LONDON (ShareCast) - (Sharecast News) - Power generation firm Drax said on Wednesday that it had appointed Worley Europe to begin a front-end engineering design (FEED) study for its bioenergy with carbon capture and storage (BECCS) project.
Drax stated the programme of works would provide it with detailed design information and costings, which alongside confirmation of a financial model for BECCS and planning approval, would allow the FTSE 250-listed company to make a final investment decision in 2024, meaning its first unit would commence operation in 2027 and the second by 2030.

As well as the FEED study, Drax noted it would also commence site preparation works, including decommissioning and relocation work, creating space required to develop the new infrastructure for BECCS. The combined programme of works was expected to require a total capital investment of approximately £40.0m.

Chief executive Will Gardiner said: "Our investment in BECCS and the signing of this contract with Worley demonstrates Drax's commitment to deliver a vital technology which is urgently needed to address the climate crisis. It's no longer enough to reduce emissions - the world has got to start removing carbon from the atmosphere if we are to avert this climate crisis.

"The Government's ambition for BECCS and its backing for the East Coast Cluster further demonstrates the vital role this negative emissions technology at Drax can play in helping the UK reach its net zero targets, as well as creating and protecting thousands of jobs and kickstarting a new green economy."

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