Half Year Results, the future of REGOs and our new EV finance partner: DES July Newsletter
Drax Energy Solutions
Your net zero partner: supporting and enhancing your decarbonisation journey with a range of solutions
Welcome back to our monthly newsletter, which shares Drax Energy Solution’s highlights from July. Keep reading to explore our latest updates, and don’t forget to subscribe to get every edition land straight into your inbox. ??
Drax Electric Vehicles team takes part in GreenFleet EV Rally: 5 days, 50 EVs and 1,500 miles!
Earlier this month, colleagues from across Drax participated in the GREENFLEET EV Rally , which showcased the UK's charging infrastructure and electric vehicle capabilities. ??
Multiple organisations, driving more than 50 EVs, took part, completing the course of approximately 1,500 miles from the Midlands to the West Country. They each stopped at 26 ‘A to Z’ checkpoints on route, and we were excited to host checkpoint I—the Innovation Hub—in the shadows of Drax Power Station.
Throughout the day, we spoke to some of the experts to get their views on the industry and its future. Listen to some of the highlights below, and ensure you’re following Drax Electric Vehicles ? to catch all the interviews over the coming weeks.
Drax Half Year Results for the six months ended 30 June 2024
On Friday, Drax Group announced its Half Year Results with strong operational and financial performance, improved outlook for 2024 and ￡300m buyback.
Will Gardiner , CEO of Drax Group, said: “Drax has delivered a strong operational performance, playing an important role supporting the UK energy system with dispatchable, renewable power, keeping the lights on for millions of homes and businesses, while supporting thousands of jobs throughout our supply chain.”
See the Half Year Results below:
What does the future hold for REGOs?
The surge in market value of Renewable Energy Guarantees of Origin (REGOs) has slowed and even partially receded. However, REGO prices are still significantly higher than they were several years ago. A shortage of supply following Brexit and the ensuing UK ineligibility of the equivalent European certificates, Guarantees of Origin (GoOs), has sustained the value. But what does the future hold for REGOs? ??
In our latest article, we explore the market developments and other considerations – from hourly matching and increased transparency to the ongoing requirement for proof of energy origin – to understand the market’s direction of travel. Read it here.
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Financing options to spread the cost of EV charging implementation
At Drax Electric Vehicles ? , we’re excited to be teaming up with EV financing expert Horizon Energy Ventures to offer organisations manageable ways to implement charging infrastructure now.
Horizon Energy Ventures offers flexible funding solutions that can cover the whole cost of organisations’ EV charging investments.
We’re particularly pleased to be able to offer the ‘sale and leaseback’ funding model, the first of its kind in the marketplace. Suitable for organisations with charging assets already installed, it offers the potential to free up large sums of capital for investing in other business-critical activities.
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Drax CEO responds to the latest Climate Change Committee report
The Climate Change Committee (CCC) released its Progress in reducing emissions: 2024 Report to Parliament this month. The report sets out the Committee’s assessment of how well we’re delivering against our legal targets for reducing emissions.
The message is clear: we are not on track to achieve our 2030 target without taking ambitious action, and the report recommends the need to finalise business models for large-scale deployment of engineered removals such as BECCS.
Will Gardiner, Drax Group CEO, responded to the report:
“Deploying BECCS is absolutely critical for the UK to achieve net zero, because it delivers reliable renewable power whilst permanently removing carbon dioxide from the atmosphere.”
Latest career opportunities
We’ve got lots of exciting opportunities at Drax Energy Solutions right now. Check them out below:
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