Drax Power CEO Andy Koss comments on Aurora report - Drax

Drax Power CEO Andy Koss comments on Aurora report

‘Carbon Pricing Options to Deliver Clean Growth’ comes ahead of the 29 October 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”).

“The UK has a great track record on greenhouse gas reduction, but this research from Aurora provides a clear indication of the environmental risks associated with us not maintaining a strong carbon price – in particular a resurgence in coal generation. It is important that the Treasury stands by the government’s commitments when setting the Budget, to ensure the UK continues to decarbonise cost-effectively and deliver the clean growth we need to meet our climate targets.”

View the research: Carbon Pricing Options to Deliver Clean Growth