Drax Biomass has announced Peter Madden as its chief executive officer of U.S. operations. Madden has nearly 30 years' experience in the forestry industry and will play a critical leadership role as Drax's workforce and investment in the U.S. grows.
Executive Editor offers a congratulations to Ed Billington on the recent sale of his pellet distribution business to Drax and offers some thoughts on what it says about Drax and pellet business in general.
Drax has announced the acquisition of Billington Bioenergy Ltd., the U.K.'s second largest wood pellet distributor. The move signals the power generator's intention to enter the country's growing biomass heat sector.
The Drax Group Plc announced 2014 full-year financial results, with Chief Executive Dorothy Thompson reporting that Drax's biomass transformation project was the company's main priority over the past year.
British power producer Drax reported a rise in 2014 pretax profit on Tuesday as 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.
Shares in British power producer Drax fell to their lowest in more than two years, wiping as much as 300 million pounds ($471 million) off its market value, after the government announced changes to a subsidy scheme for biomass plants.
It dominates the skyline in the eastern part of the city and now the Port of Hull's dedicated biomass terminal, built to support Drax Power Station's conversion to a lower carbon power generator has been officially opened.
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