Drax stops sourcing biomass from Russia

UK power producer Drax Group Plc (LON:DRX) is no longer using any biomass sourced from Russia as a result of the country’s invasion of Ukraine.

“In regards to our biomass, we source the vast amount from North America. We have ceased the supply of the small percentage – less than 1% – of Russian biomass we use and are working with our suppliers and customers, to identify any further links to Russia,” chief executive Will Gardiner stated.

The CEO went on to say that the company is working closely with the UK government and national infrastructure organisations to manage security threats arising from the situation and to maintain its security of supply to all customers.

Last year, Drax acquired Canadian biomass producer and supplier Pinnacle Renewable Energy Inc and just a month ago announced the local business’ rebranding as Drax. Now, the group has 17 pellet plants and developments in the US and Canada.

Drax intends to double its annual pellet production capacity to 8 million tonnes as well as global pellet sales to 4 million tonnes by 2030.

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