December 3, 2018 / 7:31 AM / a year ago

Drax, Iberdrola tweak plants deal after EU decision

Dec 3 (Reuters) - British power producer Drax Group Plc has tweaked the terms of its deal to buy UK generation facilities from Spain’s Iberdrola to share additional risks due to a recent EU decision on Britain’s state-supported back-up power scheme.

Drax said the November decision on the UK capacity market scheme had put at risk payments to plants it is buying in the 702 million pound deal and that it had agreed a risk-sharing scheme with Iberdrola as a result.

Drax may receive a payment of up to 26 million pounds in compensation under the amendments, it said, depending on the outcome of continuing applications to Brussels around the capacity market.

$1 = 0.7821 pounds Reporting by Noor Zainab Hussain in Bengaluru; editing by Patrick Graham

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