(Alliance News) -Â Power station operator Drax Group PLC on Monday said it will end commercial coal generation at the end of March as it completed the sale of Drax Generation Enterprise Ltd.
Drax on Monday said it has completed the sale of Drax Generation Enterprise, which holds four combined cycle gas turbine power stations, to VPI Generation Ltd.
The deal, worth GBP193.3 million, was first announced back in December. At that time, Drax said the power stations had performed well since being acquired at the end of 2018, but they didn't form part of its renewable generation strategy.
"Following the sale Drax no longer operates any CCGTs and on March 31, 2021 will end commercial coal generation, with formal closure of its remaining coal assets in September 2022," Drax said on Monday.
Shares in Drax were down 0.1% at 373.40p in London on Monday.
By Lucy Heming;Â lucyheming@alliancenews.com
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Drax (DRX)