[5], Increased competition, over-capacity and new trading arrangements contributed to a significant drop in wholesale electricity prices, which hit an all-time low in 2002. Drax Group plc, along with its subsidiaries, engages in the generation and sale of electricity in the United Kingdom. Stage one (units 1, 2 and 3) was completed in 1974. Drax Group PLC, DRX:LSE profile - FT.com - Financial Times What is bioenergy with carbon capture and storage (BECCS)? [4] A partial re-financing of Drax was completed in 2000, with 400 million of senior bonds being issued by AES Drax Holdings, and 267 million of subordinated debt issued by AES Drax Energy. And we are targeting 12Mt of carbon removals globally by 2030. Can carbon capture take the UK beyond net zero? [24] Also in October 2011 a fire started by spontaneous combustion in a stockpile at the Port of Tyne biomass facility. The Pellet Production segment is engaged in the production and subsequent sale of biomass pellets at the Groups processing facilities in North America. [17] Drax was the last coal-fired power station to be built in the UK, and was initially designed to use low-sulphur coal from the nearby Selby coalfield in six generating units. Its subsidiaries include Drax Finance Limited, Drax GCo Limited, Drax Group Limited, Drax Intermediate Holdings Limited and Drax Holdings Limited. Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. Drax Group is a renewable energy company engaged in renewable power generation, the production of sustainable biomass and the sale of renewable electricity to businesses. The worlds leading sustainable biomass generation and supply business >. Please sign in or register. . Worlds biggest carbon removals deal announced at New York Climate Week >. Our power stations and projects are part of their communities. All rights reserved. Originally built, owned and operated by the Central Electricity Generating Board (CEGB), Drax Power Station was constructed and commissioned in two stages. In certain cases, it became necessary for generation assets to be divested, and so in 1999 Drax Power Station was acquired by the US-based AES Corporation for 1.87 billion (US$3 billion). Can carbon capture take the UK beyond net zero? It also provides a route to market for many smaller embedded renewable generators. Peer performance insights compare the companys ESG performance to the performance of selected peers to help inform future ESG decisions and drive internal performance improvements. History section provides information on new products, mergers, acquisitions, expansions, approvals, and many more key events. Drax Group plc does not currently have any hardcopy reports on AnnualReports.com. Drax Group (GB-DRX) has 2 subsidiaries. [17] Some 12 years later in 1986, stage two (units 4, 5 and 6) was completed. Data as of Jul 05 2023. With an effective carbon removals policy and the right investment framework from the UK Government, we could deploy bioenergy with carbon capture and storage (BECCS) on two of our existing biomass generating units in the UK to remove 8Mt of CO2 each year by 2030. Drax Group Share Forecast, Price & News (LON:DRX) - MarketBeat Use the PitchBook Platform to explore the full profile. Your vote helps our reports be more useful. See our Cookie Policy for more information. Drax Group (LSE:DRX)s publicly funded subsidies could be at risk amid an investigation into the biomass power generators sustainability practices, Parliament heard on Tuesday. Drax operates a generation portfolio of sustainable biomass, hydro-electric and pumped hydro storage assets across four sites in England and Scotland. The company also operates a global bioenergy supply business with manufacturing facilities at 13 sites in the United States and Canada, producing compressed wood pellets for its own use and for customers in Europe and Asia. . Any opinions or estimates expressed herein are those of S&P Global Market Intelligence on the date of preparation and are subject to change without notice; however no such opinions or estimates constitute legal, investment or other advice. Drax Groups ambition is to become a carbon negative business by 2030, through innovative greenhouse gas removal technology. Save hours of research time and resources with our up-to-date, most comprehensive Drax Group Plc. Interest rates risk hitting 7pc, warns JP Morgan - latest updates The business also offers non-generation system support and energy management services, such as the provision of decarbonisation services, including vehicle fleet electrification. Full year results for the twelve months ended 31 December 2022 >. 