Drax Group PLC is a United Kingdom-based renewable energy company. Any information that you receive via FT.com is at best delayed intraday data and not "real time". Explore a comprehensive guide to our business model and investor relations. This has helped the UK to provide energy to consumers and businesses while maintaining its target of net zero by 2050. Copyright 2023 Surperformance. Our dispatchable power which can be ramped up and down, or switched on or off, at short notice to provide a flexible response to changes in electricity demand has a vital role to play in enabling the transition to more renewable energy and a more flexible energy system: generating renewable electricity when the sun doesnt shine and the wind doesnt blow. The Group employs 3,400 people in the UK and North America. It has operations in various areas, including electricity generation; electricity sales to business customers; and manufacturing of compressed wood pellets for use in the production of electricity. With an effective carbon removals policy and the right investment framework from the UK Government, we could deploy bioenergy with carbon capture and storage (BECCS) on two of our existing biomass generating units in the UK to remove 8Mt of CO2 each year by 2030. Drax Group PLC is a power generation business. [28] Protestors claimed that the company was asking for substantial subsidies to operate the new plant "in addition to the 2.36 million a day it already receives for burning biomass. Drax Group PLC is a United Kingdom-based renewable energy company. Drax Group's ambition is to become a carbon negative business by 2030, through innovative greenhouse gas removal technology. Public Fundamental Data provided by Morningstar, Inc. Youre viewing 5 of 14 executive team members. Drax operates a generation portfolio of sustainable biomass, hydro-electric and pumped hydro storage assets across four sites in England and Scotland. Sign up to receive our email newsletter to receive a regular roundup of Drax Group news and announcements, Bioenergy carbon capture usage and storage (CCUS / BECCS), Visit Skylark Centre and Nature Reserve, Drax Power Station. Worlds biggest carbon removals deal announced at New York Climate Week >. Drax operates a generation portfolio of sustainable biomass, hydro-electric and pumped hydro storage assets across four sites in England and Scotland. Proactive will on occasion use automation and software tools, including generative AI. Questions were raised over renewable-classed Canadian-sourced wood pellets used to produce power at Drax's North Yorkshire power station in a House of Lords debate. Profile data is unavailable for this security. The Customers segment is engaged in the supply of electricity and gas to non-domestic customers in the United Kingdom. Language links are at the top of the page across from the title. Drax Group plc - Disfold Data We are committed to sourcing sustainable biomass that achieves both decarbonisation and positive forest outcomes. The Pellet Production segment is engaged in the production and subsequent sale of biomass pellets at the Groups processing facilities in North America. One significant change was the emergence of vertically integrated companies, combining generation, distribution and supply interests. Peer performance insights compare the companys ESG performance to the performance of selected peers to help inform future ESG decisions and drive internal performance improvements. Our ambition is to become carbon negative by 2030. These cookies are used to deliver our website and content. This is content that excites and engages motivated private investors. Detailed Description Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. EBIT margins for Drax Group remained fairly unchanged over the last year, however the company should be pleased to report its revenue growth for the period of 53% to UK7.8b. Drax Group Culture | Comparably All content on FT.com is for your general information and use only and is not intended to address your particular requirements. Full year results for the twelve months ended 31 December 2022 >. Drax completes acquisition of Pinnacle Renewable Energy Inc. The Generation segment includes its power generation activities in the United Kingdom (UK). >. Pinnacle manufactures and distributes industrial wood pellets for thermal power biomass generators. Information about our business, partnerships and campaigns, as well as photos, graphics and multimedia assets for journalists, and educational materials for schools. Full year results for the twelve months ended 31 December 2022 >. Any opinions or estimates expressed herein are those of S&P Global Market Intelligence on the date of preparation and are subject to change without notice; however no such opinions or estimates constitute legal, investment or other advice. This is intended for information purposes only and is not intended as an