Andy Koss, Drax Power CEO, comments on ippr North energy report - Drax

Andy Koss, Drax Power CEO, comments on ippr North energy report

The Northern Powerhouse Partnership Board member on ‘Risk or Reward? Securing a just transition in the North of England’

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Publication of Circular and Notice of General Meeting in relation to proposed acquisition of flexible, low-carbon and renewable UK power generation from Iberdrola
5th December 2018

Publication of Circular and Notice of General Meeting in relation to proposed acquisition of flexible, low-carbon and renewable UK power generation from Iberdrola

On 16 October 2018, Drax Group plc (“Drax” or the “Company”) announced that it had entered into a binding conditional agreement to purchase Scottish Power's portfolio of pumped storage, hydro and gas-fired generation for £702 million in cash from Iberdrola (the “Acquisition”).

“The north is ideally placed to take advantage of the opportunities a lower carbon economy creates for clean growth – playing a vital role in helping the UK and the world to meet its climate targets.

“Over a decade ago, Drax started its journey to phase out coal. We are now by far the biggest renewable power producer in the UK, having converted two-thirds of our generating units to use sustainable biomass instead of coal. We have also reskilled our colleagues to use a renewable fuel and play an active role in the low carbon transition.

“We’re exploring new carbon capture technologies which could enable us to further decarbonise and deliver negative carbon emissions – vital if we are to meet the climate challenge set out by the IPCC.

“We plan to complete the phase out of coal well ahead of the government’s 2025 deadline but we will still provide flexible, dependable electricity by repowering our remaining two coal units to use natural gas – providing highly efficient, flexible power when it is most needed.

“This will not only help support the power grid as it transitions to a low carbon system, it will also preserve the life of the plant and help protect jobs.”

View research: Risk or Reward? Securing a just transition in the North of England ippr North websiteon the