Drax responds to CCUS Cost Challenge Task Force Report - Drax

Drax responds to CCUS Cost Challenge Task Force Report

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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 Cost Challenge Task Force Report rightly identifies the important role bioenergy and CCS could play in a future low carbon energy grid. In addition to providing flexible low carbon electricity to complement wind and solar, bioenergy and CCS can remove carbon dioxide from the atmosphere, helping to tackle climate change and realise the UK’s vision of being a net zero economy by 2050.”