Biofuel breakthrough
BRITAIN'S biggest coal-fired power station operator Drax yesterday launched a £2billion project to develop three biofuels plants.
Drax is teaming up with German turbine maker Siemens to build and run the new power stations, which will supply up to
10 per cent of the UK’s total electricity.
Work on the first is due to start in 2010, with the site expected to go into operation in 2014. It will burn crops, wood chips and other renewable products.
Drax, which produces 7 per cent of the country’s electricity at its massive Selby complex in North Yorkshire, will own 60 per cent of the project.
It will build two of the sites, at Immingham and Hull ports. The location of the third is under negotiation.
Dorothy Thompson, chief executive of Drax, said: “This is an exciting opportunity for Drax.”
In an update to investors Drax said yesterday that full-year profits would be slightly ahead of City forecasts.
Drax shares fell 33p to 581.50p.