Committed to the world’s energy transition

Drax Group plc Annual report and accounts 2023

Our purpose: to enable a zero carbon, lower cost, energy future

Through our strategic pillars, that are aligned to net zero targets, we are delivering on our promise. This is how we are creating impact:

To be a leader in carbon removals

To be a global leader in sustainable biomass pellets

To be a UK leader in  dispatchable, renewable generation

We are creating opportunities for growth and attractive returns aligned to global decarbonisation efforts.

As many countries seek to decarbonise in a cost-effective manner, while protecting energy security and delivering a Just Transition, our purpose – to enable a zero carbon, lower cost energy future – is well aligned with these competing priorities.

The world must act now to address the climate crisis if we are to limit global warming to 1.5C above pre-industrial levels. We need more renewable energy, and more flexible energy systems to make the best use of intermittent renewables.

Crucially, we also need carbon removal technologies, like BECCS, to remove carbon from the atmosphere.

Download CEO’s Review

Will Gardiner, CEO

Andrea Bertone, Chair

Enabling a secure and sustainable future, together with you.

Over the last 15 years Drax has transitioned from a UK-based coal-fired power generator to an international renewable energy company. With the development of carbon removal opportunities utilising BECCS technology, I believe that Drax is at the forefront of the energy transition, and I am excited to be a part of that.

Download Chair’s Statement

Financial/ESG Highlights


Total revenue
(2022: £7,775m)


Adjusted EBITDA (excluding EGL) (1) (3)
(2022: £731m)

142.8 pence

Total basic earnings per share
(2022: 21.3 pence)


Total operating profit
(2022: £146m)

23.1 pence

Dividend per share
(2022: 21.0 pence)


Cash generated from operations
(2022: £320m)


Percentage of total UK renewable electricity generated
(2022: 11%)


Net debt (1) (2)
2022: £1,206m)


Total recordable incident rate
(2022: 0.44)

39 tCO2e/GWh

Group carbon intensity
(2022: 49 tCO2e/GWh)

486 ktCO2e

Group carbon emissions Scope 1 and 2 (location-based)
(2022: 669 ktCO2e)

3,534 ktCO2e

Group carbon emissions Scope 3
(2022: 3,123 ktCO2e)

Our role in energy security, tackling climate change, and a Just Transition

Energy security


In 2023 across its pumped storage, hydro and biomass assets, Drax provided 8% of the UK’s renewable power

The Global Role of BECCS and Carbon Dioxide Removals (CDRs)


Up to 9.5bn tonnes of carbon dioxide removals, via BECCS, could be required annually by 2050.

A Just Transition

The global energy market continued to see a transition to cleaner and more sustainable energy sources, advancements  in technology, and a growing emphasis on digitalisation. Environmental concerns, enhancing energy security, and meeting the evolving demands of a changing world remain high priorities for governments across the world.

Annual report and accounts 2023

ESG Performance Report 2023

ESG Databook 2023