Drax shares boosted by biomass news

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Shares in power firm Drax have risen after the company said it had made rapid progress in its plans to switch to using biomass fuel.The shares rose more than 6% despite the news that pre-tax profits had dropped to £190m last year from £338m the year before.The coal-fired Drax station in North Yorkshire is one of Europe’s largest.It said the first unit would be converted from coal to biomass in April, with another to follow in 2014.It eventually plans to convert three of its six generating units to biomass, which it says will halve its carbon footprint within five years.

via BBC News – Drax shares boosted by biomass news.

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