Drax Group released 2022 financial results on Feb. 23, reporting that the company produced 3.9 million metric tons of wood pellets at its North American facilities last year, up 27 percent when compared to the 3.1 million metric tons produced in 2021. According to Drax, the increased wood pellet production reflects a full 12 months’ worth of production from Pinnacle’s plants following the April 2021 acquisition. …In the U.K., Drax remained the largest source of renewable power by output, at 11 percent of annualized output. That includes generation from the company’s biomass, pumped storage and hydro generation assets. …Drax’s North American pellet production business reported adjusted EBITDA of £134 million last year, up 56 percent when compared to 2021. Overall, Drax reported adjusted EBITDA of £731 million, up from £398 million in 2021. Operating profit was $146 million last year, compared to $197 million in 2021.