Drax Group releases half year results, earnings above analyst expectations

Drax Group Inc.
December 15, 2022
Category: Finance & Economics
Region: International

UK – The Group’s sustainable biomass pellet business has continued to support efforts to optimise biomass power generation and security of supply in the UK at times of higher demand this winter. As outlined at the Group’s half year results, in July 2022, there has been an incremental increase in costs in North America, primarily in transportation and utility costs. These cost increases have continued in the second half of 2022 and taken together with costs incurred in providing supply-side flexibility, production costs for the business are expected to be higher in 2022 and 2023. These increased costs have been considered in an adjusted transfer price. …CEO Will Gardiner said… “During the difficult winter ahead, we will continue to optimise our biomass operations to ensure that more renewable power is available, when the country needs it most.

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