Drax Issues Q1, 2024 Trading Update

By Erin Voegele
Biomass Magazine
April 25, 2024
Category: Finance & Economics
Region: United States

Drax Group released a first quarter 2024 trading update, reporting that the company’s wood pellet production business has started the year well despite challenges. Drax Power Station also performed well during the quarter, according to the company. Drax said the wood pellet market remains challenging, but said “as a vertically integrated producer, user, buyer, and seller of biomass, Drax operates a differentiated model from its peers and sees the current global biomass market as representing a favorable balance of risks and opportunities.” The company also said it is positive on the outlook for biomass demand and it expects it to grow. Bioenergy with carbon capture and storage (BECCS) and the growing sustainable aviation fuel industry are both expected to create additional demand for wood pellets.

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