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.
Ofgem found that Drax met only 37% of its obligations under the government’s community energy saving programme
The energy regulator has ordered power generator Drax to pay a record £28m for failing to help thousands of deprived households save...
British electricity generator Drax Power has paid a 28 million pound ($44 million) penalty for failing to meet obligations to fund energy-saving measures such as loft and cavity wall insulation for households in low-income areas.
Drax Power Ltd. recently commissioned a study from Frontier Economics that addresses the relative system cost of biomass and offshore wind in the U.K. The study determined the relative cost of offshore wind is significantly higher than biomass.
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