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....The long-serving chief executive of the UK’s biggest power station is stepping down, as the North Yorkshire-based business continues its pursuit of a future beyond coal. Drax Group’s Dorothy Thompson will be succeeded by Will Gardiner, currently the chief financial officer, who will take over in January at a time when the company is eyeing a mix of gas, biomass and battery power to replace coal. ... [Read full article on Guardian ]
Thursday 21st of September 2017 02:08:17 PM
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Latest Finance News related to Drax

Drax boss Dorothy Thompson to step down after 12 years image
Source : Guardian [Read Article] Thursday 21st of September 2017 02:08:17 PM
....The long-serving chief executive of the UK’s biggest power station is stepping down, as the North Yorkshire-based business continues its pursuit of a future beyond coal. Drax Group’s Dorothy Thompson will be succeeded by Will Gardiner, currently the chief financial officer, who will take over in January at a time when the company is eyeing a mix of gas, biomass and battery power to replace coal. ...
The coal truth: how a major energy source lost its power in Britain image
Source : Guardian [Read Article] Wednesday 19th of July 2017 04:16:25 PM
....He added that last year’s 66% fall in coal generation marked the largest annual switch in fuel for power – even greater than the 33% decline in coal power during the 1984 miners’ strike. After the closures last year, there are now eight coal power stations left in the UK, from Drax and Eggborough in Yorkshire to Aberthaw in south Wales. ...
Drax looking at 'coal-free future' as it reveals £83m pre-tax loss image
Source : Guardian [Read Article] Wednesday 19th of July 2017 09:33:16 AM
....The operator of the UK’s largest power station has seen its share price slide after it posted a pre-tax loss of £83m in the first half of the year despite increasing earnings by 73%. Drax Group, which runs a coal and biomass plant in North Yorkshire, boosted its earnings to £121m from £70m last year, due to its acquisition of the business energy supplier Opus Energy. ...
Winds of change: gusts across Europe help set renewable power record image
Source : Guardian [Read Article] Wednesday 7th of June 2017 05:12:48 PM
....In the UK, wind, nuclear and solar power were together generating more electricity than gas and coal combined at 1pm on Wednesday, for the first time ever. Including hydropower and biomass burned at power stations such as Drax in North Yorkshire, renewables provided 50. ...
Drax investors rebel on bosses' pay image
Source : BBC [Read Article] Thursday 13th of April 2017 04:07:48 PM
. A third of investors in Drax have voted against its remuneration report after its finance chief was awarded a bonus of almost £500,000. ...
Energy sector faces struggle to find the female engineers of the future image
Source : Guardian [Read Article] Saturday 28th of January 2017 04:00:04 PM
. While the lack of female chief executives in the UK is a problem, the lack of female engineers is an even bigger concern, as Dorothy Thompson, chief executive of Drax group, knows only too well. ...
Christmas Day 2016 sets new UK record for renewable energy use image
Source : Guardian [Read Article] Thursday 29th of December 2016 05:49:46 PM
. Christmas Day was the greenest on record for energy generation, according to the power group Drax. ...
Banks may groan – but Andrew Tyrie is right to launch a new inquiry image
Source : Guardian [Read Article] Monday 19th of December 2016 07:05:55 PM
.... Tyrie could do us all a favour by insisting on clarity. It is only a slight exaggeration to say that Drax Group had bet the farm on winning EU state-aid approval to convert a third coal-burning unit to run on wood pellets. ...
Spread betting firms end winning run as FCA clamps down image
Source : Guardian [Read Article] Tuesday 6th of December 2016 07:14:57 PM
.... Well played, Andrew Bailey, new boss at the FCA, for arriving at the obvious conclusion that escaped his predecessors. You know Drax: it’s the company that burns coal in a large power station in North Yorkshire while getting with the low carbon programme by converting to biomass. ...
