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Drax Power anounces output and earnings on the up Generator Drax Power announced a 23 per cent increase in earnings when it posted its half-yearly results today but voiced caution over its plans to convert one unit at its coal-fired plant in Yorkshire to burn only biomass. It cited regulatory uncertainty and said it was unlikely to make a decision on that project until next year. The group was originally targeting the end of 2010 to prove the investment case for the scheme. Earnings before interest, tax, depreciation and amortization rose to £184m in the six months ended 30 June compared with £150m over the same period last year. Revenue was also up, to £780m from £706.9m previously. "We remain cautious in our outlook for the commodity markets in which we trade. However, we will continue to benefit from our strong hedged position for 2010, 2011 and 2012," said chief executive Dorothy Thompson The group reported higher than expected output from its Drax power plant due to unseasonably cold weather early in the year, albeit with incremental volume at low margins. It now expects full year output of around 24TWh. Source: Utility Week © Faversham House Group Ltd 2010. News articles may be copied or forwarded
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