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Drax Group plc ( (GB:DRX) ) has shared an announcement.
Drax Group plc has signed a contract with the UK Government’s Low Carbon Contracts Company to operate its biomass units at Drax Power Station from April 2027 to March 2031 under a low-carbon dispatchable CfD scheme. The agreement, which includes a strike price of £109.90/MWh, aims to support UK energy security and renewable energy rollout, while offering potential savings of up to £3.1 billion over four years. The contract also emphasizes enhanced biomass sustainability requirements, ensuring all biomass is sustainably sourced and verified.
The most recent analyst rating on (GB:DRX) stock is a Hold with a £689.00 price target. To see the full list of analyst forecasts on Drax Group plc stock, see the GB:DRX Stock Forecast page.
Spark’s Take on GB:DRX Stock
According to Spark, TipRanks’ AI Analyst, GB:DRX is a Outperform.
Drax Group plc’s overall stock score reflects strong financial performance, particularly in cash generation and profitability, supported by positive technical indicators and a favorable valuation. The recent earnings call provided a positive outlook with strategic growth initiatives, though some challenges in specific market segments persist.
To see Spark’s full report on GB:DRX stock, click here.
More about Drax Group plc
Drax Group plc operates in the energy sector, focusing on low-carbon and renewable energy solutions. The company is known for its biomass power generation and is committed to supporting UK energy security and sustainability.
Average Trading Volume: 1,132,283
Technical Sentiment Signal: Buy
Current Market Cap: £2.45B
For an in-depth examination of DRX stock, go to TipRanks’ Overview page.