Drax Power CEO Andy Koss comments on Electric Insights report ‘Coal comeback pushes up UK’s carbon emissions’ - Drax

Drax Power CEO Andy Koss comments on Electric Insights report ‘Coal comeback pushes up UK’s carbon emissions’

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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 carbon price has been the driving force behind Britain’s decarbonisation. This analysis shows that even with the carbon price, market conditions can be such that coal power can have a resurgence. The UK is getting closer to removing coal from the power system by 2025, but we’re not there yet.

“Even now, with so much coal already removed from the system, emissions from power generation would rise significantly without a strong carbon price, making it very difficult to deliver the clean growth required to meet our climate targets.”

View the report Coal comeback pushes up UK’s carbon emissions