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

Why Goldman Sachs thinks the Bull Market will continue

The World Stock Markets have nosedive over the past two weeks and has sparked concerns among many investors that a long-feared bear market might finally have begun.  The S&P 500 index is 7% below the all-time high. Goldman,  says the firm is confident that the bull market remains intact even despite the recent sell-off across the global markets.  5 Reasons Goldman Is now Bullish:  S&P 500 EPS is predicted to rise to 21% year-over-year in the third quarter.  Economic expansion is still in a mid-cycle.  Corporate return on equity is rising and at a high for this bull market.  Only 37% chance of a recession in the next 3 years according to Goldman's Economists  Return on Equity is rising  Concern For Investors A big concern for the bears of the investment world this year has been stock valuations that seem to be stretched. Goldman counters that rapid earnings growth has fueled only minor increases in stock prices this...
Post a Comment
Read more

Trumps biomass policy

In 2007 the USA Federal Government passed the US Renewable Fuel Standard which required ethanol blending with domestic oil in large quantities with frequent increases in amounts of ethanol being used.  The bill was passed to reduce the USA carbon footprint and increase the amount of renewable biofuel being used in the USA. Under the Trump administrations, they have been far less supportive of the biomass blending mandate, granting biofuel waivers to major industry players and allowing the trading of biomass credits to develop. Despite the less than active support for biofuel domestically Trump has been pushing his trade negotiators to get big concessions from his Chinese counterparts by asking them to lower their tariffs on biomass in particular biofuel. China's ethanol demand is expected to grow nearly sevenfold as the country prepares to introduce E10 fuel throughout the country next year. E10 fuel is a fuel using 10% ethanol and 90% petrol. U.S. trade negotiato...
Post a Comment
Read more

Eqtec signs MoU with Phoenix Biomass Energy worth about €10m

EcoCrops International reports that a Technology solution company Eqtec said on Monday it had signed a memorandum of understanding, with Phoenix Biomass Energy, a USA company located in California.  Phoenix Biomass Energy a power company, to supply the company's proprietary Eqtec Gasifier Technology for two power plants in California, USA. The two contacts to be signed are collectively are expected to be valued in the regions of €10m The Financial close is expected in the last fourth quarter of 2018 and the purchase contracts are expected to be signed and executed shortly after that Eqtec reported. Under the terms of the contact, Eqtec was the exclusive technology supplier of a 2MWe gasification plant and a 3MWe gasification plant to Phoenix for the 12 months from the date of the memorandum of understanding. 'We are delighted to be the exclusive supplier of technology to Phoenix Energy. The USA is a key country for waste to gasification technology and we are excited to ...
Post a Comment
Read more