Drax moves away from coal to bid on Opus Energy and gas plants image
Source : Guardian [Read Article] Tuesday 6th of December 2016 07:12:46 PM
. Britain’s largest coal power producer, Drax, is bidding to buy Opus Energy and four gas stations in a move away from its coal legacy that has been welcomed by investors. ...
Farm subsidies: Payment to billionaire prince sparks anger image
Source : BBC [Read Article] Thursday 29th of September 2016 02:25:57 AM
.... The practice is not illegal but it has been heavily criticised. One MP, the Conservative Richard Drax, is in the top 100 beneficiaries. ...

Drax 'optimistic' that winter power crunch will raise prices
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Source : Telegraph [Read Article] Tuesday 26th of July 2016 12:43:43 PM
...
Related to :
Land Registry sell-off decision likely to land in new government's lap image
....”. Richard Drax, the Tory MP for South Dorset, added: “With all that’s going on now in the country I very much hope this can be shovelled into the side grass. ...
Land Registry sell-off 'is short-term profiteering', warns Labour MP image
Source : Guardian [Read Article] Thursday 30th of June 2016 05:01:02 AM
.... An early-day motion secured more signatures, and opposition to the sale gained the backing of more than 100 MPs from eight political parties. Speakers at Thursday’s debate will include the Conservative MPs Richard Drax and John Stevenson. ...
Land Registry sell-off 'is short-term profiteering', warns Labour MP image
Source : Guardian [Read Article] Thursday 30th of June 2016 05:01:02 AM
.... An early-day motion secured more signatures, and opposition to the sale gained the backing of more than 100 MPs from eight political parties. Speakers at Thursday’s debate will include the Conservative MPs Richard Drax and John Stevenson. ...
Protesters criticise Drax over use of subsidies for coal and wood power image
Source : Guardian [Read Article] Wednesday 20th of April 2016 06:41:11 PM
. Drax faced protests during its annual general meeting in London over its use of public subsidies to support its massive coal and wood-burning power station. ...
RBS pulls back fossil fuel investments as green deals grow image
Source : Guardian [Read Article] Sunday 17th of April 2016 12:44:44 PM
....Financial institutions are shifting away from fossil fuel investments as the Bank of England, the World Bank and others warn that action to cut carbon emissions could leave coal, oil and gas assets stranded. On Friday, the world’s biggest sovereign wealth fund, held by Norway, dumped 52 coal companies including the UK firm Drax. ...
Biofuels, plastics and drugs: is this the future of our farms? image
Source : Guardian [Read Article] Saturday 16th of April 2016 11:04:08 PM
....Farmer Rob Pickering last week planted nine hectares of flood-prone land in Lincolnshire with an African plant called miscanthus, or elephant grass. By selling the fast-growing crop as biofuel for Drax power station, he should earn as much as he would from selling wheat on the world market. ...
Rapid decline of coal use leads to drop in UK emissions image
Source : Guardian [Read Article] Thursday 31st of March 2016 10:45:36 AM
....Renewable electricity generation surged in 2015, rising by 29%, allowing it to claim a record 25% share of all electricity. Most of this came from wind power and bioenergy, the latter being boosted by the continued conversion of Drax - once the UK’s biggest coal plant - to burning wood pellets. ...
Longannet power station closes ending coal power use in Scotland image
Source : Guardian [Read Article] Thursday 24th of March 2016 12:01:04 AM
....No decisions have been taken on the future of the site, but Scottish Power expects to outline its plans before the end of the year. Longannet is the largest coal-fired plant in Britain as rival Drax is firing as much wood as coal these days. ...
Britain heading for power cuts next winter, say 60 local authorities image
Source : Guardian [Read Article] Thursday 25th of February 2016 06:42:29 PM
....Related: Goodbye to Cockenzie power station, a cathedral to coal. It continued: “Beyond the five power stations under threat, there are five more coal-fired power stations left on the grid – Aberthaw, Cottam, Drax, Ratcliffe and West Burton. ...
