UK-based power generator Drax has reported revenues of GBP640 million for the six months ended June 30, 2007, compared to GBP650 million in the same period in 2006.

The company said that its EBITDA rose by 21% to GBP288 million driven by improved margins delivered in the first half of 2007, realized through Drax’s progressive hedging strategy.

The plant availability of 87% was one of the leading operating performances among UK coal generation plants.

Dorothy Thompson, CEO of Drax, said: Drax has continued to deliver on its stated strategy over the last six months. Sticking to our strategy has enabled us to return nearly GBP600 million to shareholders since our listing in December 2005.

We are very pleased to announce that we have made an early start on our turbines upgrade project and are installing this month our first high-pressure turbine module. Fast tracking the project will bring early benefits in terms of engineering experience, and modest efficiency gains and carbon dioxide emissions reductions.