Drax profit rises 9 percent on higher biomass power generation, pellet output

FILE PHOTO: The first phase of a new wind farm is seen next to Drax power station in Drax, northern England, September 2, 2010. REUTERS/Nigel Roddis - Copyright Nigel Roddis(Reuters)

By Reuters

Published on 26/02/2019 - 11:35•Updated 11/05/2024 - 02:59

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(Reuters) - British power producer Drax Group Plc reported a 9 percent rise in full-year core earnings on Tuesday, driven by higher levels of renewable power generation from its biomass units.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 250 million pounds for the year ended Dec. 31 from 229 million pounds a year earlier, also boosted by higher pellet production at lower costs.