Drax pre-tax profits fall 64% to £59m image
Source : BBC [Read Article] Tuesday 23rd of February 2016 08:57:52 AM
. Energy company Drax has announced a 64% fall in pre-tax profits from £166m to £59m in the year to December 2015. ...
The week ahead in business and finance image
Source : Telegraph [Read Article] Sunday 21st of February 2016 07:51:51 PM
.... Interim results: Pan African Resources, Just Retirement, Galliford Try, dotDigital Group, BHP Billiton . Final results: Provident Financial, Drax Group, Persimmon, InterContinental Hotels Group, Ladbrokes, John Wood Group, GKN, Meggitt, Standard Chartered, Unite Group, Croda International . ...
Power firm Drax urges subsidy rethink image
Source : BBC [Read Article] Tuesday 16th of February 2016 06:01:23 AM
. Consumers could save £2bn if the government rethinks plans for green subsidies, according to the power firm Drax. ...
Spending watchdog to examine scrapping of £1bn carbon capture plan image
Source : Guardian [Read Article] Sunday 31st of January 2016 03:04:06 PM
....Shell was developing a trial scheme at Peterhead in Scotland alongside one of the big six energy suppliers and power station owner SSE. A separate White Rose project was being developed by Drax at its coal-fired plant in Selby, North Yorkshire. ...
City news: Next, Building, Harvey Nichols and Drax image
Source : Daily Express [Read Article] Tuesday 5th of January 2016 10:41:00 PM
....----------------------------------. THE European Commission has opened a probe into whether the UK’s plans to support the conversion of a Drax plant from coal to biomass breaches state aid rules. ...
EU probes state aid for Drax plant image
Source : BBC [Read Article] Tuesday 5th of January 2016 02:17:45 PM
. The European Commission has opened an investigation into whether a plan by Drax to convert a plant from coal to biomass breaches state aid rules. ...
Drax biomass conversion must comply with EU state aid rules image
Source : Guardian [Read Article] Tuesday 5th of January 2016 02:12:19 PM
. The European commission has launched an investigation into the UK’s plans to support the conversion of part of its Drax coal power plant to biomass. ...
Blow to Drax biomass plan as EC launches state aid investigation image
Source : Telegraph [Read Article] Tuesday 5th of January 2016 12:58:50 PM
. Drax's hopes of securing lucrative subsidies for its biomass conservion have suffered a setback after the European Commission launched a full state aid investigation over concerns the payments may be too generous. ...
And now the game's over: Kellingley miners finish final shift image
Source : Guardian [Read Article] Friday 18th of December 2015 03:58:44 PM
....”. If you believe in keeping fossil fuels in the ground, you should be pleased, in theory; except that the power plant at Drax in nearby Selby will continue to burn coal – four million tons a year – which it has imported from America and Colombia. ...
Goldman Sachs sets off roller coaster day for Drax shares image
Source : Telegraph [Read Article] Monday 14th of December 2015 07:23:45 PM
Gas plants lose out in power payout image
Source : BBC [Read Article] Friday 11th of December 2015 09:15:35 PM
.... . Centrica, SSE and power generator Drax received contracts, as did all of EDF's nuclear plants. ...
Forestry sales notch up Scottish record image
Source : Guardian [Read Article] Sunday 6th of December 2015 02:07:50 PM
...., with timber seen as a versatile renewable material and a convenient source of energy. The world’s largest timber consumer is the UK’s Drax power station. ...
The end of deep coal mining in Britain: ‘They’ve knocked us down’ image
Source : Guardian [Read Article] Saturday 5th of December 2015 09:00:02 AM
....No one denies British coal is expensive. Labour costs, safety standards, and issues with this mine including the three hours a day miners spend travelling underground, are among the reasons – and a contract with Drax power station is the only reason Kellingley can sell what it currently produces. ...
