Drax Group

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For other uses of "Drax", see Drax (disambiguation).
Drax Group
Public (LSEDRX)
Industry Electrical power generation
Founded 2005
Headquarters Drax, North Yorkshire, England
Key people
Charles Berry, Chairman
Dorothy Thompson, Chief Executive
Tony Qunilan, Finance Director
Products Electrical power and byproducts of power product
Revenue £2,805.0 million (2014)[1]
£194.5 million (2014)[1]
£128.7 million (2014)[1]
Slogan "The Power to Provide"
Website www.draxgroup.plc.uk

Drax Group plc is a British electrical power generation company. The company's principal subsidiary is Drax Power Limited, owner of the Drax power station near Selby in North Yorkshire, the largest coal-fired power station in Western Europe which supplies about 7% of UK electrical consumption. The company is a constituent of the FTSE 250 Index.[2]

History[edit]

Drax power station was built in the 1970s by the Central Electricity Generating Board (CEGB). In the privatisation and breakup of the UK power industry it was transferred to privatised generating company National Power in 1990. National Power sold Drax power station in November 1999 to AES Corporation for £1.87 billion (US$3 billion).[3]

The plant was troubled by the fall in wholesale energy prices and the collapse of TXU Europe into administration.[4] TXU had taken 60% of its output. AES abandoned the plant to its creditors in August 2003, leaving a total debt of around US$2 billion.[3] In 2009 Drax Group acquired Haven Power giving it an outlet to sell its own electricity.[5]

On 15 December 2005 Drax Group plc floated its shares on the London Stock Exchange.[6]

Operations[edit]

Drax Power Station

The business of Drax Group is the sale of electricity to the wholesale market as well as the sale of products of power generation such as pulverised fuel ash. The Drax power station consists of 6 units of 660 MW each. Total capacity is around 4 GW which is equivalent to roughly 5% of total installed capacity in the UK. In 2009, the company produced 22.6 TWh of electricity or some 7% of all power production in the UK. Coal is the key fuel for the company and as of 2011 it burnt some 10 million tons of coal. Coal comes from domestic sources (5 million tons), with the remainder from overseas suppliers (US 2.5mt, Colombian 1.5mt, Russian 0.9mt).[7]

References[edit]

  1. ^ a b c "Preliminary Results 2014". Drax Group. Retrieved 28 March 2015. 
  2. ^ "FTSE UK Index Series Quarterly Review June 2009". FTSE Group. 10 June 2009. Retrieved 20 June 2009. 
  3. ^ a b "AES writes off £1.8bn as it hands over Drax power station to its creditors". The Independent. 3 August 2003. Retrieved 28 March 2015. 
  4. ^ Mark Tran. "TXU collapse sends shockwaves through energy industry". the Guardian. Retrieved 28 March 2015. 
  5. ^ "Drax finds a Haven". Growth Business. 6 March 2009. Retrieved 28 March 2015. 
  6. ^ "Drax powers ahead with £2.3bn flotation". This is Money. Retrieved 28 March 2015. 
  7. ^ Platts European Power Daily, Volume 14/Issue 94/16 May 2012

External links[edit]