Carbon Removal Project Pipeline

Drax has today become the latest energy giant to post bumper profits, confirming that pre-tax earnings almost doubled to £731m on the back of record high power prices.

The company said it had also further cemented its position as the UK’s largest renewable energy supplier, meeting 11 per cent of demand over the course of the year from its biomass, hydro, and pumped storage plants.

The performance allowed the firm to increase its dividend by 11.7 per cent to 21.0 pence per share.

“Drax delivered a strong performance in 2022, and played a significant role in ensuring security of supply during a challenging year for the UK’s energy system,” said Will Gardiner, CEO of Drax Group. “Our renewable generation – biomass, hydro and pumped storage – are a major source of power in the UK and during periods of peak demand when there was low wind and solar power, these assets collectively supplied up to 70 per cnet of the UK’s renewable power in certain periods.”