22nd Apr 2015 10:49
LONDON (Alliance News) - The outgoing Chairman of Drax Group PLC Wednesday said the company remains committed and on track to become a "predominantly" biomass fuelled generator at the annual general meeting, his last before retiring.
The power generation business and owner of the Drax Power Station in northern Yorkshire said Chairman Charles Berry made the comments in his last AGM address before stepping down to be replaced by Phil Cox, who was appointed as a non-executive director in January in anticipation of Berry's resignation.
On Wednesday, Drax said Cox also has been appointed as the chairman of the board's Nominations Committee and a member of the Remuneration Committee in addition to becoming chairman.
Outgoing Chairman Berry said the "business remains completely committed to becoming a predominantly biomass fuelled generator providing renewable power that is both sustainable and reliable", calling Drax "Europe's leading sustainable power specialist".
"In terms of sustainability, we've made great strides in the past year. Our biomass generation is delivering carbon savings of 86% compared to burning coal - that's significantly above the European Commission's best-practice benchmark of 70%," said Berry.
"We're on track to deliver carbon dioxide savings of 12 million tonnes a year upon completion of our biomass transformation, equivalent to removing 10% of the UK's cars from our roads," he added.
Drax shares were down 0.5% to 398.60 pence per share late Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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