Skip to main content

Drax profits rise due to greater use of wood pellets.


Due to greater use of renewable power (wood pellets) Drax Group Plc recorded a 9% rise in full-year earnings.

The company reported a profit of £13.8 million for the full year to December 31, 2018. Compared to a pre-tax loss of £204 million for the previous year. Operating the UK’s largest power station in North Yorkshire it generated revenues of £4.23 billion in the period as opposed to £3.86 billion in 2017.

Drax was previously powered by coal but they converted four of its six coal-fired plants to use biomass wood pellets.  With wood pellets making up 75% of the company’s feedstock, energy in 2018 up by 65% from the previous year.

Will Gardiner, CEO of Drax Group, said: “Drax is now one of the leading generators of flexible, low carbon and renewable electricity in the UK.
“As the grid decarbonizes, our ability to support intermittent renewables will become increasingly important as we strive to deliver our purpose of enabling a zero carbon, lower cost energy future.”

He continued: “Drax performed well in 2018. Our commitment to operating safely and sustainably remains at our core.

“We commissioned our third pellet production plant, which contributed to our good results.”

James Grainger of EcoCrops International commented that it was good to see that you can be both ethically green and profitable.
Labels:

Comments

  1. Bruce DavidJune 10, 2019 at 11:10 AM

    Hello everyone..Welcome to my free masterclass strategy where i teach experience and inexperience traders the secret behind a successful trade.And how to be profitable in trading I will also teach you how to make a profit of $12,000 USD weekly and how to get back all your lost funds feel free to email me on(brucedavid004@gmail.com) or whatsapp number is +22999290178

    ReplyDelete

Post a Comment

Popular posts from this blog

Ecocrops reports A Solar Panels Use Space Tech to improve efficiency by 50%

Insolight a new solar business has developed new solar panels that offer yield s of up to 29% as compared to many panels on the market today which offer yields of around 17 to 19%.  They are achieved this by using an optical system that concentrates the light on tiny cells, similar to space satellites' panels systems. It’s the latest in a line of big improvements from the solar industry, which has seen a number of innovative launches amid lowering costs. The startup, which outlined its technology to its former university on Tuesday, decided to use highly efficient cells normally used to power satellites. These cells are expensive, so to keep costs down the team developed a layer of optical lenses, held in place with a frame and covered by protective glass, that focuses the light onto the cells by a factor of 100. That means the cells themselves, which measure one square millimeter each, only take up around half a percent of the surface area of the panel. Horizontal movements
1 comment
Read more

Industrial wood pellets are trading at an all-time high.

EcoCrops International reports that Industrial wood pellets, as opposed to domestic wood pellets, are currently trading at an all-time high.  With the Argus 90 day Industrial wood pellet index trading at US$210 per tonne, up strongly from July 2018 where they were trading at US$175. The steep increase in prices is primarily driven by higher demand from European Power Stations.  Such as new power station coming online in the Netherland, Belgium, and Italy.  And existing Power stations such as the huge UK Drax power station burning more wood pellets and burning less coal. This trend is set to increase due to a number of factors: The EU climate change targets for reducing its greenhouse emissions, transforming the EU carbon-based fuel (coal) police towards a low carbon economy by 2050.  With targets for the reductions of greenhouse emissions is set for 2020 and 2030. Germany’s plant to phase out all coal power stations by 2038.  And the increased efficiency of carbon capture a
1 comment
Read more

Secure your online wallets & be careful with online services

You should be wary of any service designed to store your money online. Many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance and security to be used to store money like a bank. Accordingly, you might want to use other types of Cyber currency wallets.  Otherwise, you should choose such services very carefully. Additionally, using two-factor authentication is recommended. Small amounts for everyday uses A Bitcoin wallet is like a wallet with cash. If you wouldn't keep a thousand dollars in your pocket, you might want to have the same consideration for your Bitcoin wallet. In general, it is a good practice to keep only small amounts of bitcoins on your computer, mobile, or server for everyday uses and to keep the remaining part of your funds in a safer environment. Backup your wallet Stored in a safe place, a backup of your wallet can protect you against computer failures and many hu
2 comments
Read more