Drax Group PLC Updated expectations for full year 2022 (5930R)
06 Luglio 2022 - 6:46PM
UK Regulatory
TIDMDRX
RNS Number : 5930R
Drax Group PLC
06 July 2022
6 July 2022
Drax Group plc
("Drax", "the Group", "Drax Group", "the Company"; Symbol:
DRX)
Updated expectations for full year 2022
In response to increased pressure on European gas markets and
associated concerns about electricity security of supply in the UK
this winter, Drax continues to optimise its biomass generation and
logistics. To accomplish this Drax is reprofiling biomass
generation and supply from the summer to the winter, enabling it to
provide high levels of reliable renewable electricity generation in
the UK throughout the winter when demand is likely to be
higher.
The Group also expects to provide additional support from pumped
storage hydro at Cruachan Power Station, building on a strong year
to date performance, which reflects a high level of system support
activities.
Separately, at the request of the UK Government, Drax has now
entered into an agreement with National Grid - in its capacity as
the electricity systems operator - pursuant to which its two
coal-fired units at Drax Power Station will remain available to
provide a "winter contingency" service to the UK power system from
October 2022 until the end of March 2023. The units will not
generate commercially for the duration of the agreement and only
operate if and when instructed to do so by National Grid.
Under the terms of the agreement, Drax will be paid a fee for
the service and compensated for costs incurred, including coal
costs, in connection with the operation of the coal units in
accordance with the agreement.
Full year expectations
Reflecting these factors, Drax now expects that full year
Adjusted EBITDA(1) for 2022 will be slightly above the top of the
range of analyst expectations(2) , subject to continued good
operational performance.
Notes :
(1) Earnings before interest, tax, depreciation, amortisation,
excluding the impact of exceptional items and certain
remeasurements.
(2) As of 5 July 2022, analyst consensus for 2022 Adjusted
EBITDA was GBP613 million, with a range of GBP584-GBP635 million.
The details of this company collected consensus are displayed on
the Group's website.
https://www.drax.com/investors/announcements-events-reports/presentations/
Enquiries:
Drax Investor Relations: Mark Strafford
+44 (0) 7730 763 949
Media:
Drax External Communications: Ali Lewis
+44 (0) 7712 670 888
Website: www.Drax.com
END
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(END) Dow Jones Newswires
July 06, 2022 12:46 ET (16:46 GMT)
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