Less Ads, More Data, More Tools Register for FREE

Pin to quick picksDrax Share News (DRX)

Share Price Information for Drax (DRX)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 486.20
Bid: 490.20
Ask: 491.20
Change: -2.60 (-0.53%)
Spread: 1.00 (0.204%)
Open: 490.80
High: 496.20
Low: 486.20
Prev. Close: 488.80
DRX Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Energy firm Drax 'ready to move mountains' for new hydro power project

Tue, 17th May 2022 05:39

(Alliance News) - A renewable energy firm wants to build a new underground hydro power station deep within a Scottish mountain.

Bosses at Drax Group PLC said plans have been submitted to expand their existing Cruachan Power Station to increase the total amount of energy the site can produce to 1.04 gigawatts.

To achieve that around two million tonnes of rock would need to be excavated to create the cavern, tunnels and other parts of the new power station

Drax said the planned station at its existing "Hollow Mountain" facility inside Ben Cruachan – Argyll's highest mountain – would be the first newly constructed plant of its kind in the UK in more than 40 years.

The company also said its plans for a new underground pumped storage hydro power station would help cut carbon emissions and also boost energy security in the UK.

It believes a new station on the site could be operational as soon as 2030, with construction work getting under way in 2024.

Planning applications are being submitted on Tuesday, with Drax stating around 900 jobs could be created over the six years construction will take – with this total including supply chain jobs in a range of industries including quarrying, engineering, transport and hospitality.

Around 150 local on site construction jobs will be created.

The plans for the power station will see reversible turbines used to pump water from Loch Awe to an upper reservoir on the mountainside, with the hydro power plant then using this stored water to generate renewable electricity.

Ian Kinnaird, Drax's Scottish assets director, said: "Drax's plan to expand Cruachan will strengthen the UK's energy security by enabling more homegrown renewable electricity to come online to power homes and businesses across the country, helping to end our reliance on imports and cut costs.

"This major infrastructure project will support hundreds of jobs and provide a real boost to the Scottish economy.

"Only by investing in long-duration storage technologies can the UK reach its full renewable potential, and Drax is ready to move mountains to do just that."

Claire Mack, chief executive of the industry body Scottish Renewables, said the planned new station was "absolutely vital" to both Scotland and the UK.

She stated: "Pumped storage hydro is a critical technology needed to meet net zero. Over the last decade we have managed to develop the technologies to decarbonise the power system such as wind and solar, but what we really need now is greater flexibility to fully optimise those technologies.

"That's why the success of long-duration storage projects such as Cruachan 2 is absolutely vital to Scotland and the whole of the UK."

By Katrine Bussey, PA Scotland Political Editor

source: PA

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
21 Nov 2023 15:19

London close: Stocks slip ahead of FOMC minutes, Autumn Statement

(Sharecast News) - London stocks finished in the red on Tuesday as investors examined the latest UK borrowing data ahead of Wednesday's Autumn Statement.

Read more
23 Oct 2023 09:24

LONDON BROKER RATINGS: Jefferies raises Tullow Oil to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more
29 Sep 2023 15:47

