The owner of the Drax power plant has reported its highest earnings since the coronavirus pandemic only weeks after the government said that controversial subsidies for biomass power had allowed it to make “unacceptably large profits”.
The energy minister Michael Shanks said at the time that the previous subsidy arrangement had allowed Drax to make “unacceptably large profits” and that the new deal would be a “step-change in value for money and sustainability”.
The profits are largely built on the billion-pound subsidies given to the North Yorkshire power plant every year to support its biomass generation, which is considered a form of renewable energy despite claims from climate scientists that it may increase emissions in the short-term.
It comes only weeks after government said biomass subsidies allowed Drax Group to make ‘unacceptably large profits’.
Will Gardiner, Drax Group’s chief executive, said: “We produced over 25% more dispatchable renewable power in 2024, keeping the lights on for millions of homes and businesses, while supporting thousands of jobs throughout our supply chain.”.
