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Energy: Drax To Gain Carbon Capture Clearance

CREDIT RESEARCH

Drax Group reported to be about to get clearance for carbon capture tech in UK power generation. Equity is biggest riser in SXXP but cash bonds unmoved.


  • Drax is reported (by UK Telegraph) to be about to get clearance for two carbon capture units from UK govt. Drax is one of the UK's largest power stations, having converted from coal to biomass (largely wood) from 2013-18. Biomass generation is controversial in itself... much of Drax's wood is imported and from cleared US forests, acc to some green groups.
  • Drax (NR/BB+/BBB-) alone generates 4% of UK power and is relatively levered (net debt-EBIT of 9x, only 1.9x interest cover on same basis and net debt/equity of 102%). It only has two secured cash bonds pricing this morning but indicating flat-to-wider (to 2bp) which is at odds with equity move.
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