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The Guardian - UK

Business

Jillian Ambrose Energy correspondent

Drax announces £150m share buyback after record profits

Drax Will Gardiner Electricity United States

A general view of Drax power station in Selby, England, in 2020 — The Drax power plant in North Yorkshire. Drax has reported annual profits of £731m for 2022, up from £398m the year before. Photograph: Christopher Furlong/Getty Images

The owner of the Drax power plant will give its shareholders a £150m windfall after reporting its highest-ever annual profits, thanks in part to record electricity prices.

The FTSE 250 company also said it was pausing investment in its controversial carbon capture project while it waited for more details from the government on a possible subsidy.

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