Drax Group CEO Dorothy Thompson responds to Chancellor Philip Hammond’s Budget - Drax

Drax Group CEO Dorothy Thompson responds to Chancellor Philip Hammond’s Budget

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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”).

Dorothy Thompson Drax Group CEO said:

“Having this clarity from the Chancellor on the Carbon Price Floor will help to unlock further investment in low-carbon and renewable technologies ensuring that, together, we can continue creating a cleaner economy for future generations.

“Reducing carbon in our energy system is the fastest way to deliver a low-carbon economy. The carbon price floor has enabled the UK to half the amount of carbon emitted through electricity generation since 2012. The support for Electric Vehicles in the Budget demonstrates how vital low carbon electricity generation is for growth in other sectors of the economy.

“At Drax, we will now continue to explore new ways of converting our remaining coal generating units to biomass and gas, and build new rapid response gas plants. These moves will help take coal off the system quickly and cost effectively, while maintaining security of supply and increasing our ability to provide flexible services to the grid.”