8 Analysts DRX Stock Overview Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. Over the years that followed privatisation, the map of the industry changed dramatically. , 85 M >. Explore our locations and our sustainable biomass approach across the globe. Drax Groups ambition is to become a carbon negative business by 2030, through innovative greenhouse gas removal technology. [13] Drax confirmed that approval had been granted on 1 January 2019. Drax Group Company Profile: Stock Performance & Earnings - PitchBook Fitch Affirms Drax Group Holdings Limited at 'BB+'; Outlook Stable Post-COVID, we will again welcome visits from schools, stakeholders and the public. Pinnacle manufactures and distributes industrial wood pellets for thermal power biomass generators. Drax Group - Wikipedia Following a series of standstill agreements with its creditors, the AES Corporation and Drax parted company in August 2003. Supporting wind and solar, by providing electricity at times of low sunlight or wind levels, will require flexible sources of generation, such as biomass. Baroness Rosel Boycott argued that Drax had claimed to be using sustainably-sourced wood without any detailed full-cycle carbon accounting and audit trail meanwhile. Drax Group. [28] Protestors claimed that the company was asking for substantial subsidies to operate the new plant "in addition to the 2.36 million a day it already receives for burning biomass. , 49 M Drax Group plc - AnnualReports.com Visit Cruachan The Hollow Mountain (Ext), Independent Advisory Board on Sustainable Biomass, Taskforce on Climate Related Financial Disclosures, Drax ends half a century of coal-fired power generation, Drax welcomes deal reached by EU institutions in support of sustainably sourced biomass, The role of biomass in securing reliable power generation, The key to sustainable forests? Questions were raised over renewable-classed Canadian-sourced wood pellets used to produce power at Drax's North Yorkshire power station in a House of Lords debate. Alongside carbon emission reductions, carbon removal technologies are needed to remove carbon from the atmosphere. Drax Group plc reports have an aggregate usefulness score of 4.8 based on 133 reviews. However, Callanan also played down the accusations from environmental groups, suggesting people should wait for the outcome of Ofgems investigation. We are the UKs largest source of renewable power by output, and Drax Power Station is the UKs largest single source of renewable electricity by output. Please fill out the form below and click "Place Order" to complete your order. You must be a registered user to save alerts. All rights reserved. [11] In October 2017, Drax sold Billington Bioenergy for 2 million to an AIM-listed energy company called Aggregated Micro Power Holdings. Drax Group to acquire Pinnacle Renewable Energy for $652m Detailed insights into open, awarded and pre-solicited tenders and contracts for Drax Group Plc. Drax Group plc : Shareholders Board Members Managers and Company It operates. The Customers segment is engaged in the supply of electricity and gas to non-domestic customers in the United Kingdom. [29] However, the company announced in February 2021 that the plans for the new plant had been abandoned. Were committed to enabling a zero carbon, lower cost energy future through engineering, technology and innovation. The Customers segment is engaged in the supply of electricity and gas to non-domestic customers in the United Kingdom. Opus Energy is Drax's supply business that specialises in servicing small and medium-sized enterprises. According to Canadian environmentalists, Draxs pellets have been sourced from ancient rainforests, contrasting the companys line that they come from forestry waste. Drax Group Holdings Limited is a wholly owned subsidiary of Drax Group plc, a holding company with a diverse portfolio of power generation assets in the UK. Power groups decision comes despite government request to maintain North Yorkshire facility, Intermittency of renewable sources means urgency is required to meet a challenging 2035 net zero deadline, Electricity network operator seeks deal with UK power company amid concerns over more energy market shocks, Crisis-hit business group must convince ministers to re-engage, while halting a slide in its membership, BP and Heathrow among those to enlist in venture to provide new voice for UKs most prominent companies, Asset manager is known for his public stances on governance and shareholder rights, Shares in energy group weaken after regulator Ofgem escalates probe it began last year, Also in todays newsletter, UK power provider Drax crosses the Atlantic, Will Gardiner, Group Chief Executive Officer, Andy Skelton, Group Chief Financial Officer, David Nussbaum, Senior Independent Non Executive Director, Nicola Hodson, Independent Non Executive Director, Vanessa Simms, Independent Non Executive Director, John Baxter CBE, Independent Non Executive Director, Erika Peterman, Independent Non-Executive Director, Kim Keating, Independent Non-Executive Director. Data delayed at least 20 minutes, as of Jul 05 2023 16:50 BST. It owns and operates Drax Power Station, a coal-fired power station located near Selby, North Yorkshire. Its subsidiaries include Abergelli Power Limited, Abbott