Drax Power CEO Andy Koss comments on report finding the North of England generates £91 billion for UK bioeconomy - Drax

Drax Power CEO Andy Koss comments on report finding the North of England generates £91 billion for UK bioeconomy

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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”).

Commenting on The Bioeconomy in the North of England, a University of York Science and Innovation Audit Report sponsored by the Department for Business, Energy & Industrial Strategy (BEIS), Drax Power CEO Andy Koss said:

“The Northern Powerhouse region plays a vital role in the UK’s economy, and this report demonstrates the importance of bioenergy within that.
“Drax Power Station’s sustainable biomass is a significant part of the bioeconomy supporting 14,150 jobs in the UK, with 4,500 in Yorkshire and Humber. In addition, Drax generated almost £500 million for the regional economy and £1.2bn for the whole of the UK.
“Drax produces 17% of the UK’s renewable power, enough for four million households. We’re committed to making further upgrades to the power station to ensure that we continue to support the economy, regionally and nationally.”