Drax’s profits surge as high energy prices bolster power plant operator’s earnings Drax Power plant operator Drax Group today said its pre-tax profits for the first half of 2022 were almost four times higher than its pre-tax profits for the same period in 2021, after high electricity prices bolstered the Yorkshire firm’s business. The North Yorkshire company – that operates the coal and biomass fired Draw Power Station [...]
Drax prepared to delay power plant closures Drax prepared to delay power plant closures Electricity company Drax could continue operating its power plants beyond their planned closure next year to aid energy supply. The firm – which runs a coal plant in North Yorkshire – has called generators back into action to help balance a grid experiencing tight supply. Prices of gas and electricity have hit record highs as [...]
Drax hikes dividend as power firm heads back to black Drax hikes dividend as power firm heads back to black Power generator Drax this morning said that it would hike its interim dividend a tenth after getting back into profit in the first half of the year. For the first half, the FTSE 250 firm reported profit from continuing operations of £84m, swinging back into the black after a £57m loss last year. Energy firms [...]
Drax signs deal with MHI to use carbon capture tech June 10, 2021 Drax Group has today announced a long-term deal to use Mitsubishi Heavy Industries’s (MHI) carbon capture technology as it seeks to make its UK plant emissions negative by 2030. By using the tech at its biomass-fired power plant in Yorkshire, Drax said it could ultimately remove more carbon dioxide from the atmosphere than is emitted across its operations. [...]
FTSE 100 closes higher as tech stocks boost Wall Street May 24, 2021 London’s FTSE 100 closed higher this afternoon after posting its second straight weekly drop, as oil majors provided the biggest boosts to the index. Wall Street also opened higher as tech stocks showed signs of bouncing back from a poor month. The blue-chip index advanced 0.5 per cent over the dat’s trading, buoyed by gains [...]
Phase out: UK to have just one coal-burning plant as EDF eyes West Burton closure March 22, 2021 UK to have just one coal-burning plant as EDF eyes West Burton closure
Drax ditches plans for gas-fired power plants in climate push February 25, 2021 British power generator Drax has abandoned plans for new gas-fired power plants as it strives to become carbon negative by 2030. The UK firm had proposed to replace its existing coal units with gas-fired alternatives, but the company backed out in a statement on Thursday. Britain is aiming to close all coal-fired power plants by [...]
Drax invests £226m in biomass power ahead of coal plant closure February 8, 2021 British power company Drax will buy major Canadian biomass fuel producer Pinnacle for £226m, as it prepares for the closure of its coal power stations next year. Once the biggest polluter in the UK, the firm will cease burning coal at its two North Yorkshire units in March this year and will eventually close the [...]
Drax boss: We need to go further on carbon storage to hit net-zero commitments January 29, 2021 Tackling climate change requires global collaboration. As a UK-US sustainable energy company, with communities on both sides of the Atlantic, we at Drax are keenly aware of the need for thinking that transcends countries and borders. Joe Biden becomes the 46th President of my native country at a crucial time, ensuring there is global leadership [...]
Drax to cut jobs as it phases out coal next year February 27, 2020 Energy generator Drax said today it will stop burning coal in 2021, ahead of the government’s 2025 deadline. This was announced at the same time the company released its results for 2019. Earnings before interest, tax, depreciation and amortization (EBITDA) increased to £410m by the end of 2019, a 64 per cent year-on-year growth from [...]