|Bid||588.50 x 0|
|Ask||589.00 x 0|
|Day's range||580.50 - 594.00|
|52-week range||356.20 - 630.50|
|Beta (5Y monthly)||1.16|
|PE ratio (TTM)||N/A|
|Earnings date||24 Feb 2022|
|Forward dividend & yield||0.18 (3.05%)|
|Ex-dividend date||26 Aug 2021|
|1y target est||693.25|
In a world that is increasingly obsessed with reducing emissions, biomass as a source of energy is growing in popularity, but just how green is this form of energy?
Company’s shares hit seven-year high after revealing plans to invest £3bn despite questions over biomass
British power generator Drax aims to double its sustainable biomass production capacity and sales of the product by 2030, to capitalise on increasing demand from Europe and Asia as countries look to move away from coal. Drax, whose power stations provide around 6% of Britain's electricity, said it was targeting biomass pellet production of 8 million tonnes per annum (Mtpa) by 2030, compared with current production of 4 Mtpa. Strategic capital investment is expected to be around 3 billion pounds between 2022 and 2030, Drax said, as the new target will require over 3 Mt of new biomass pellet production capacity and other carbon capture facilities.