Drax Group plc (DRXGF) CEO Will Gardiner on Q4 2021 Results - Earnings Call Transcript

Feb. 26, 2022 12:27 PM ETDrax Group plc (DRXGF), DRXGY
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Drax Group plc (OTCPK:DRXGF) Q4 2021 Earnings Conference Call February 24, 2022 6:00 AM ET

Company Participants

Will Gardiner - Chief Executive Officer

Andy Skelton - Chief Financial Officer

Conference Call Participants

John Musk - Royal Bank of Canada

Dominic Nash - Barclays

Mark Freshney - Credit Suisse

Chris Laybutt - Morgan Stanley

Martin Young – Investec

David Green - Boldhaven

Verity Mitchell - HSBC

Will Gardiner

Thank you and thanks everyone for joining the call. I’m going to just dive right in. I am on Page 5. So our purpose, which is enabling a zero-carbon, lower cost energy future is very much always at the core of what we do. And during 2021, that was really about sort of transforming Drax. We started the year by selling our gas assets. Then we moved to ending commercial coal generation at the end of March, moved from there to acquiring Pinnacle. And now I would say we are largely the largest UK pure-play renewable power company, producing more renewable power than the next two biggest producers combined. We are also the world’s leading biomass generation and supply company and are making good progress towards our ambition of becoming carbon negative by 2030. I would say equally important during 2021 that the global momentum for decarbonization continues to increase. And specifically, the importance of carbon removals and the role that BECCS can play to deliver that is increasingly being recognized. So in short, I very much feel that Drax is now very well-positioned to take advantage of growth opportunities in flexible renewable generation in the UK and in biomass and in BECCS globally.

If I turn to Page 6 and talk about some of the highlights of the year, again, a very strong delivery from our business during 2021, and I want to thank all

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