UK dividends calendar - next 7 days

Monday 2 October 
BlackRock Sustainable American Income Trust PLCdividend payment date
Hammerson PLCdividend payment date
Savills PLCdividend payment date
Tuesday 3 October 
Apax Global Alpha Ltddividend payment date
CLS Holdings PLCdividend payment date
Cohort PLCdividend payment date
Croda International PLCdividend payment date
DS Smith PLCdividend payment date
Wednesday 4 October 
Just Group PLCdividend payment date
Thursday 5 October 
AG Barr PLCex-dividend payment date
Andrews Sykes Group PLCex-dividend payment date
AVI Japan Opportunity Trust PLCex-dividend payment date
Aviva PLCdividend payment date
Bodycote PLCex-dividend payment date
Centaur Media PLCex-dividend payment date
Centrica PLCex-dividend payment date
CT Private Equity Trust PLCex-dividend payment date
CT UK High Income Trust PLCex-dividend payment date
Emis Group PLCex-dividend payment date
European Assets Trust PLCex-dividend payment date
F&C Investment Trust PLCex-dividend payment date
Ferguson PLCex-dividend payment date
Finsbury Growth & Income Trust PLCex-dividend payment date
Galliford Try Holdings PLCspecial ex-dividend payment date
Haleon PLCdividend payment date
Hays PLCex-dividend payment date
Hays PLCspecial ex-dividend payment date
HSS Hire Group PLCex-dividend payment date
Hunting PLCex-dividend payment date
InterContinental Hotels Group PLCdividend payment date
Johnson Service Group PLCex-dividend payment date
JPMorgan Emerging Markets Investment Trust PLCex-dividend payment date
Judges Scientific PLCex-dividend payment date
Keywords Studios PLCex-dividend payment date
Learning Technologies Group PLCex-dividend payment date
LSL Property Services PLCex-dividend payment date
Manchester & London Investment Trust PLCex-dividend payment date
Martin Currie Global Portfolio Trust PLCex-dividend payment date
Mears Group PLCex-dividend payment date
Merchants Trust PLCex-dividend payment date
Morgan Sindall Group PLCex-dividend payment date
Mortgage Advice Bureau Holdings PLCex-dividend payment date
Murray International Trust PLCex-dividend payment date
Pantheon Infrastructure PLCex-dividend payment date
RIT Capital Partners PLCex-dividend payment date
Schroder Income Growth Fund PLCex-dividend payment date
Shires Income PLCex-dividend payment date
Smart Metering Systems PLCex-dividend payment date
Smith & Nephew PLCex-dividend payment date
Spectris PLCex-dividend payment date
STS Global Income & Growth Trust PLCex-dividend payment date
Ten Entertainment Group PLCex-dividend payment date
TheWorks.co.uk PLCex-dividend payment date
Travis Perkins PLCex-dividend payment date
Troy Income & Growth Trust PLCex-dividend payment date
Weir Group PLCex-dividend payment date
Friday 6 October 
Admiral Group PLCdividend payment date
Alfa Financial Software Holdings PLCspecial dividend payment date
Anglo-Eastern Plantations PLCdividend payment date
Blackrock World Mining Trust PLCdividend payment date
Cairn Homes PLCdividend payment date
Dalata Hotel Group PLCdividend payment date
Drax Group PLCdividend payment date
Glanbia PLCdividend payment date
GlobalData PLCdividend payment date
Goodwin PLCdividend payment date
Greggs PLCdividend payment date
Intertek Group PLCdividend payment date
Irish Continental Group PLCdividend payment date
JPMorgan American Investment Trust PLCdividend payment date
JPMorgan Global Growth & Income PLCdividend payment date
Land Securities Group PLCdividend payment date
Personal Assets Trust PLCdividend payment date
Quartix Technologies PLCdividend payment date
Serco Group PLCdividend payment date
Walker Crips Group PLCdividend payment date
Warehouse REIT PLCdividend payment date
Zotefoams PLCdividend payment date
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
28 Sep 2023 11:03

Broker tips: Drax, Croda, Babcock

(Sharecast News) - JPMorgan Cazenove cut its price target on Drax on Thursday to 740p from 830p as it lowered its valuation for the stock.

Read more
28 Sep 2023 09:07

LONDON BROKER RATINGS: Barclays cuts United Utilities and Severn Trent

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

Read more
28 Sep 2023 08:47

JPMorgan cuts Drax price target

(Sharecast News) - JPMorgan Cazenove cut its price target on Drax on Thursday to 740p from 830p as it lowered its valuation for the stock.

Read more
26 Sep 2023 09:13

Drax notes UK indicative support for bioenergy with carbon capture

(Alliance News) - Drax Group PLC on Tuesday noted the UK Department for Energy Security & Net Zero setting an indicative position on power bioenergy with carbon capture and storage projects, saying it welcomed the UK government's draft position.

Read more
20 Sep 2023 09:34

LONDON BROKER RATINGS: SocGen cuts BAE; BoA resumes IHG with 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
18 Sep 2023 17:22

IN BRIEF: Drax completes GBP150 million share buyback programme

Drax Group PLC - Yorkshire, England-based electricity generator - Completes GBP150 million share buyback programme which was first announced in April. Says between May 18 and September 15, repurchased 26.4 million shares.

