British energy company Drax Group's earnings before interest, tax, depreciation and amortization (EBITDA) rose to 250 million pounds ($329 million) for the year ending Dec. 31, 2018 from 229 million pounds in 2017, the company said on Tuesday.
Drax said its EBITDA increased by 9 percent year-on-year thanks to higher level of energy production from its biomass units.
'Drax is now one of the leading generators of flexible, low carbon and renewable electricity in the U.K,' said Will Gardiner, the group's chief executive officer.
Gardiner said that Drax performed well in 2018 by converting four of its six former coal-fired plants for use in the manufacture of biomass wood pellets, often made from compressed sawdust.
The company's strategy is in line with the U.K.'s plans to phase out coal-fired power plants by 2025.
The U.K. will set an emission limit on coal-fired power generators from 2025 forcing them to close if they are not fitted with carbon capture technology.
The decision was made in 2015 to reach the country's climate targets.
Drax said that biomass made up 75 percent of the company's electricity generation in 2018, up from 65 percent in 2017.
(1 pound = US$1.31)
By Murat Temizer
Anadolu Agency
energy@aa.com.tr