Drax Power CEO Andy Koss comments on Industrial Strategy White Paper - Drax

Drax Power CEO Andy Koss comments on 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”).

Andy Koss, Drax Power CEO said:

“The Industrial Strategy highlights that there is a technological revolution underway which will be powered by electricity.

“The Northern Powerhouse region is well placed to lead the clean energy revolution, because it has the expertise, knowledge, skills and infrastructure to deliver clean growth based on decades of powering the rest of the country.

“Creating bespoke regional industrial strategies which can draw on skills and strengths available in areas like the north, will help us to maximise the opportunities and deliver real growth.

“The Northern Powerhouse region has been leading the way in new technologies such as bioenergy, offshore wind and nuclear power, and Drax alone generated £577 million for the Northern Powerhouse regional economy, supporting more than 6,000 jobs in the region in 2016.”