Debt Recovery Limited, Alabama Pellets LLC, Amite BioEnergy LLC, Arkansas Bioenergy LLC, Baton Rouge Transit LLC, DBI O&M Company LLC, Demopolis Pellets LLC, Drax Biomass Acquisitions LLC, Drax Biomass Inc., Drax Biomass Holdings Limited and Drax Biomass Holdings LLC. In 2021, the company was taken out of the S&P Global Clean Energy Index, as it is no longer considered to be a "clean" energy company by the S&P. The Generation segment provides renewable, dispatchable power, and system . The Company is engaged in renewable power generation, the production of sustainable biomass, and the sale of renewable electricity to businesses. A lower score indicates better sustainability, Exposure refers to the extent to which a company is exposed to different material ESG issues, Management is related to actions taken to manage ESG issues. Drax Group and one of its subsidiaries have agreed to acquire Pinnacle Renewable Energy for a cash sum of $652m (C$831m). We believe investing in our people goes hand-in-hand with enabling the green energy transformation and positive future growth. Were building for a sustainable future in how we source our biomass, generate energy, remove carbon dioxide and function as a business. Drax Group Holdings Limited - Fitch Ratings Drax Group PLC is a UK-based renewable energy company engaged in renewable power generation, the production of sustainable biomass and the sale of renewable electricity to businesses. FT is not responsible for any use of content by you outside its scope as stated in the. The company and its subsidiaries provide the generation and sale of electricity and by-products of the generation process from Drax Power Station, Selby, North Yorkshire, and the sale of electricity to business customers by Haven Power Ltd, which is a direct subsidiary of the group's principal trading subsidiary, Drax . Our human content creators are equipped with many decades of valuable expertise and experience. Sign up to receive our email newsletter to receive a regular roundup of Drax Group news and announcements, Bioenergy carbon capture usage and storage (CCUS / BECCS), Visit Skylark Centre and Nature Reserve, Drax Power Station. S&P Global Market Intelligence Short Selling Activity S&P Global Market Intelligence. The dispatchable generating assets at Drax remain critical to providing UK power system stability and security as the war in Ukraine continues to put global energy markets under considerable pressure. Drax Group has 45 executives and 2 subsidiaries. News at Drax Group - The Official Board All content on FT.com is for your general information and use only and is not intended to address your particular requirements. Get the full list, To view Drax Groups complete subsidiaries history, request access, To view Drax Groups complete esg history, request access, To view Drax Groups complete exits history, request access, Morningstar Institutional Equity Research, Chief Financial Officer, Finance & Board Member, Director, Strategy and Mergers & Acquisitions, Senior Independent Non-Executive Director, Board Member & Member of Audit and Nominations Committees, Iberdrola (2.6 GW Four Combined Cycle Gas Turbine Power Stations). Explore a comprehensive guide to our business model and investor relations. Overview Jobs Life About us Drax is enabling a zero carbon, lower cost energy future Drax Group is a renewable energy company engaged in renewable power generation, the production of. [6] During the restructuring, a number of bids were received from companies wishing to take a stake in the ownership of Drax, but creditors voted overwhelmingly to retain their interest in Drax. Our Sites & Businesses - Drax Global Were committed to enabling a zero carbon, lower cost energy future through engineering, technology and innovation. , 82 M This website uses cookies so that we can provide you with the best user experience possible. Read Less Advertising Cookies collect information about your browsing habits such as the pages you visit and links you follow. We believe investing in our people goes hand-in-hand with enabling the green energy transformation and positive future growth. Drax Groups ambition is to become a carbon negative business by 2030, through innovative greenhouse gas removal technology. We are committed to sourcing sustainable biomass that achieves both decarbonisation and positive forest outcomes. , 59 M Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. The affirmation is supported by Drax's strong earnings visibility . This is content that excites and engages motivated private investors. Groups processing facilities in North America. Using these materials can also help prevent the spread of fire, pests, and disease by reducing stand density to healthier levels and removing deadwood which can attract insects and pathogens. [25] Another fire occurred at the same facility in a conveyor transfer tower in October 2013. Contact by email its executives including Will Gardiner.