Business
Capital Markets Day - Update
Capital Markets Day - Update.
About this update from Drax Group Plc
[{"type":"text","content":"\n\n23 May 2023\n \nDrax Group plc\n(\"Drax\", \"the Group\", \"Drax Group\", \"the Company\"; Symbol: DRX)\n \nCapital Markets Day - progressing Global BECCS opportunities\n \nAmbition for the development of over 20Mt of carbon removals - 14Mt pa by 2030\n· New-build BECCS - two sites selected in US - targeting c.6Mt pa by 2030\n· Evaluating nine additional sites in US for greenfield and brownfield BECCS\n· Option for CCS on a pellet plant - targeting FID in 2024/25, commissioning in 2026\n· Targeting 8Mt pa at Drax Power Station by 2030\n· Establishing HQ for Global BECCS in Houston, Texas\n \nProgress on Global BECCS commercial arrangements\n· MoU with Respira for sale of up to 2Mt of Carbon Dioxide Removal (CDR) certificates\n· Other MoUs agreed for sale of CDRs - c.$300/t on small volumes\n· MoUs agreed with leading forestry and Transportation and Storage (T&S) companies\n \nAttractive portfolio of investment opportunities\n· c.£7bn of strategic growth opportunities between 2024 and 2030\n· 14Mt pa of carbon removals from BECCS, pellet production and pumped storage hydro\n· Targeting returns significantly in excess of the Group's cost of capital\n \n2023 outlook\n· Expectations for Adjusted EBITDA(1) remain in line with analysts' consensus estimates(2)\n \nDrax Group CEO, Will Gardiner said: \"The world's leading climate scientists at the UN's IPCC are clear - the planet cannot solve the climate crisis without the combination of reliable, renewable electricity and carbon removal technologies.\n \n\"Drax is a growing and sustainable, international business providing flexible, renewable energy and carbon removals solutions, via BECCS, which put us at the heart of global efforts to deliver net zero and energy security.\n \n\"Our plans to invest billions in critical renewable energy and carbon removal technologies will help to tackle the climate crisis and could create thousands of jobs whilst generating secure, renewable power. This investment is underpinned by our strong operational performance.\"\n \nCapital Markets Day\nDrax is today hosting a Capital Markets...