Drax plans GBP-2bn bioenergy-plus-CCS project

UK power producer Drax Group Plc (LON:DRX) plans to invest GBP 2 billion (USD 2.39bn/EUR 2.37bn) this decade in the development of two units under a bioenergy-with-carbon-capture-and-storage (BECCS) project at its North Yorkshire power station.

The company said in a statement that it has submitted an application for a Development Consent Order (DCO) to the Planning Inspectorate for the multi-billion-pound BECCS project after receiving feedback during two major public consultations.

The Planning Inspectorate will examine the plans before making a recommendation to the Secretary of State, with a final decision expected in 2023, according to the announcement. Construction work could begin as soon as 2024.

The two planned units will be able to capture at least 8 million tonnes of carbon dioxide (CO2) per year. Drax says that this makes it the largest carbon capture and storage (CCS) project in power globally.

“Drax aims to invest billions of pounds and create thousands of jobs developing BECCS in the UK, provided that the UK Government has in place policies to support the feasibility and delivery of negative emissions technologies,” CEO Will Gardiner commented.

Drax’s ultimate objective is to become a carbon-negative company by 2030.

(GBP 1 = USD 1.194/EUR 1.183)

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