The listed company reported a profit before tax of £463m for the six months ending 30 June 2024, up from £338m in the same period of 2023.
Adjusted EBITDA also rose from £417m in 2023 to £515m.
The Selby-based company said growth was driven by renewable generation, pellet production and its Industrial & Commercial (I&C) business.
RECOMMENDED READING:
Will Gardiner, CEO of Drax Group, said: “Drax has delivered a strong operational performance, playing an important role supporting the UK energy system with dispatchable, renewable power, keeping the lights on for millions of homes and businesses, while supporting thousands of jobs throughout our supply chain.
“As well as celebrating 50 years of operations in 2024, we are excited about the opportunities for Drax Power Station, including bioenergy with carbon capture and storage (BECCS). Both the National Grid ESO and the UK’s Climate Change Committee have recently reiterated that BECCS is important for the UK to achieve its decarbonisation goals.
“We look forward to working with the new UK Government to help grow the economy and take steps urgently to deliver a net zero electricity system by 2030. We believe that Drax and our partners across the Humber and Scotland can accelerate growth, create thousands of new jobs and channel billions in private investment into carbon capture and green energy projects, subject to the right government policies to support regional development plans.
“Outside of the UK, through our plans for global BECCS, we are continuing to develop opportunities to provide long-term, large-scale carbon removals and attractive opportunities for growth as part of a potentially trillion-dollar market.”
However: Matt Williams, campaigner for Cut Carbon Not Forests and Senior Advocate for the Natural Resources Defense Council, said of the results: “It is unacceptable that this company is burning the world’s forests and making money hand over fist from environmental harm.
“A large part of those profits come from public subsidies Drax is given by claiming that burning forests is good for the planet. Worse than that, Drax has told the Government it needs more subsidies after 2027 – at the same time as handing hundreds of millions of pounds to shareholders. Every time you pay your energy bill, you help pay Drax’s subsidies.
“A key early test of the Labour Government’s promise to deliver clean power, lower bills, and energy independence will be whether it ends the burning of trees in power stations.”
