{"id":74833,"date":"2017-02-21T11:42:12","date_gmt":"2017-02-21T11:42:12","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/drax-drops-17-earnings-renewable-energy-generation-booms\/"},"modified":"2025-09-19T08:46:56","modified_gmt":"2025-09-19T08:46:56","slug":"drax-drops-17-earnings-renewable-energy-generation-booms","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/drax-drops-17-earnings-renewable-energy-generation-booms\/","title":{"rendered":"Drax drops 17% in earnings, but its renewable energy generation booms"},"content":{"rendered":"

UK's power giant Drax dropped 17% in earnings, reaching\u00a0\u00a3140 million. Yet, the renewable energy amount it has generated has increased.<\/strong><\/em><\/p>\n

Bosses at Drax Group, which operates the power station near Selby, said strong operational performances in 2016 helped the business to respond to the financial challenge posed by \"difficult commodity markets,\" as reported by York Press.<\/p>\n

For the year ending December 31, 2016, Drax saw EBITDA (earnings before interest, tax, depreciation and amortization) fall from \u00a3169 million in 2015 to \u00a3140 million in 2016. During the mentioned period, 65% of\u00a0Drax's electricity was generated from from renewable biomass, up from 43% in 2015.\u00a0Meanwhile, it produced 16% of the UK's renewable electricity.<\/p>\n

Drax Group chairman Philip Cox believes 2016 was a \"pivotal\" year for the business, marking the completion of the biomass transformation project which started in 2012, and the announcement of a new strategy.<\/p>\n

\"Against a background of low wholesale electricity prices, and a volatile and demanding environment for renewable energy providers, the Group has again delivered strong operational performance.\u00a0<\/em>Following a comprehensive review, initiated in 2015, the Group's new strategy has been defined and is based on creating a more diversified earnings base that will produce higher quality returns in the long term. Central to this strategy, Drax aims to play an increasing role in delivering a robust low carbon energy system for the UK,<\/em>\" Cox added.<\/p>\n

According to Mr Cox, evidence of delivering the new strategy can already be seen in Drax's acquisition of business-to-business energy supplier Opus Energy and four projects to construct fast response Open Cycle Gas Turbine generation plants, York Press reported.<\/p>\n

Will Gardiner, chief financial officer of Drax Group, explained: \"The year-on-year change predominantly reflects one-off asset obsolescence charges of \u00a3109 million in 2015 and the \u00a353million increase in unrealised gains due to the increased value of our foreign currency purchase contracts.<\/em>\"<\/p>\n

Drax's pre-tax profits rocketed from \u00a359 million in 2015 to \u00a3197 million in 2016.<\/p>","protected":false},"excerpt":{"rendered":"

UK’s power giant Drax dropped 17% in earnings, reaching\u00a0\u00a3140 million. Yet, the renewable energy amount it has generated has increased. Bosses at Drax Group, which operates the power station near Selby, said strong operational performances in 2016 helped the business … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":49943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4713],"tags":[3295,3472,3298],"class_list":["post-74833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-in-the-timber-industry","tag-biomass","tag-drax","tag-power-plant","topic-wood-energy","area-europe"],"acf":[],"yoast_head":"\nDrax drops 17% in earnings, but its renewable energy generation booms<\/title>\n<meta name=\"description\" content=\"UK's power giant Drax dropped 17% in earnings, reaching\u00a0\u00a3140 million. 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