LONDON (dpa-AFX) - British renewable energy company Drax Group Plc (DRX.L) Wednesday said it expects fiscal 2021 adjusted EBITDA around the top end of current range of analyst expectations.
As of November 26, analyst consensus for 2021 adjusted EBITDA was 380 million pounds, with a range of 374 million pounds to 391 million pounds.
The outlook is subject to good operational performance during December, including baseload running of all four biomass units.
The company said the financial expectations do not include any Balancing Mechanism activity in December for the coal units.
The Group continues to expect the Customers business will return to profitability at the Adjusted EBITDA level for 2021.
Separately, the company said it is continuing to assess operational and strategic solutions to support the development of the SME supply business.
Since its last update on July 29, the company said its incremental power sales from the ROC units were 3.3TWh between 2022 and 2023, at an average price of £98.7/MWh.
Drax is hosting a Capital Markets Day for investors and analysts.
Will Gardiner, Drax Group CEO, said, 'We believe Drax can deliver growth and become a global leader in sustainable biomass and negative emissions and a UK leader in dispatchable, renewable generation. We aim to double our sustainable biomass production capacity by 2030 - creating opportunities to double our sales to Asia and Europe, where demand for biomass is increasing as countries transition away from coal.'
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