Partly Cloudy

Partly Cloudy

max temp: 17°C

min temp: 10°C

ESTD 1874 Search

WIN A NEW HYUNDAI i10 - See the EADT on June 8 for full details

Ipswich: First half profits in line with expectations at Haven Power owner Drax

14:29 30 July 2013

Haven Power

Haven Power's offices in Ipswich

Archant

Electricity generator Drax, parent company of Ipswich-based energy retail business Haven Power, today reported reduced first half profits in line with expectations.

shares

The group, which owns the UK’s largest coal-fired power station at Drax, near Selby, in Yorkshire, reported underlying profits of £120million for the six months to June 30, down 22% from £154m in last year’s first half.

Drax said the decline reflected increased carbon costs, following changes in EU policy and the start of the UK carbon tax, but that it had delivered a good operating performance.

The period included the commissioning of the first of three generating units at Drax which it plans to convert from burning coal to sustainable biomass, in a move which will eventually make it a predominantly biomass-fuelled generator.

Drax said the unit, the largest anywhere in the world to have been converted from coal to biomass, had come on stream in April and was performing according to plan.

Work on commissioning new biomass receipt, storage and distrubition systems will start later this year.

Drax said that Haven Power, which sells energy into the business market, continued to represent a valuable alternative to trading through the wholesale market.

“Sales growth within the industrial and commercial and small and medium enterprise markets remains the business priority,” the group added.

“With significant growth achieved in the first half of the year we are confident in our ability to continuing to grow our power sales to business customers.”

shares

0 comments

The new Escape lounge at Stansted Airport.

A new business lounge at Stansted Airport has been used by more than 9,000 visitors in its first month.

Rooney Anand, chief executive of Greene King.

Proposals from pubs and brewing company Greene King designed to address concerns over its agreed acquisition of the Spirit Pub Company look set to be backed by the UK’s competition authority.

Peter Bennell of Haven Power.

Haven Power, the specialist supplier of electricity to UK businesses, has signed a deal with Thames Water worth more than £500million over the next five years.

Retail sales are

Retail sales are “bounding ahead” as falling prices and a boost to consumer spending power is giving retailers the most upbeat outlook for 27 years, according to new figures.

A Ryanair passenger plane after take off from Stansted Airport.

Budget airline Ryanair saw profits growth take off last year as a revamp designed to improve its image and attract business customers sent earnings soaring by 66%.

The New Anglia Growth Hub team, including its business growth advisers who offer free support to businesses in Suffolk and Norfolk.

New Anglia Growth Hub has beaten its target of providing support for 3,000 businesses in its first year.

Andrew Rowe, managing director of Concertus.

Andrew Rowe, managing director at Ipswich based Concertus Design & Property Consultants, has been appointed as finance director for SPACES, the new society that has been formed from a merger between SCALA (Society for Construction and Architecture in Local Authorities) and SCEME (Society of Electrical and Mechanical Engineers serving Local Government).

Greene King apprentice Tamara-Leigh Kirkham.

Greene King has been named VQ Large Employer of the Year for 2015, in recognition of its support for members of its workforce undertaking vocational qualifications (VQs).

Sizewell A and B

Staff at the redundant Sizewell A nuclear power station will have to wait to find out if their jobs are safe from planned redundancies.

The opening of Precision Marketing's new headquarters in Bury St Edmunds.

An expanding marketing services firm celebrated the official opening of its new head office in Bury St Edmunds yesterday.

Most read

Most commented

Topic pages