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outlined below - upgraded expectations and coming to assist the country in the coming winter.
Updated expectations for full year 2022
In response to increased pressure on European gas markets and associated concerns about electricity security of supply in the UK this winter, Drax continues to optimise its biomass generation and logistics. To accomplish this Drax is reprofiling biomass generation and supply from the summer to the winter, enabling it to provide high levels of reliable renewable electricity generation in the UK throughout the winter when demand is likely to be higher.
The Group also expects to provide additional support from pumped storage hydro at Cruachan Power Station, building on a strong year to date performance, which reflects a high level of system support activities.
Separately, at the request of the UK Government, Drax has now entered into an agreement with National Grid - in its capacity as the electricity systems operator - pursuant to which its two coal-fired units at Drax Power Station will remain available to provide a "winter contingency" service to the UK power system from October 2022 until the end of March 2023. The units will not generate commercially for the duration of the agreement and only operate if and when instructed to do so by National Grid.
Under the terms of the agreement, Drax will be paid a fee for the service and compensated for costs incurred, including coal costs, in connection with the operation of the coal units in accordance with the agreement.
Full year expectations
Reflecting these factors, Drax now expects that full year Adjusted EBITDA(1) for 2022 will be slightly above the top of the range of analyst expectations(2), subject to continued good operational performance.
Sir David Attenborough has warned against the ‘alarming’ practice of razing forests to fuel wood-burning power stations in Britain.
About 6 per cent of the UK’s total power comes from Drax, a wood-burning power station in Yorkshire which goes through seven million tonnes of biomass pellets a year.
It emits approximately 13million tonnes of carbon dioxide – making it Britain’s biggest emitter of the greenhouse gas – yet receives more than £800million of taxpayer subsidies a year by claiming to be a ‘green’ energy source.
While the power station insists burning wood is ‘renewable’ as trees grow back, critics say this is misleading as a mature tree could take 100 years to grow.
The warning comes as the House of Commons environmental audit committee announced it would investigate whether burning so-called ‘biomass’, as burning wood pellets is called, is fuelling deforestation.
Eco fanatics would rather continue bashing Drax and the UK, which has made some of the biggest changes in reducing emissions, while impoverishing large swaths of this country's population in the process, than take action against the real elephant in the room; that China burns more than half of all the coal consumed in the world and that is constantly increasing, now over 12 million tons a day, and we then buy their cheap product made with cheap dirty energy!! Makes you think where a lot of these groups get their money from and what the real objective of their paymasters is??
If they can produce such results (net/total profit, from both: operational and exceptional items) every time - then sp is quite justified. If there's growth then sp can go up too.
But profits are quite inconsistent and volatile, IMO - valuation is too high.
Totally agree. If eco warriors really knew what they were about they would focus on getting rid of plastic and cutting trade with China. Sir David is a great man, but he has been hoodwinked if he believes biomass is the problem. As for the HC environment committee they need to start thinking about who is going to pay for decommissioning the first generation of wind farms. Add that to the funding for Hinckley C. Nice big cost for someone, and all for nothing. Wind farms are fake news, and nuclear remains a high risk technology. Cut consumption if serious about the environment, but don't use Drax as the scapegoat for incompetence and ignorance elsewhere.
"- Biomass produced using sawmill and forest residuals, and low-grade roundwood, which often have few alternative markets and would otherwise be landfilled, burned or left to rot, releasing CO2 and other GHGs"
Do you believe everything that companies that you invest in say Mattw007?
"With 20,000 tonnes of wood pellets arriving at Drax every day, here are the numbers that tell the story of how the port of Immingham keeps more biomass coming in than any other in the world:"
Do you really think that 20,000 tonnes of Biomass pellets per day can be harvested from sawmill off cuts, forest residue and low grade wood that would otherwise be scrapped?
Even if it could be achieved, many sources would be needed and the cost of collecting cuttings and selective scraps from them would be prohibitive. The only way this amount of wood could be constantly sourced is forest stripping.
It has taken David Attenborough a long while to wake up to this low carbon con, that others raised years ago, but well done to him for having the courage to challenge the Green orthodoxy
https://theecologist.org/2017/apr/10/no-drax-theres-nothing-sustainable-about-big-biomass