Drax is expected to profit from UK energy crisis until 2023
The owner of the Drax power station is expected to profit from Britain’s energy crisis until 2023 and will plough billions into doubling its production of wood pellets for burning by 2030 despite mounting opposition from environmentalists.
The FTSE 250 energy company’s shares hit seven-year highs on Wednesday after it told investors it aimed to invest £3bn by 2030. Part of that investment would be directed towards doubling production and sales of biomass pellets, which Drax uses at its North Yorkshire power plant as an alternative to burning coal.
Its claims that electricity produced in this way is “carbon neutral” is disputed, with green groups saying burning biomass produces emissions that contribute to the climate crisis.
Drax will fund the
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