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United Kingdom

Drax Group PLC (DRX.L)

DRX.L on London Stock Exchange

277.80GBp
16 Jan 2018
Change (% chg)

0.20 (+0.07%)
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Latest Key Developments (Source: Significant Developments)

Drax Group Says Biomass Deliveries Currently Restricted Due To ‍Biomass Outage
Wednesday, 20 Dec 2017 

Dec 20 (Reuters) - Drax Group Plc ::BIOMASS OUTAGE AT DRAX POWER STATION​.‍FOLLOWING UNPLANNED OUTAGE ON RAIL UNLOADING FACILITIES AT DRAX POWER STATION, BIOMASS DELIVERIES ARE CURRENTLY RESTRICTED.‍IN ORDER TO OPTIMISE AVAILABLE SUPPLIES, GENERATION ON TWO ROC (1) UNITS HAS BEEN REDUCED​.‍TWO UNITS WILL THEN BE TAKEN OFFLINE FOR A SHORT PERIOD; CFD (2) UNIT AND COAL OPERATIONS REMAIN UNAFFECTED.​.‍OUTAGE ON RAIL UNLOADING FACILITIES IS EXPECTED TO BE COMPLETED DURING JAN 2018, AT WHICH POINT ROC UNITS SHOULD RETURN TO SERVICE​.‍REFLECTING OUTAGE AND REDUCED GENERATION ON ROC (1) UNITS, DRAX CURRENTLY EXPECTS A REDUCTION IN EBITDA (3) OF £10 MILLION IN 2017​.  Full Article

Drax Group Says Full-Year Expectations Remain Unchanged
Tuesday, 12 Dec 2017 

Dec 12 (Reuters) - Drax Group Plc ::‍SINCE ITS HALF YEAR RESULTS, TRADING CONDITIONS IN MARKETS IN WHICH DRAX OPERATES HAVE REMAINED IN LINE WITH EXPECTATIONS​.‍RETAIL OPERATIONS SINCE HY RESULTS REMAIN IN LINE WITH EXPECTATIONS​.‍EXPECTATIONS REMAIN UNCHANGED​.‍CONTINUES TO DEVELOP OPTIONS FOR 1.2GW OF NEW OPEN CYCLE GAS TURBINE (OCGT) CAPACITY​.‍FIRST TWO PROJECTS - PROGRESS POWER AND HIRWAUN POWER - WILL PARTICIPATE IN NEXT CAPACITY MARKET AUCTION IN FEBRUARY 2018​.‍NEGOTIATIONS FOR ENGINEERING AND CONSTRUCTION CONTRACTS ARE PROGRESSING WELL​.  Full Article

Drax Group appoints Den Jones as interim CFO
Friday, 27 Oct 2017 

Oct 27 (Reuters) - Drax Group Plc ::DRAX GROUP PLC - APPOINTMENT OF INTERIM CHIEF FINANCIAL OFFICER.‍DEN JONES HAS BEEN APPOINTED AS INTERIM CFO OF GROUP FROM 1 NOVEMBER 2017 AND WILL WORK WITH WILL GARDINER TO ENSURE A SMOOTH TRANSITION​.  Full Article

Drax Group updates on ‍sale of Billington Bioenergy​
Wednesday, 25 Oct 2017 

Oct 25 (Reuters) - Drax Group Plc :‍SALE OF BILLINGTON BIOENERGY​.‍SALE TO AGGREGATED MICRO POWER HOLDINGS 2 AND DEAL VALUE IS 2 MILLION STG, COMPRISED OF 1.6 MILLION STG OF SHARES IN AMPH AND 0.4 MILLION STG CASH​.‍SALE OF BBE IS ALIGNED WITH DRAX'S RETAIL STRATEGY, FOCUSED ON I&C 3 AND SME 4 ENERGY MARKETS​.‍THROUGH ITS SHAREHOLDING IN AMPH, DRAX WILL RETAIN AN INTEREST IN UK HEATING MARKET.  Full Article

Drax comments on National Grid's winter outlook report
Thursday, 12 Oct 2017 

Oct 12 (Reuters) - DRAX GROUP PLC ::DRAX POWER CEO ANDY KOSS RESPONDS TO NATIONAL GRID'S WINTER OUTLOOK REPORT 2017/18.‍"HAS UPGRADED HALF OF POWER STATION IN NORTH YORKSHIRE TO RUN ON BIOMASS INSTEAD OF COAL - 70 PCT OF OUR OUTPUT IS NOW RENEWABLE" - DRAX POWER CEO​."‍EXPLORING LOW COST OPTIONS FOR UPGRADING A FOURTH GENERATING UNIT FROM COAL TO BIOMASS" - DRAX POWER CEO​.  Full Article

Ofgem says costs National Grid incurred in Drax contract did not meet test for an income adjusting event
Tuesday, 23 Aug 2016 

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 says disappointed with OFGEM's decision about Drax contract
Tuesday, 23 Aug 2016 

National Grid Plc : Result of OFGEM's decision is that National Grid will recover 95 million stg of additional costs, and group's exposure is limited to a maximum of 18 million stg . This reflects full recovery of Fiddler's Ferry contract and recovery of 70 pct of Drax contract, after applying sharing mechanism . National grid is disappointed with OFGEM's decision regarding drax contract as it believes costs could not have been reasonably foreseen .In 2015/16 balancing services incentive scheme (BSIS) contributed 27 million stg in profit before tax, and 18 million stg impact will be set against any BSIS out performance in current year.  Full Article

Drax says full-year core earnings expected at low end of guidance
Tuesday, 26 Jul 2016 

Drax Group Plc : c.70% of generation from biomass in h1 2016 (h1 2015: 37%) . Full year ebitda remains subject to timing of cfd award - now expected to be around low end of consensus range . Interim dividend of 2.1 pence per share, or £8 million . Net debt of £85 million . H1 ebitda 70 million stg . Interim dividend 2.1 penceper share . Ebitda down £50 million on h1 2015 . Investment on schedule and budget . Underlying business performing in line with expectations expressed in april .Eu state aid approval of cfd contract expected in autumn.  Full Article

UK energy regulator consults on National Grid's cost recovery request
Wednesday, 8 Jun 2016 

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 - UK court rejects Drax, Infinis case against govt on green tax change - Reuters
Wednesday, 10 Feb 2016 

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

UPDATE 1-Britain's FTSE dips as final U.S. tax bill vote awaited

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.