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Drax Group PLC (DRX.L)

DRX.L on London Stock Exchange

331.70GBp
23 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Kier Group says Phil White to retire as chairman
3:41am EDT 

Kier Group Plc : Appointment of chairman designate . Phil White to retire as chairman and step down from board with effect from conclusion of the AGM on Nov 17 . White will be succeeded by Philip Cox CBE . Cox will retire as chairman of GPG by 10 September 2017 .Cox will join board as a non-executive director and chairman designate on 1 July 2017 and will assume chairman role immediately following AGM.  Full Article

Drax Group looking to buy some distressed pellet plants in U.S.
Monday, 27 Feb 2017 02:00am EST 

Drax Group Plc : Process for potential acquisition of distressed pellet plants . participating in separate processes (1) for acquisition out of bankruptcy of operating assets of Texas pellets (2) and Louisiana pellets (2) . Has submitted initial cash bids for these assets as part of an auction process, which will be held on 1 and 2 march 2017 .whilst these are binding bids, and could be accepted by sellers, it is expected that successful buyer will be determined through auctions.  Full Article

Drax Group wins deal to provide 1,203MW of derated capacity
Friday, 9 Dec 2016 04:20am EST 

Drax Group Plc : Contracts are for delivery period October 2020 to September 2021, at a price of 22.5 pounds/kW and are worth 27 million stg . Capacity market contracts . Has provisionally secured contracts to provide 1,203MW of derated capacity, from existing units, in 2016 T-4 capacity market auction .Initial purchase price for all four projects was 18.5 million.  Full Article

Telecom Plus says disposes stake in Opus Energy
Tuesday, 6 Dec 2016 02:15am EST 

Telecom Plus Plc : Disposal of investment in Opus Energy Group Ltd . Company will receive approximately 71 mln stg in cash for its shareholding in Opus . Company will recognise an exceptional profit of approximately 60 mln stg during current financial year .Completion is expected to take place in Q1 of 2017.  Full Article

Noble Group says unit disposes equity interests in power development companies
Monday, 5 Dec 2016 07:00pm EST 

Noble Group Ltd : Unit disposed of its entire 100% equity interests in each of power development companies to Drax Developments Limited . Deal for consideration of approximately us$23.5 million . Consideration will be satisfied in cash .Disposal will also result in outstanding bid and other security of approximately us$7.2 mln.  Full Article

Ofgem says costs National Grid incurred in Drax contract did not meet test for an income adjusting event
Tuesday, 23 Aug 2016 02:30am EDT 

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 02:00am EDT 

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 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

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