Drax Group CEO Dorothy Thompson responds to Industrial Strategy White Paper - Drax

Drax Group CEO Dorothy Thompson responds to Industrial Strategy White Paper

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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:

“Cleaner economic growth is one of the greatest industrial opportunities of our time – with the UK’s clean economy predicted to grow at four times the rate of GDP.

“Reducing carbon in electricity generation is the fastest way to reduce emissions and ensure our economy is clean and strong. Electric cars, AI and automation all depend on a flexible, secure electricity system, which sustainable biomass and rapid response gas power stations can support.

“At Drax we are already helping growing businesses be more sustainable – the proportion of businesses choosing to use renewable electricity supplied by Haven Power, part of Drax Group, has more than tripled this year, reducing their carbon emissions by 76% compared to five years ago and saving the UK almost 1.5 million tonnes of carbon.”