offer or recommendation to buy, sell or otherwise deal in securities. It operates a generation portfolio of sustainable biomass, hydro-electric and pumped hydro storage assets across four sites in England and Scotland. Sign up to receive our email newsletter to receive a regular roundup of Drax Group news and announcements, Bioenergy carbon capture usage and storage (CCUS / BECCS), Visit Skylark Centre and Nature Reserve, Drax Power Station. Were building for a sustainable future in how we source our biomass, generate energy, remove carbon dioxide and function as a business. Drax Group (LSE:DRX) - Stock Price, News & Analysis - Simply Wall St Share price information may be rounded up/down and therefore not entirely accurate. It operates through three segments: Pellet Production, Generation, and Customers. Thinking globally and managing locally, Half year results for the six months ended 30 June 2022, Supporting a circular economy in the forests, Drax opens new pellet plant in Sweet Home Alabama, How biomass can enable a hydrogen economy, B2B energy supply and electrification solutions. See the recent changes among its 44 executives. The worlds leading sustainable biomass generation and supply business >. report available on the market, Understand Drax Group Plc position in the market, performance and strategic initiatives, Gain competitive edge and increase your chances of success. Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. Thismeans that we will be removingmore carbon dioxide from theatmosphere than we produce throughout our direct business operations globally creating a carbon negative company. The company also operates a global bioenergy supply business with manufacturing facilities at around 13 sites in the United States and Canada, producing compressed wood pellets for its own use and for customers in Europe and Asia. If indeed the case, Drax could face losing government subsidies through the Contract for Difference and Renewable Obligation schemes, which aim to encourage clean energy and ensure earnings for generators. Drax Group (LSE:DRX)s publicly funded subsidies could be at risk amid an investigation into the biomass power generators sustainability practices, Parliament heard on Tuesday. Data as of Jul 05 2023. Drax Group, located in North Yorkshire, United Kingdom, is an energy firm that is a power station and specializes in biomass fuel. Many companies experienced financial problems, and Drax Power Station's major customer went into administration, triggering financial difficulties for Drax. Drax Group Plc Locations - Headquarters & Offices - GlobalData Drax Group plc reports have an aggregate usefulness score of 4.8 based on 133 reviews. Have you found what you were looking for? History section provides information on new products, mergers, acquisitions, expansions, approvals, and many more key events. Understand the energy storage landscape for Drax Group Plc, drawing on intelligence spanning electrochemical, electromechanical, thermal and hydrogen storage. IT Client Prospector provides intelligence on Drax Group Plcs likely spend across technology areas enabling you to understand the digital strategy. . ProactiveInvestors is a publisher. Data delayed 15 minutes unless otherwise indicated. Worlds biggest carbon removals deal announced at New York Climate Week >. It owns and operates Drax Power Station, a coal-fired power station located near Selby, North Yorkshire. "[28] After ministers overruled objections from the planning authority and decided to approve the plant, a legal challenge was brought against the ministerial decision but failed in the courts in January 2021. Data delayed at least 20 minutes, as of Jul 05 2023 16:50 BST. Our power stations and projects are part of their communities. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by FT and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions. Drax Group plc (DRX.L) company profile & facts - Yahoo Finance Three generating companies and 12 regional electricity companies were created. Drax is enabling a zero carbon, lower cost energy future | We are a manufacturer of compressed wood pellets produced from sustainably managed working . Any personal data collected will be respected and protected and used for purposes of the newsletter only. Post-COVID, we will again welcome visits from schools, stakeholders and the public. Drax Groups ambition is to become a carbon negative business by 2030, through innovative greenhouse gas removal technology. Drax Group Holdings Limited | DBRS Morningstar Its subsidiaries include Abergelli Power Limited, Abbott Debt Recovery Limited, Alabama Pellets LLC, Amite BioEnergy LLC, Arkansas Bioenergy LLC, Baton Rouge Transit LLC, DBI O&M Company LLC, Demopolis Pellets LLC, Drax Biomass Acquisitions LLC, Drax Biomass Inc., Drax Biomass Holdings Limited and Drax Biomass Holdings LLC.
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