Earnings are up 24 per cent to £225 million at Drax as it prepares for major investment in carbon capture and storage, while furthering its biomass operations.
The company has immediately made up the £21 million EBITDA shortfall from the sale of its gas-fired generation assets to VPI, and is forecasting to drive down debt further by the end of the year, while providing a “sustainable and growing dividend “ to investors.
Commenting on the first half trading, Will Gardiner, chief executive, said: "As the UK’s largest generator of renewable power by output, Drax plays a critical role in supporting the country’s security of supply. We are accelerating our investment in renewable generation, having recently submitted planning applications for the development of BECCS at Drax Power Station and for the expansion of Cruachan Pumped Storage Power Station.
