Drax Half-Year Report 2024
Will Gardiner, CEO of Drax Group, said: “Drax has delivered a strong operational performance, playing an important role supporting the UK energy system with dispatchable, renewable power, keeping the lights on for millions of homes and businesses, while supporting thousands of jobs throughout our supply chain.”
“As well as celebrating 50 years of operations in 2024, we are excited about the opportunities for Drax Power Station, including bioenergy with carbon capture and storage (BECCS). Both the National Grid ESO and the UK’s Climate Change Committee have recently reiterated that BECCS is important for the UK to achieve its decarbonization goals.”
“We look forward to working with the new UK Government to help grow the economy and take steps urgently to deliver a net zero electricity system by 2030. We believe that Drax and our partners across the Humber and Scotland can accelerate growth, create thousands of new jobs and channel billions in private investment into carbon capture and green energy projects, subject to the right government policies to support regional development plans.”
Highlights
- Adj. EBITDA growth driven by renewable generation, pellet production and Industrial & Commercial (I&C)
- Strong liquidity and balance sheet
- £515 million of cash and committed facilities at 30 June 2024
- £682 million of new facilities maturing 2027-2029 and repayment of £949 million of shorter-dated maturities
- Sustainable and growing dividend – expected full-year dividend up 12.6% to 26.0 p/share (2023: 23.1 p/share)
- Interim dividend of 10.4 p/share (H1 2023: 9.2 p/share) – 40% of full year expectation
- Up to £300 million two-year share buyback to commence in Q3 2024
