00:00 Hello, I'm Michael Crosland, Business Reporter with the Yorkshire Post and we have news today
00:04 from Drax, the power plant operator, which has posted its results for the first six months
00:09 of the year. The firm has announced that its total operating profits have risen to £392
00:16 million for the six months ending 30 June, and that's up from £207 million for the
00:21 same period in 2022. The company has also posted an adjusted EBITDA, which excludes
00:27 the electricity generator levy of £453 million, up from £225 million the year before. This
00:35 does come, however, as Drax continues talks with the government on support for its bioenergy
00:39 with carbon capture and storage scheme. In March, Drax announced that it was pausing
00:44 its £2 billion investment into the project until it received further clarity from the
00:48 government on their support. Although carbon capture and storage schemes were given support
00:54 in the latest government budget, Drax said it needed its project to gain track one support,
00:59 without which it could become unbuyable. An existing subsidy scheme for biomass plants
01:05 is set to run out in 2027. In its latest announcement, Drax said it was still in formal discussions
01:11 with the UK government. Drax's use of biomass has come under fire from multiple environmental
01:17 groups as well as some MPs who claim that biomass is not carbon neutral. Drax, however,
01:23 maintains that the technique of energy production is vital to supporting net zero. I'm Michael
01:28 Crossland, Business Reporter with the Yorkshire Post.
01:30 [BLANK_AUDIO]
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