Drax returns to profit as revenue tops £5bn

Drax CEO Will Gardiner

North Yorkshire-based power company Drax Group announced on Thursday its 2021 revenue rose about 20% to £5.09 billion and it made a pretax profit of £122 million compared to a loss of £235 million in 2020.

Total dividend will increase 10% to 18.8p.

Drax CEO Will Gardiner said the firm has repositioned itself from being a single-site fossil fuel generator to the “world’s leading sustainable biomass generation and supply business” with a strategy to be a global leader in sustainable biomass pellets.

Gardiner said: “2021 was a transformational year for Drax as we became the world’s leading sustainable biomass generation and supply company, whilst continuing to invest in delivering positive outcomes for the climate, nature and people.

“Over the past ten years Drax has invested over £2 billion in renewable energy and has plans to invest a further £3 billion this decade, supporting the global transition to a low-carbon economy.

“Our investment has reduced our emissions from power generation by over 95% and we are the UK’s largest producer of renewable power by output.

“We are proud to be one of the lowest carbon intensity power generators in Europe – a significant transformation from being the largest coal power station in Western Europe.

“We have significantly advanced our plans for bioenergy with carbon capture and storage (BECCS) in the UK and globally.

“By 2030 we aim to deliver 12 million tonnes of negative emissions and lead the world in providing a critical technology which scientists agree is key to delivering the global transition to net zero.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.