Drax Group has 45 executives and 2 subsidiaries. Sign up to receive our email newsletter to receive a regular roundup of Drax Group news and announcements, Bioenergy carbon capture usage and storage (CCUS / BECCS), Visit Skylark Centre and Nature Reserve, Drax Power Station. Drax Group plc (DRX.L) company profile & facts - Yahoo Finance Description Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. As a result of privatisation, Drax Power Station came under the ownership of National Power, one of the newly formed generating companies. Strictly necessary cookies relate to our hosting environment, and functional cookies are used to facilitate social logins, social sharing and rich-media content embeds. Its subsidiaries include Drax Finance Limited, Drax GCo Limited, Drax Group Limited, Drax Intermediate Holdings Limited and Drax Holdings Limited. Explore our locations and our sustainable biomass approach across the globe. The Company is engaged in renewable power generation, the production of sustainable biomass, and the sale of renewable electricity to businesses. Related Documents Rating Reports 4 BlackRock Investment Management (UK) Ltd. State Board of Administration of Florida Retirement System. . However, Callanan also played down the accusations from environmental groups, suggesting people should wait for the outcome of Ofgems investigation. You must be a registered user to save alerts. Exceptional Items and Certain Remeasurements, Sainsbury's sales up; Eurowag buys more of JITpay, Drax Faces UK Subsidy Cut on Possible Sustainability Breaches, 148 M Drax Group belongs to the FTSE 350. Read more. The company and its subsidiaries provide the generation and sale of electricity and by-products of the generation process from Drax Power Station, Selby, North Yorkshire, and the sale of electricity to business customers by Haven Power Ltd, which is a direct subsidiary of the group's principal trading subsidiary, Drax . All our content is produced independently by our experienced and qualified teams of news journalists. Its subsidiaries include Abergelli Power Limited, Abbott Debt Recovery Limited, Alabama Pellets LLC, Amite BioEnergy LLC . Information about our business, partnerships and campaigns, as well as photos, graphics and multimedia assets for journalists, and educational materials for schools. The role of biomass in securing reliable power generation >. Drax Group plc, along with its subsidiaries, engages in the generation and sale of electricity in the United Kingdom. Supporting wind and solar, by providing electricity at times of low sunlight or wind levels, will require flexible sources of generation, such as biomass. Profile data is unavailable for this security. Drax Group Drax power privacy with OneTrust Table of contents. Stage one (units 1, 2 and 3) was completed in 1974. [24] Also in October 2011 a fire started by spontaneous combustion in a stockpile at the Port of Tyne biomass facility. The Pellet Production segment produces and sells biomass pellets. Our Sites & Businesses - Drax Global Drax Group (DRX) Share Forecast, Price & News GBX 583.34 +3.34 (+0.58%) (As of 05:16 PM ET) Compare Today's Range 579.40 595.20 50-Day Range 537.20 646.61 52-Week Range 467.20 799.50 Volume 3.73 million shs Average Volume 2.22 million shs Market Capitalization 2.30 billion P/E Ratio 2,777.83 Dividend Yield 3.60% Price Target GBX 852.60 [14], On 15 December 2020, Drax Group announced the sale of Rye House, Damhead Creek, Shoreham and Blackburn Mill to VPI Holdings for 193.3m. Following a series of standstill agreements with its creditors, the AES Corporation and Drax parted company in August 2003. To explore Drax Groups full profile, request access. Drax Group (LSE:DRX)'s publicly funded subsidies could be at risk amid an investigation into the biomass power generator's sustainability practices, Parliament heard on Tuesday. Drax Group PLC, DRX:LSE profile - FT.com - Financial Times through three segments: Pellet Production, Generation, and Customers. Drax Groups ambition is to become a carbon negative business by 2030, through innovative greenhouse gas removal technology. [28] Protestors claimed that the company was asking for substantial subsidies to operate the new plant "in addition to the 2.36 million a day it already receives for burning biomass. Princeton Standard Pellet Corp-Pellet Plant Princeton British Columbia, Merrill Lynch International (Investment Management). Were committed to enabling a zero carbon, lower cost energy future through engineering, technology and innovation. , 67 M [8], In 2009, Drax Group acquired Haven Power [9] enabling it to sell electricity directly. Detailed Description Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. IT Client Prospector provides intelligence on Drax Group Plcs likely spend across technology areas enabling you to understand the digital strategy. Were committed to enabling a zero carbon, lower cost energy future through engineering, technology and innovation. Power groups decision comes despite government request to maintain North Yorkshire facility, Intermittency of renewable sources means urgency is required to meet a challenging 2035 net zero deadline, Electricity network operator seeks deal with UK power company amid concerns over more energy market shocks, Crisis-hit business group must convince ministers to re-engage, while halting a slide in its membership, BP and Heathrow among those to enlist in venture to provide new voice for UKs most prominent companies, Asset