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Drax Group PLC (DRX.L)

DRX.L on London Stock Exchange

29 Jul 2016
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Latest Key Developments (Source: Significant Developments)

Drax says full-year core earnings expected at low end of guidance
Tuesday, 26 Jul 2016 02:07am EDT 

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 02:00am EDT 

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 05:29am EST 

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

Drax Group Plc resolves to pay an interim dividend
Tuesday, 28 Jul 2015 02:01am EDT 

Drax Group Plc:Resolved to pay an interim dividend for six months ended June 30, of 5.1 pence per share (21 mln Pounds), representing 50 pct of underlying earnings for period.Says interim dividend will be paid on or before Oct. 9 and shares will be marked ex-interim dividend on Sept. 24.  Full Article

Drax Group Plc appoints Phil Cox CBE as Chairman
Wednesday, 22 Apr 2015 06:30am EDT 

Drax Group Plc:Announced the appointment, effective from Jan. 1, 2015, of Phil Cox CBE as a non-executive director and Chairman designate.Takeing over from Charles Berry who retires as Chairman and a non-executive director at the conclusion of today's Annual General Meeting.The company now confirms that in addition to becoming Chairman of the Board, Phil Cox also becomes Chairman of the Nominations Committee and a member of the Remuneration Committee with immediate effect.  Full Article

Drax Group Plc to pay final dividend
Tuesday, 24 Feb 2015 02:01am EST 

Drax Group Plc:Resolved to pay a final dividend for the year ended Dec. 31, 2013 of 8.9 pence per share (36 million Pounds).The final dividend was paid on May 16.  Full Article

Drax Group Plc announces directorate change
Thursday, 18 Dec 2014 02:00am EST 

Drax Group Plc:Announces that Charles Berry is to retire as a non-executive director and Chairman of the Board at the conclusion of the company's next annual general meeting scheduled to be held in April 2015.Says it is appointing Philip (Phil) Cox CBE as a non-executive director and Chairman designate with effect from Jan. 1, 2015.Says he will then succeed Charles Berry as chairman with effect from the close of the 2015 AGM.  Full Article

Drax Group plc reaches settlement with Ofgem over CESP Non-compliance
Friday, 28 Nov 2014 02:00am EST 

Drax Group plc:Says it has reached a settlement with the energy regulator, Ofgem, following its non-compliance with its obligation under the government's Community Energy Saving Programme (CESP).Says it has agreed to a total of 28 mln Pounds in settlement.Says which would see up to 20 mln Pounds benefit vulnerable energy consumers through a programme of work to be developed with the charity, National Energy Action, and the remaining 8 mln Pounds to be paid as a fine or delivered as further consumer redress measures.Says from the outset, Drax voiced its concerns over the inclusion of independent generators in the CESP given their lack of experience in the delivery of energy efficiency schemes, and the lack of any direct relationship with domestic electricity consumers.Says for these reasons, Drax had little option but to outsource the delivery of its obligation to a third party provider operating in the energy efficiency sector.Says unfortunately, the chosen provider failed to deliver the obligation in full and despite procuring additional measures Drax did not comply with its obligation by the end of the obligation period.Says Drax has also reached settlement of its action for breach of contract against the third party, on confidential terms.  Full Article

Drax Group plc announces retirement of Chairman
Wednesday, 24 Sep 2014 05:00am EDT 

Drax Group plc:Says Charles Berry is to retire as a non-executive director and Chairman of the Board.Says retirement will become effective at the conclusion of company's next Annual General Meeting scheduled to be held in April 2015.  Full Article

CORRECTED-UK's Ofgem says it is consulting on National Grid's cost recovery plea

June 8 Britain's energy market regulator Ofgem said that it was consulting on National Grid Plc's request to recover the additional costs of two contracts for grid services that it agreed with SSE Plc and Drax Group Plc.