Drax Group has moved closer to its ambition to be carbon negative by 2030 by cutting the carbon emissions from its power generation by more than 90% in under 10 years.
Formerly the largest coal power station in Western Europe, Drax issued a positive half-year report highlighting how it has this year ended commercial coal generation to become a purely renewable power generator.
It said adjusted Ebitda from continuing and discontinued operations was up 拢7m to 拢186m for the six months ended June 30, also posting half-year operating profit of 拢84m, bouncing back from the comparable period鈥檚 loss of 拢57m.
Read more: Fuelling the future
In April the firm acquired Pinnacle Renewable Energy Inc. for 拢222m, and CEO Will Gardiner said the firm鈥檚 addition to the business, as well as its 500 employees, had transformed the group鈥檚 supply chain, making Drax the world鈥檚 leading sustainable biomass generation and supply business.
He said it had advanced its strategic objective by increasing production capacity, reducing cost and creating a platform for growth in third-party supply.
Meanwhile it said it is progressing well with the development of BECCS (Bioenergy with Carbon Capture and Storage) at Drax, with its planning application submitted for the power station and its selected technology partner.
Mr Gardiner said: 鈥淲e have had a great first half of the year, transforming Drax into the world鈥檚 leading sustainable biomass generation and supply company as well as the 海角视频鈥檚 largest generator of renewable power by output.
鈥淭he business has performed well, and we have exciting growth opportunities to support the global transition to a low-carbon economy.
鈥淒rax has reduced its generation emissions by over 90%, and we are very proud to be one of the lowest carbon intensity power generators in Europe - a huge transformation for a business which, less than a decade ago, operated the largest coal power station in Western Europe.
鈥淚n the past six months, we have significantly advanced our plans for BioEnergy with Carbon Capture and Storage (BECCS) in the 海角视频 and globally. By 2030 Drax could be delivering millions of tonnes of negative emissions and leading the world in providing a critical technology needed to tackle the climate crisis.
鈥淲e are pleased to be announcing a 10% increase in our dividend, and we remain committed to creating long-term value for all our stakeholders.鈥
