Energy operator Drax – which bought former ScottishPower assets such as the Cruachan hydro site in Argyll – brought in an extra £36 million from its acquired hydro and gas assets.
The company, named after the massive coal-fired power stations in Yorkshire, is investing heavily in biomass, making a 52% reduction in carbon emissions.
It is developing its options for BioEnergy Carbon Capture and Storage (BECCS), which had the potential for large-scale carbon negative generation at the Drax Power Station.
In its financial highlights for the half year adjusted EBITDA was up 35% to £138 million, from £102 million. Interim dividend up 12.5% to £25 million, at 6.4 pence per share.
The Cruachan pumped hydro scheme was part of a £702 million portfolio acquired by Drax at the turn of the year.
Will Gardiner, chief executive of Drax Group said: "Drax Group has delivered strong profit and dividend growth in the first half of the year. Integration of our new Hydro and Gas generation assets is progressing well and the value the Group delivers from supporting the energy system has almost doubled.
"Drax is supporting British business with innovative new energy services and, despite challenging market conditions, our Customers business continues to grow. Our biomass cost reduction initiative and plans for expanded biomass self-supply are going well.
“Drax wholeheartedly supports the UK's target of achieving net zero carbon emissions by 2050. Reducing our greenhouse gas emissions by half in the past year underscores Drax's commitment to this goal.
"With the right investment and regulatory framework we could go further and Drax could become the world's first carbon negative power station - something the UK Committee on Climate Change recognises will be crucial.”
