NORTH Yorkshire power station operator Drax has seen earnings rise by more than £50 million as the Group continues to expand its share of the energy market.

Drax Group, which owns the power plant near Selby, as well as an energy retail business and a biomass supply venture, reported a rise in earnings to £121 million for the first half of 2017.

However the period ending June 30, 2017 finished with a loss of £83 million for the group, which last year reported profits of £184 million for the same period.

The pre-tax loss was attributed to unrealised losses related to foreign currency hedging of £65 million, and the £367 million acquisition of Opus Energy and $35m LaSalle Bioenergy, as well as a £24 million refinancing.

During the six month period Drax completed the acquisition of Opus which joins its Haven Power brand, making it the largest challenger business to business energy retailer in the UK.

Elsewhere in the Group, LaSalle Bioenergy is Drax’s third US-based biomass pellet plants as the group seeks to self supply at least 30 per cent of the wood pellets for Drax Power Station.

Dorothy Thompson, chief executive of Drax Group said: “We have made good progress with our strategy during the first half of 2017, acquiring Opus Energy and a third compressed wood pellet plant, in addition to refinancing and implementing a new dividend policy.

“Central to our strategy is the delivery of targeted growth through deploying our expertise across our markets and, in so doing, diversifying, growing and improving the quality of earnings whilst reducing exposure to commodity market volatility.

“Delivering reliable renewable electricity remains at the heart of our business. We continue to produce at record levels, helping to keep the UK’s electricity system secure and supplying our customers through our retail business.

“With the right conditions, we can do even more. We are progressing our four new rapid response gas power projects and our research and innovation work has identified potentially attractive options to repurpose our remaining coal assets.

“We continue to play a vital role in the UK’s energy infrastructure and our strategy is helping to change the way energy is generated, supplied and used for a better future.”

Drax said it is working towards target earnings of £425 million by 2025, with more than a third of the figure coming from growth in its retail and biomass supply businesses.