Drax wants renewable future as carbon tax bites into earnings

INCREASING carbon tax costs has hit earnings by power station operator Drax.

The Yorkshire-based power group said it is focused on increasing its renewable power generation from the current 20% to 50% by 2016.

Drax saw a fall in earnings before interest, tax, depreciation and amortisation (EBITDA) to £102m in the six months to June 30 from £120m a year ago.

After depreciation and finance costs due to the investment in biomass and losses on derivative contracts of £56m related to a foreign currency hedging progr... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...