Drax reports strong performance in first quarter

By Staff
2 Min Read

Drax Group has reported strong system support and generation performance for the first three months of 2024.

Drax anticipates its 2024 full-year adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to match analysts’ expectations, depending on ongoing operational performance.

As of 22nd April, Drax secured over £2.9 billion in contracted forward power sales for the years 2024 to 2026, covering its ROC, pumped storage and hydro generation assets, totalling 23.3TWh at an average price of £125.4/MWh.

Additionally, the group has contracted a further 3.4TWh of CfD generation for 2024 and 2025.

Drax Group Chief Executive Officer Will Gardiner said: “We continue to deliver a strong system support and generation performance, providing dispatchable, renewable power for millions of homes and businesses.

“We are excited about the opportunity to deliver bioenergy with carbon capture and storage (BECCS) at Drax Power Station, the country’s largest source of 24/7 renewable power by output.

“With a bridging mechanism and the right support from the government, our BECCS plans could help the UK meet its net zero targets and continue to support the country’s long-term energy security, while creating thousands of new jobs across the region.”

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