Charles Berry, Chairman of Drax, best known as the operator of an old school coal-fired power station, said at the company's annual general meeting on Wednesday that burning sustainable biomass in place of coal remains the strategic focus of the company.
"Reducing our carbon footprint is central to our business strategy and we continued to make good progress in fulfilment of this," Berry told shareholders, as he reviewed the group's performance in 2011.
The group has now embarked on the first of two planned outages for this year which will see the completion of its turbine upgrade project which it started in 2007.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Completion of the project will take Drax towards an overall efficiency of 40% which Berry said builds on the company's position as "the UK's most efficient coal-fired power station," while delivering savings of carbon dioxide emissions of one million tonnes each year.
The company's evolution into a greener energy producer is progressing well, Berry said, but the company needs an appropriate level of regulatory support. "To that end we await government's final decision on the future support levels for all renewable technologies, which is expected in the Spring with legislation in the Summer," Berry said.
JH
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
