Energy Markets
UK Drax profits fall as power prices drop, but buybacks are extended
Drax Group announced a 11% decline in its first-half core profit due to lower UK wholesale electricity prices. The ongoing energy market fluctuation continued to affect the British power company. Drax, a company that has converted coal-fired plants to run on biofuels, supplies about 5% (or 5,000 MWh) of Britain's electric power. The adjusted profit, or EBITDA fell to 460 millions pounds ($611million) in the first six months, down from 515million pounds during the same period in last year. The group stated that it did not expect to change its adjusted EBITDA for the entire year, which is 899-910 millions...