Coal plant gets green light to burn American wood pellets image
Source : Telegraph [Read Article] Tuesday 1st of December 2015 04:56:22 PM
.... . The decision also boosted Drax, the Yorkshire coal plant that is awaiting state aid approval of a similar subsidy contract for the conversion of one of its units to burn biomass. ...
UK scraps £1bn carbon capture and storage competition image
Source : Telegraph [Read Article] Wednesday 25th of November 2015 04:58:12 PM
...." . Drax pulled out of the White Rose project earlier this year, citing uncertain policy, but its partners in the Capture Power consortium had indicated they would proceed with the project. ...
Our obsession with global warming will cost us dear image
Source : Telegraph [Read Article] Saturday 21st of November 2015 01:20:18 PM
.... . It’s a further blow to Drax, and its impressively resilient chief executive Dorothy Thompson. ...
Drax boss warns on Government gas plans image
Source : BBC [Read Article] Thursday 19th of November 2015 12:09:14 AM
. Consumers could be exposed to soaring energy prices under new Government plans, says Dorothy Thompson, boss of coal-fired power generator Drax. ...
National Grid could be broken up, Amber Rudd suggests image
Source : Telegraph [Read Article] Wednesday 18th of November 2015 08:19:17 PM
....” . Drax, the Yorkshire-based coal and biomass generator, fared worse on Wednesday following the announcement of plans to phase out unabated coal by 2025 and no mention of biomass in Ms Rudd's speech. ...
Coal and renewable firms criticise government energy plans image
Source : Guardian [Read Article] Wednesday 18th of November 2015 06:42:43 PM
....”. The power firm Drax, which is in the midst of converting from coal to biomass at a cost of up to £700m, suffered a 3. ...
UK coal plants must close by 2025, Amber Rudd announces image
Source : Telegraph [Read Article] Wednesday 18th of November 2015 12:01:23 AM
.... . Some of the remaining coal plants could potentially evade the closure date by converting to burn renewable biomass instead, as Drax has partially done. ...
Infinis Energy taken private by Guy Hands' Terra Firma after share price slump image
.... . Infinis and Drax, which suffered because of its biomass business, have launched a legal challenge against the decision. ...
US forests under threat as demand for wood-based biofuels grows - report image
Source : Guardian [Read Article] Wednesday 21st of October 2015 02:55:47 PM
....“From the looks of the data we’re seeing … there’s an economic opportunity, there’s a market, so the corporate response can be quite rapid compared with any safeguarding mechanisms already in place,” he said. Pellet manufacturer Enviva and British utility Drax Power are leaders in the region’s expanding biomass industry. ...
Neil Woodford sells his Centrica shares image
Source : Telegraph [Read Article] Wednesday 14th of October 2015 05:19:00 PM
.... The fund sold its holding in SSE, the utility formerly known as Scottish & Southern Energy, in July. Mr Woodford's only remaining energy holding is Drax. ...
Briquettes are the hot new thing for your wood-burning stove, so cut out the logs image
.... The environmental writer Chris Goodall has done the sums and heats his home using wood pellets – similar to briquettes – made from UK wood. The Drax coal power station burns pellets shipped from the US on the basis that the carbon savings are more than 80% once the life cycle of the trees are taken into account. ...
VW displays classic elements of corporate scandal image
Source : Telegraph [Read Article] Saturday 26th of September 2015 06:33:30 PM
.... . Britain’s ambitions in “carbon capture and storage” suffered a setback last week after Drax, operator of the biggest coal-fired power station in the UK, announced it was pulling out of the competition for a £900m pot of government money to encourage development. ...
Volkswagen scandal – seven days that rocked the German carmaker image
Source : Guardian [Read Article] Friday 25th of September 2015 06:32:40 PM
.... Volkswagen now admits there are 11m cars worldwide fitted with its defeat devices. The numbers could mean that VW’s diesels have pumped out as much as 900,000 tonnes of extra NOx emissions a year – about 25 times more than the UK’s controversial Drax power station – with huge implications for public health. ...
