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Drax outlines 拢3bn investment plan in continuing push into biomass

The Yorkshire firm has also issued a bullish trading update

Drax power station near Selby, North Yorkshire. Drax is aiming to become "carbon negative" by 2030(Image: PA)

Power generator Drax has outlined a £3bn investment plan after issuing a bullish update on its financial performance.

The North Yorkshire company has set significant new targets for pellet production and biomass sales as it continues its switch away from fossil fuels to more environmentally-friendly methods of power generation.

It said it wanted to develop further opportunities to use bioenergy with carbon capture and storage (BECCS) and was planning investment of £3bn between 2022 and 2030.

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The announcement from the firm came as a separate trading statement said that the firm’s adjusted EBITDA for 2021 would be around the top end of current range of analyst expectations.

CEO Will Gardiner said: “Drax has made excellent progress during 2021 providing a firm foundation for further growth. We have advanced our BECCS project – a vital part of the East Coast Cluster that was recently selected to be one of the 海角视频’s two priority CCS projects. And we’re now setting out a strategy to take the business forward, enabling Drax to make an even greater contribution to global efforts to reach net zero.

“We believe Drax can deliver growth and become a global leader in sustainable biomass and negative emissions and a 海角视频 leader in dispatchable, renewable generation. We aim to double our sustainable biomass production capacity by 2030 – creating opportunities to double our sales to Asia and Europe, where demand for biomass is increasing as countries transition away from coal.

“As a global leader in negative emissions, we’re going to scale up our ambitions internationally. Drax is now targeting 12m tonnes of carbon removals each year by 2030 by using bioenergy with carbon capture and storage (BECCS).