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Drax: Subsidies for power giant questioned as annual profits soar

February 23, 2023

Via: Sky News

Gas prices reached record highs last year as Russia squeezed supplies to Europe in response to sanctions for its invasion of Ukraine, accelerating the shift away from fossil fuels and driving demand for renewables.

But as earnings soared for Drax Group, which provides 7% of Britain’s electricity, critics questioned whether it should continue to receive around £2.4m a day in public subsidies.

The company, which provides renewable power from biomass, hydro and pumped storage, posted annual adjusted core profit of £731m for 2022, up 83% from £398m in 2021.

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