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Big freeze powers Drax earnings bonanza

By This Is Money
Updated: 04:32 EDT, 23 February 2011

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Record demand for power during the 'Big Freeze' provided a boost to 2010 profits at Drax Group, operator of the UK's biggest coal-fired power station.

Record output: Drax power station in Yorkshire

The company beat expectations with pre-tax profits up to £255m from £158m a year earlier thanks to strong hedging, record output and cost-cutting at its power station in North Yorkshire.

Chief executive Dorothy Thompson said Drax faced a 'challenging outlook' as coal prices continue to rise due to supply constraints.

To help offset carbon emissions at Drax - the UK's biggest emitter of CO² - Thompson said she was keen to expand use of organic matter as a fuel, known as biomass, but warned Drax would not invest more in the technology without support from government and regulators.

Rising commodity prices mean falling margins will dent Drax's 2011 profits, Thompson added.

Drax (up 6.2p at 401.1p) said the full-year dividend will be 32p compared with 13.7p in 2009.

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