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Drax Power reports 'robust' Q1; makes progress on decarbonisation strategy
StockMarketWire.com
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Power generation company Drax Power reported 'robust' performance in the first quarter of the year and ended its commercial coal generation amid progress on its decarbonisation strategy.
The company also completed the sale of its existing gas generation assets in January 2021, and acquired Canadian biomass producer Pinnacle Renewable Energy.
The acquisition of Pinnacle positions Drax advances 'our strategy to increase self-supply, reduce our own cost of biomass production and create a long-term future for sustainable bioenergy, which will pave the way for the development of negative emissions from Bioenergy with Carbon Capture and Storage,' the company said.
Pellet production performed well with 'good production and cost reduction plans on track,' it added.
The group's enlarged supply chain would have access to 4.9 million tonnes of operational capacity from 2022.
'Full year expectations for the Group remain underpinned by continued good operational availability for the remainder of 2021,' it added.
Story provided by StockMarketWire.com
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