Last checked at 
(Alliance News) - Drax Group PLC on Tuesday said its outlook for 2023 remains unchanged, with adjusted earnings before interest, tax, depreciation and amortisation expected to be in-line with analyst consensus.
Analyst consensus sees adjusted Ebitda at GBP1.16 billion in 2023, within a range of GBP1.1 billion and GBP1.2 billion. In 2022, Drax's adjusted Ebitda totalled GBP731 million.
Chief Executive Will Gardiner said: "Drax is a growing and sustainable, international business providing flexible, renewable energy and carbon removals solutions, via [bioenergy with carbon capture and storage], which put us at the heart of global efforts to deliver net-zero and energy security.
"Our plans to invest billions in critical renewable energy and carbon removal technologies will help to tackle the climate crisis and could create thousands of jobs whilst generating secure, renewable power. This investment is underpinned by our strong operational performance."
Drax outlined its ambition to be carbon negative by 2023. It aims to achieve this through three strategic pillars: to be a global leader in carbon removals, to be a global leader in sustainable biomass pellets and to be a UK leader in dispatchable, renewable generation.
As previously announced, Drax plans to invest GBP3 billion in two BECCS units at Drax Power Station. On Tuesday, it said it will expand on this plan to include two new-build BECCS plants and carbon capture and storage on a pellet plant, increasing the total potential investment to GBP7 billion between 2024 and 2030.
Shares in Drax were up 2.7% at 638.40 pence on Tuesday morning in London.
By Heather Rydings, Alliance News senior economics reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
