Controversial UK Biomass Energy Giant Sees Earnings Jump By 84% | OilPrice.com

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UK power giant Drax sees 84% YoY increase in earnings to £731m, as it continues to receive £800m in green energy subsidies. As Brits face rising energy bills, is it time for a rethink on renewables?

Two MPs campaigning against its biomass subsidy urged the government to stop giving the company money, with one even accusing it of “greenwashing”.

The firm is also home to two coal-fired power units which have been left on standby this year to help National Grid stave off blackouts over the winter amid a Russian squeeze on energy supplies. “Our renewable generation – biomass, hydro and pumped storage – are a major source of power in the UK and during periods of peak demand when there was low wind and solar power, these assets collectively supplied up to 70% of the UK’s renewable power in certain periods”, said Will Gardiner, CEO of Drax Group.

“In response, the UK Government should accelerate its policy support for BECCS to make the UK a world leader in carbon removals, while attracting investment and delivering its net-zero targets.

 

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