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Pin to quick picksDrax Share News (DRX)

Share Price Information for Drax (DRX)

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Share Price: 499.20
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Industrial action will not lead to power cuts, Drax insists

Wed, 08th Feb 2023 08:30

(Sharecast News) - Drax Group has insisted that the UK's electricity supply will not be affected after workers voted in favour of industrial action.

Unite has announced nine strike days, starting on 20 and 27 February and continuing through March into April.

Members voted in favour of industrial action after rejecting an 8% pay offer. The union argued that with inflation at record highs, the offer represented a real terms pay cut.

London-listed Drax can generate around 7% of the UK's electricity when fully operational, and Unite warned on Wednesday that industrial action would "close Drax down", leading to possible power cuts.

Regional officer Shane Sweeting said: "The strike action at Drax will inevitably cause considerable strain on the National Grid, but this dispute is completely of the company's own making."

However, Drax insisted the electricity supply would not be affected. A spokesperson told Reuters: "In the event of industrial action, Drax has robust plans in place to ensure the power station continues to safely generate renewable electricity for millions of homes and businesses."

Unite represents around half of Drax's 471 production staff, the firm added.

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(Alliance News) - Drax Group PLC's biomass power plant could lose subsidies if it is found not to be complying with sustainability requirements, a minister has said.

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British coal plants to be unavailable for back up power this winter - National Grid

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15 Jun 2023 11:34

UK’s Drax says not in negotiations to restart coal units this winter

LONDON, June 15 (Reuters) - British power generator Drax said on Thursday it is not in negotiations with the National Grid to restart its coal-fired power units to be available as back up electricity generation this winter.

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15 Jun 2023 08:52

Britain at lower risk of losing power next winter, says grid operator

(Alliance News) - Britain will be at a lower risk of losing power this winter than it was last time, according to a report from the company that runs the grid.

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UK Environment Agency to review Drax's power plant carbon capture plan

(Alliance News) - The Environment Agency in the UK on Friday said it has launched a consultation on Drax Power Ltd's proposals to develop bioenergy with carbon capture and storage at one of its power stations.

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31 May 2023 09:38

IN BRIEF: Drax resolves to "cooperate fully" with Ofgem investigation

Drax Group PLC - Yorkshire, England-based power generator - Acknowledges Ofgem's announcement of an investigation into a possible breach by Drax Power Ltd of annual biomass profiling reporting requirements under the Renewables Obligation scheme. Ofgem however notes that the opening of an investigation does not imply any finding of non-compliance. Drax says Ofgem has separately confirmed that it has not established any breach that would affect the issuance of Renewable Obligation Certificates or associated financial benefits to Drax. Adds that last year it appointed an independent third party to verify biomass sustainability and profiling data. Drax says it "continues to cooperate fully" throughout Ofgem's investigation and " is confident in the compliance of its biomass with the Renewables Obligation criteria."

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31 May 2023 08:21

Ofgem launches Drax probe, shares slide

(Sharecast News) - The UK energy regulator has launched an investigation into Drax Group's annual biomass profiling.

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