Yorkshire power firm sees earnings rise 30 per cent despite £44m pandemic impact

A Yorkshire power generation company has today reported that its earnings rose by 30 per cent in the first half of the year despite a multi-million pound impact from coronavirus.

Drax Group, which specialises in electrical power, saw its adjusted EBITDA hit £179m for the six months to the end of June, up 30 per cent from £138m in 2019.

It said that this included the estimated £44m impact of Covid-19, which was principally in its customers SME sector.

Will Gardiner, CEO of Drax Group, said: “With these robust half-year results, Drax is delivering for shareholders with an increased dividend while continuing to support our employees, communities and customers during the Covid-19 crisis.

“As well as generating the flexible, reliable and renewable electricity the UK economy needs, we’re delivering against our strategy to reduce the costs of our sustainable biomass and we’re continuing to make progress pioneering world-leading bioenergy with carbon capture technologies, known as BECCS, to deliver negative emissions and help the UK meet its 2050 net zero carbon target.

“National Grid stated this week that the UK can’t reach net zero by 2050 without negative emissions from bioenergy with carbon capture and storage.

“BECCS delivers for the environment and also provides an opportunity to create jobs and clean economic growth in the North and around the country.”