Carbon capture project under threat as Drax pulls out image
Source : Guardian [Read Article] Friday 25th of September 2015 01:24:28 PM
....An ambitious plan to build a £1bn prototype plant to capture carbon from a coal-fired power station in North Yorkshire is under threat after a key shareholder pulled out. Drax, owner of the country’s biggest single power station, blamed cuts in renewable energy subsidies by ministers for the decision to abandon the White Rose carbon capture and storage (CCS) scheme, triggering a claim that the government energy strategy is “unravelling”. ...
FTSE jumps 2% as miners recover, but Randgold and Fresnillo lose ground image
Source : Guardian [Read Article] Friday 25th of September 2015 08:45:53 AM
.... We believe the new sterilisation superpower in a world of outsourcing and strong procedure growth is poised for significant growth. Drax is up 8. ...
UK shares rebound on Yellen comments image
Source : BBC [Read Article] Friday 25th of September 2015 08:30:42 AM
....A federal court in Ohio denied a request by US competition authorities to block the takeover. Shares in energy firm Drax rose 1. ...
Drax pulls out of carbon capture scheme image
Source : BBC [Read Article] Friday 25th of September 2015 07:35:04 AM
. Energy company Drax has abandoned a £1bn project to introduce carbon capture technology to cut emissions. ...
Drax pulls out of Government's £1bn green energy project image
Source : Telegraph [Read Article] Thursday 24th of September 2015 11:12:26 PM
.... . Drax blamed cuts in support for renewable energy for its decision not to build a carbon capture and storage facility next to its North Yorkshire power station. ...
VW chief Martin Winterkorn defiant over emissions cheating scandal image
Source : Guardian [Read Article] Tuesday 22nd of September 2015 06:10:04 PM
.... Scaled to the 11m global vehicles, that would mean up to 948,691 tonnes of NOx emissions annually. Western Europe’s biggest power station, Drax in the UK, emits 39,000 tonnes of NOx each year. ...
VW scandal caused nearly 1m tonnes of extra pollution, analysis shows image
Source : Guardian [Read Article] Tuesday 22nd of September 2015 03:27:58 PM
.... If that proves correct, VW’s defective vehicles could be responsible for between 237,161 and 948,691 tonnes of NOx emissions each year, 10 to 40 times the pollution standard for new models in the US. Western Europe’s biggest power station, Drax in the UK, emits 39,000 tonnes of NOx each year. ...
Tories set to block Navitus Bay windfarm off Jurassic Coast image
Source : Guardian [Read Article] Thursday 10th of September 2015 11:01:09 PM
.... Offshore windfarms with the capacity to produce more than 5 gigawatts have been brought on stream so far in the UK but Germany is also working hard on offshore wind. High-profile Conservative politicians such as the business secretary, Sajid Javid, have spoken against it, though, and the South Dorset MP, Richard Drax, said it would “desecrate” the Jurassic Coast, named after the many fossils that have been found there. ...
Lucky Britain to win 21st century jackpot from carbon capture image
Source : Telegraph [Read Article] Wednesday 2nd of September 2015 08:41:15 PM
.... . The other will be Drax's White Rose plant in Yorkshire, a purpose-built 448 MW "oxyfuel" plant for coal. ...
Eggborough coal plant closure worsens UK power crunch image
Source : Telegraph [Read Article] Wednesday 2nd of September 2015 06:35:36 PM
....” . Separately on Wednesday, Drax and Infinis Energy announced they had initiated judicial review proceedings against the Treasury over its decision to end a system of lucrative subsidy payments to renewable energy firms. ...
Eggborough power station to close image
Source : Guardian [Read Article] Wednesday 2nd of September 2015 04:22:14 PM
.... It gave the energy companies affected only 24 days’ notice. Drax, the owner of another large, partly coal-fired power station in North Yorkshire, and the renewable power firm Infinis are seeking a judicial review of the CCL decision unveiled in George Osborne’s July statement. ...
