECCS, a carbon removal technology that is cost-effective but also the only one that generates reliable, renewable electricity while removing millions of tonnes of CO2 from the atmosphere.”