UK-based Drax Power Group has said it will move forward with biomass projects after announcing fallen first-half profits.
The operator of the largest coal-fired power station’s pre-tax January-June profits were £141 million ($221 million) compared to £169 million 12 months previous.
As coal prices rise and the UK government subsidise more projects involving energy generated by renewable sources Drax will consider a switch to biomass.
‘We expect to convert progressively three of our six generating units to biomass within the next five years, the first in the second quarter of 2013,’ says Drax CEO Dorothy Thompson.
A proposed £675 million of investment into this project is set to be reviewed by Drax moving forward.