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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.
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