Read more
1 Sep 2023 11:41

IN BRIEF: Drax chief commercial officer sells GBP440,000 in shares

Drax Group PLC - Yorkshire, England-based electricity generator - Chief Commercial Officer Paul Sheffield sells 79,840 shares at average 552.80 pence, worth GBP441,279, on Tuesday and Wednesday. Now has 16,318 shares remaining.

Read more
29 Aug 2023 08:40

Liberum singles out three 'cheap' UK stocks to buy

(Sharecast News) - Liberum Capital has identified ConvaTec, Drax and Hays as three "cheap" stocks that should be considered by value-oriented investors.

Read more
24 Aug 2023 08:06

IN BRIEF: Drax picks ex-Duke Energy executive Andrea Bertone as chair

Drax Group PLC - Yorkshire, England-based electricity generator - Hires Andrea Bertone to be next non-executive chair, joining the board on Thursday and taking over the chair on January 1. Bertone replaces Philip Cox, who steps down on December 31 after nine years in post. Bertone spent 15 years at Charlotte, North Carolina-based electricity and gas supplier Duke Energy Corp, including seven as president of its international division, leaving Duke in 2016. Bertone lives in Houston, Texas. A lawyer by training, she is a member of the Brazilian Bar Association.

Read more
24 Aug 2023 07:49

Drax appoints Duke Energy vet as new chair

(Sharecast News) - UK power generation company Drax has announced it is replacing its long-standing chair Philip Cox with international energy veteran Andrea Bertone.

Read more
17 Aug 2023 15:43

UK dividends calendar - next 7 days

Friday 18 August 
British American Tobacco PLCdividend payment date
Castings PLCdividend payment date
CML Microsystems PLCdividend payment date
Elixirr International PLCdividend payment date
FirstGroup PLCdividend payment date
Halma PLCdividend payment date
Invesco Bond Income Plus Ltddividend payment date
JPMorgan Japan Small Cap Growth & Income PLCdividend payment date
Momentum Multi-Asset Value Trust PLCdividend payment date
Primary Health Properties PLCdividend payment date
Monday 21 August 
no events scheduled 
Tuesday 22 August 
no events scheduled 
Wednesday 23 August 
Axiom European Financial Debt Fund Ltddividend payment date
Porvair PLCdividend payment date
Thursday 24 August 
abrdn Asia Focus PLCex-dividend payment date
Arbuthnot Banking Group PLCex-dividend payment date
Artemis Alpha Trust PLCex-dividend payment date
Atlantis Japan Growth Fund Ltdex-dividend payment date
Auto Trader Group PLCex-dividend payment date
Aviva PLCex-dividend payment date
Brickability Group PLCex-dividend payment date
Carr's Group PLCex-dividend payment date
Cohort PLCex-dividend payment date
Diageo PLCex-dividend payment date
Drax Group PLCex-dividend payment date
Glanbia PLCex-dividend payment date
Haleon PLCex-dividend payment date
Hammerson PLCex-dividend payment date
Henderson Smaller Cos Investment Trust PLCex-dividend payment date
HICL Infrastructure PLCex-dividend payment date
Ibstock PLCex-dividend payment date
Just Group PLCex-dividend payment date
Land Securities Group PLCex-dividend payment date
Legal & General Group PLCex-dividend payment date
Lookers PLCex-dividend payment date
Merchants Trust PLCdividend payment date
Mondi PLCex-dividend payment date
OSB Group PLCex-dividend payment date
Personal Assets Trust PLCex-dividend payment date
Qinetiq Group PLCdividend payment date
Shaftesbury Capital PLCex-dividend payment date
St James's Place PLCex-dividend payment date
Temple Bar Investment Trust PLCex-dividend payment date
Witan Investment Trust PLCex-dividend payment date
XPS Pensions Group PLCex-dividend payment date
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
27 Jul 2023 11:58

Drax half-year performance improves, increases dividend payout

(Alliance News) - Drax Group PLC on Thursday posted strong financials for the first half of 2023, as rising profit and revenue allowed it to declare a higher dividend return to its shareholders.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.