Drax has reported a rise in its profits for the first half of 2024 and announced a £300 million share buyback.
For the six months ending 30 June 2024, Drax’s adjusted EBITDA was £515 million, up from £417 million in the same period in 2023.
Net debt decreased to £1,035 million from £1,274 million.
Adjusted basic earnings per share rose to 65.6 pence, compared to 46.0 pence the previous year.
The interim dividend per share increased to 10.4 pence from 9.2 pence in 2023.
Drax’s share buyback programme is set to begin in the third quarter of 2024 and will run for two years.
Will Gardiner, Chief Executive Officer 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 decarbonisation 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.”