Which Neil Woodford holding grew by 515pc over the past year? image
Source : Telegraph [Read Article] Thursday 30th of July 2015 04:27:48 PM
.... • Newsletter: Get a weekly round-up of the best of our investment ideas . The biggest drag on performance came from Drax, the power station company. ...
One bidder is nice for RSA Insurance – but More Than one would be better image
.... Elster is departing at 14 times last year’s earnings, which is a fine price only from the seller’s point of view. Three weeks after George Osborne’s budget, Drax chief executive Dorothy Thompson remains shocked. ...
Drax attacks 'costly and unreliable' wind and solar power image
Source : Telegraph [Read Article] Tuesday 28th of July 2015 01:05:20 PM
. Britain’s fleet of wind and solar farms will fail to supply even 1pc of the UK’s power needs “with reasonable regularity”, Drax has claimed, as it argued biomass should be “central” to the UK’s energy mix. ...
Source : Reuters [Read Article] Wednesday 22nd of July 2015 08:22:16 AM
....Britain's DECC also said on Wednesday it would no longer guarantee subsidies offered for biomass conversion projects. The decision sent shares in power company Drax, which is in the process of converting its coal plants to using biomass, down around 2 percent in early trading but they have since recovered. ...
George Osborne is saving green pennies, but spending nuclear pounds image
Source : Guardian [Read Article] Thursday 9th of July 2015 07:30:40 PM
....In the world of renewable energy, they are still reeling from the budget shocker – the removal of the climate change levy exemption, a source of revenue that had seemed secure for at least another half-decade. To see the value of these exception certificates, look at the effect on the share price of Drax, which qualified by virtue of converting two of its six units to burn biomass rather than coal: down 28% on the day, followed by a rebound of only 7% on Thursday. ...
Green energy sector attacks chancellor's changes to climate change levy image
....RenewableUK, the lobby group, said the changes would cost green energy producers around £450m in the current financial year, and up to £1bn by 2020-2021. The move hammered the share price of power generator Drax which is in the process of converting stations from burning coal to burning wood pellets. ...
MARKET REPORT: NATO pledge gives BAE shares a boost  image
Source : Daily Express [Read Article] Thursday 9th of July 2015 12:01:00 AM
....Barratt Developments fell 36p to 594½p, Taylor Wimpey weakened 9¼p to 176¼p, and Persimmon, eased 92p to 1876p, while Foxtons and Zoopla fell 9¾p to 211p and 7½p to 230p. Power firm Drax plunged 99¼p to 254½p after the Budget ended the exemption from a climate change tax enjoyed by renewable energy providers. ...
Budget 2015: George Osborne seizes the chance to take his pound of flesh from business image
.... . In fact, whether it be private equity managers who are now facing an attack on the way they claim for capital gains on profits in the funds which they manage, or investors in Drax and other businesses focused on green energy, there was little to smile about in this Budget when it came to business measures. ...
Drax plunges as FTSE 100 rises image
Source : BBC [Read Article] Wednesday 8th of July 2015 04:17:34 PM
. (Close): Shares in UK power producer Drax plunged 28% in Wednesday trading after Chancellor George Osborne said the Climate Change Levy exemption for renewable electricity would be removed. ...
Drax says cheap oil feeding through to electricity prices image
Source : Independent [Read Article] Monday 8th of June 2015 11:46:55 PM
. The power generator Drax has warned that weak prices since the start of the year are hitting the rate at which it can sell its electricity. ...
Neil Woodford is top equity income performer with 20% return image
Source : Guardian [Read Article] Monday 8th of June 2015 03:42:32 PM
.... We have continued to build exposure to several core holdings, focusing particularly on those that have displayed periodic share price weakness. This includes GlaxoSmithKline, Drax and Rolls-Royce. ...

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