Power giant Drax has nearly tripled operating profit, as earnings soared by 38 per cent as gas and hydro generating assets were bedded in.
The North Yorkshire operator, which has switched from coal to biomass in recent years as the largest greening-up project in the world now presses on with carbon capture and storage, acquired several plants from Scottish Power, significantly diversifying its energy mix.
Earnings increased from 拢102 million to 拢138 million, with operating profits up to 拢34 million from 拢12 million.
Outlook for the full year remains unchanged.
Will Gardiner, chief executive of Drax Group, said: 鈥淒rax Group has delivered strong profit and dividend growth in the first half of the year. Integration of our new hydro and gas generation assets is progressing well and the value the Group delivers from supporting the energy system has almost doubled.
鈥淒rax is supporting British business with innovative new energy services and, despite challenging market conditions, our customers business continues to grow. Our biomass cost reduction initiative and plans for expanded biomass self-supply are going well.
鈥淒rax wholeheartedly supports the 海角视频鈥檚 target of achieving net zero carbon emissions by 2050. Reducing our greenhouse gas emissions by half in the past year underscores Drax鈥檚 commitment to this goal. With the right investment and regulatory framework we could go further and Drax could become the world鈥檚 first carbon negative power station 鈥 something the 海角视频 Committee on Climate Change recognises will be crucial.鈥
