Member Article

Selby's Drax posts impressive results but warns of the year ahead

Drax, owners of the Drax power station between Selby and Goole in North Yorkshire, has reported an impressive year of financial results, despite increases in costs.

The firm has reported that pretax profits increased to an impressive £165.9 million in 2014, compared to £31.8 million for the same period the previous year, ending December 31.

It made more money from selling electricity but warned of a challenging year ahead due to an expected fall in profits from burning biomass in power plants.

Dorothy Thompson, chief executive of Drax, said: “External factors have been challenging, with regulatory headwinds in 2014 exacerbated by the recent major deterioration in commodity markets. In these conditions we are placing particular focus on business efficiencies and cost control measures.

“However, I am pleased that the key activities within our direct control have gone very well indeed. We will deliver our biomass transformation plans, converting three units to sustainable biomass, on time and on budget.

“We are delivering Europe’s largest decarbonisation project whilst producing 8% of the UK’s electricity. Renewable electricity from sustainable biomass is flexible and available 24/7, providing low carbon electricity, whenever it is needed.

“At the core of the Group is a very high quality power station, hugely important to the security of electricity supply in the UK.”

This was posted in Bdaily's Members' News section by Clare Burnett .