Selby based Drax is to commit £700 million to focus on biomass.
Drax, which suffered a share price fall last week when the government published a decision on renewable technologies, has hailed the move by government and said it will focus on becoming a predominantly biomass-fuelled generator company.
The business posted first-half revenue of £867.9m today and said its first-half statutory pre-tax profit declined to £141.2 million from £168.7 million, with profit attributable to equity shareholders falling to £120.9 million from £331.8 million last year.
Earnings per share plummeted to 33p in the first half of the year, from 91p last year on a statutory basis, and slipped to 29p from 32p in 2011 on an underlying basis.
Total revenue for the period was £867.9 million, compared with £866.3 million a year earlier.
