Recent Release | 24 Jul 2022

The Economic Impact of Drax Group in the U.K., U.S. and Canada

Economic Consulting Team

Oxford Economics

Drax Group (Drax) is the global leader in the production, generation, and supply of renewable power from sustainably sourced biomass, and a pioneer in carbon removal technology. Its purpose is to enable a zero carbon, lower cost energy future.

Our new report, commissioned by Drax, evaluates the contribution of the company’s own global operations, the economic activity supported by its procurement spending and the impact of the wage payments to employees. Our analysis shows that Drax‘s operations in the U.K., U.S., and Canada generated £3.1 billion in GDP in 2021 and supported over 35,000 jobs across these three markets. We also find that the activity generated by Drax’s power stations, pellet plants, and corporate offices, is also having a positive impact on local communities across the U.K., the U.S. and Canada.

About the team

Our economic consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques. Lead consultants on this project were:

Stephen Foreman

Associate Director, Economic Impact

+44 (0) 203 910 8107

Stephen Foreman

Associate Director, Economic Impact

London, United Kingdom

Stephen leads a team of economists who assess the economic impact of a variety of different firms and industries. Recent consultancy projects he has led include assessments for the World Travel and Tourism Council, Dubai Free Zones Council, the Aerospace Technology Institute, Funding Circle, Reckitt, and ASOS.

Stephen has also worked on Oxford’s Global Industry Service where he was responsible for forecasting the global transport sector, leading Oxford Economics’ industry research, and managing consultancy projects for industrial organisations.

Stephen joined Oxford Economics from the UK civil service, where he worked on a range of macroeconomic, fiscal, tax and welfare policy issues across HM Treasury, the Office for Budget Responsibility and the Department for Work and Pensions.

James Bedford

Senior Economist

+44 (0)203 910 8133

James Bedford

Senior Economist

London

James is an Economist working within the consultancy division of Oxford Economics.

James first joined Oxford Economics in July 2016 as part of his industrial training scheme, when he spent the year assisting the economic impact team with a wide range of projects. Following his industrial placement, James returned to Newcastle University to complete his BSc in Economics. For his dissertation, James was awarded the European Award for Aviation Economics by the German Aviation Research Society. He has re-joined the consultancy division working primarily with economic impact studies.

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