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UK Drax' EBITDA down by 10% in 2012  Join our daily free Newsletter

MENAFN - 19/02/2013

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(MENAFN) Drax' Chief Executive, Dorothy Thompson, announced that the coal-fired power producer's earnings fell by 10 percent in 2012 from the previous year, reported Reuters.

Thompson said that earnings before interest, taxes, depreciation, and amortization (EBITDA) reached USD461.3 million in the year, down from USD516.98 million in 2011.

In 2012's second half, the UK-based company, which owns one of Europe's biggest coal-fired power stations, managed to secure financing to help it carry on its biomass investment plans as growing coal prices hit the firm's profits.

It is worth noting that the government of the UK offers subsidies to lift the amount of energy generated from renewable sources to reach EU targets of 15 percent by the end of the current decade.

 






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