Drax Group PLC (DRX.L)
16 Jan 2018
Latest Key Developments (Source: Significant Developments)
Dec 20 (Reuters) - Drax Group Plc
Dec 12 (Reuters) - Drax Group Plc
Oct 27 (Reuters) - Drax Group Plc
Oct 25 (Reuters) - Drax Group Plc
Oct 12 (Reuters) - DRAX GROUP PLC
Ofgem says costs National Grid incurred in Drax contract did not meet test for an income adjusting event
Ofgem: Decision on National Grid's request to recoup spending on power station contracts . Ofgem sets National Grid cost targets for its role in balancing network and managing provision of black start services . Ofgem has decided that costs National Grid incurred under Drax contract did not meet test for an income adjusting event . These costs are paid for by generators and suppliers via balancing charges. . Ofgem has allowed claim for fiddler's ferry contract in full (54 mln stg) as it met criteria for an income adjusting event and costs were deemed outside National Grid's control . As a result of ofgem's decision, National Grid will bear up to 17.7 mln stg in costs itself, which is 30 per cent of costs of drax contract . National Grid will recover at least £95.3m via balancing charges on suppliers and generators (Bengaluru Newsroom: +91 80 6749 1136). Full Article
National Grid Plc
Drax Group Plc
Ofgem: Ofgem consults on request from National Grid to recoup spending on power station contracts . Is consulting on National Grid's request to recover costs of two contracts for grid services that it agreed with SSE and Drax following a tender process . Services refer to ability of certain generators to start up and provide electricity to transmission system without an external power supply . This is an insurance policy for unlikely event that National Grid needs to re-energise transmission system . National Grid has applied to ofgem to recover all of these costs from generators and suppliers through 'income adjusting events' process .When making a decision on this ofgem has powers to disallow some or all of expenditure on these contracts if it judges that case for recovering money has not been met. Full Article
Drax Group Plc:Britain's High Court has ruled against power producers Drax and Infinis in their case brought against the government for not providing enough notice when it announced the removal of a climate change tax exemption last year, Drax said on Wednesday - RTRS."(The court) concluded that the government had not provided any specific and clear assurances on the continuation of exemptions and accordingly ruled in their favour," Drax said in a statement. - RTRS.The power producer said it was now considering the judgment in detail. Drax previously said the removal of the green tax exemption, which it claims was passed without enough warning time, would lower core earnings by 60 million pounds this year - RTRS. Full Article
LONDON, Dec 20 British shares dipped on Wednesday along with other European bourses before a final vote in the U.S. House of Representatives that would allow Donald Trump to sign massive tax cuts into law.
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