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

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

Is something bad going to happen to the Stock Market

Jeffrey Gundlach the famed American inventor and business mogul believes that the global stock market is signalling 'something bad' is happening. Why would anyone listen? He has the pedigree and experience to make people sit up and listen. Gundlach was formerly the head of the $9.3 billion TCW Total Return Bond Fund, where he finished in the top 2% of all funds invested in intermediate-term bonds for the 10 years that ended prior to his departure. He was fired by TCW in 2009. In 2009, shortly after his firing from TCW, Gundlach founded Doubleline, along with Philip Barach and 14 other members of Gundlach's senior staff from TCW.  Barach was Gundlach's co-manager of the $12 Billion TCW Total Return bond fund.  In a February 2011 cover story, Barron's called him the "King of Bonds." Jeffrey Gundlach is of the opinion that the U.S. stock market will not be able to continue to diverge from global equity markets in the long-term. "I said [before...
Post a Comment
Read more

EcoCrops reports traditional Investors are looking at forestry investments

Traditional Investors interest for forestry investments is on the rise due to the high returns available and its ability to protect capital and the flat lining of other more traditional investments classes protect capital With the world’s lumber industry beginning to adapt to institutional capital’s stewarding requirements and the environmental, social and governance of the sector, more than ever before the sector seems ripe for the picking. With underlying demand for forest and timberland products continuing to increase across the world, the growth in the investor marketplace comes as little surprise. What is a surprise is just how fast investors are flocking in, driven by major growth for these products in powerhouses such as China despite China’s recent economic stagnation. Bob Flynn, director, international timber at RISI, told IPE Real Estate: “Even with the recent slowdown in China’s economy and construction, Chinese demand for wood is still increasing. China is the major ...
Post a Comment
Read more