manager is known for his public stances on governance and shareholder rights, Shares in energy group weaken after regulator Ofgem escalates probe it began last year, Also in todays newsletter, UK power provider Drax crosses the Atlantic, Will Gardiner, Group Chief Executive Officer, Andy Skelton, Group Chief Financial Officer, David Nussbaum, Senior Independent Non Executive Director, Nicola Hodson, Independent Non Executive Director, Vanessa Simms, Independent Non Executive Director, John Baxter CBE, Independent Non Executive Director, Erika Peterman, Independent Non-Executive Director, Kim Keating, Independent Non-Executive Director. Full year results for the twelve months ended 31 December 2022 >. Drax Group plc does not currently have any hardcopy reports on AnnualReports.com. The Customers segment is engaged in the supply of electricity and gas to non-domestic customers in the United Kingdom. [27] Protestors also claim that the company is burning more wood than any other power station in the world. Proactive news team spans the worlds key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. The jobs and careers supporting the UKs net zero future >. Worlds biggest carbon removals deal announced at New York Climate Week >. [17] Drax was the last coal-fired power station to be built in the UK, and was initially designed to use low-sulphur coal from the nearby Selby coalfield in six generating units. Any personal data collected will be respected and protected and used for purposes of the newsletter only. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping us understand which sections of the website you find most interesting and useful. Questions were raised over renewable-classed Canadian-sourced wood pellets used to produce power at Drax's North Yorkshire power station in a House of Lords debate. Public Fundamental Data provided by Morningstar, Inc. Youre viewing 5 of 14 executive team members. The principal downstream enterprises are based in the UK and include Drax Power Limited, which runs the biomass and coal fuelled Drax power station, near Selby in North Yorkshire. 8 Analysts DRX Stock Overview Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. Drax Group plc - AnnualReports.com Drax is the biggest supplier of renewable electricity to businesses by annual consumption, providing 100% renewable source power, electrification services and smart meters. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. About the company Rewards Trading at 9.2% below our estimate of its fair value Earnings are forecast to grow 12.23% per year Earnings grew by 53.1% over the past year Risk Analysis It operates. Drax operates a generation portfolio of sustainable biomass, hydro-electric and pumped hydro storage assets across four sites in England and Scotland. (SPACs), Transportation, Infrastructure & Logistics. The material we use to make pellets includes sawmill and forest residuals, and low-grade roundwood material of a lower grade which is unsuitable for use in a sawmill. What is bioenergy with carbon capture and storage (BECCS)? , 85 M Our dispatchable power which can be ramped up and down, or switched on or off, at short notice to provide a flexible response to changes in electricity demand has a vital role to play in enabling the transition to more renewable energy and a more flexible energy system: generating renewable electricity when the sun doesnt shine and the wind doesnt blow. Drax Group is a renewable energy company engaged in renewable power generation, the production of sustainable biomass and the sale of renewable electricity to businesses. Copyright Proactive Group Holdings Inc, 2023. If it is proved that they are not in compliance, then of course some of the value of the certificates they have received will be withdrawn, Conservative Martin Callanan said. Drax Group Plc (Drax) is a biomass-fuelled electricity generator, which generates electricity using compressed wood pellets instead of coal. Information on stock, financials, earnings, subsidiaries, investors, and executives for Drax Group. Better visibility across Drax Group's operations; Much more than just subject access requests; Powering growth with privacy modules; In 2019 Drax announced a world-leading ambition to be carbon negative by 2030, using Bioenergy with Carbon Capture and Storage (BECCS) technology . Get the full list, Youre viewing 5 of 11 board members. Pinnacle manufactures and distributes industrial wood pellets for thermal power biomass generators. Opus Energy is Drax's supply business that specialises in servicing small and medium-sized enterprises. The company also operates a global bioenergy supply business with manufacturing facilities at 13 sites in the United States and Canada, producing compressed wood pellets for its own use and for customers in Europe and Asia. All rights reserved. Data delayed 15 minutes unless otherwise indicated. Group tax strategy - Drax Global The Company is engaged in renewable power generation, the production of sustainable biomass, and the sale of renewable electricity to businesses. Explore a comprehensive guide to our business model and investor relations. >. Sustainably sourced biomass is a renewable, low carbon source of energy and a key element in the road to net zero. You must therefore seek independent legal, investment or other appropriate advice from a suitably qualified and/or authorised and regulated advisor prior to making any legal, investment or other decision. We are the UKs largest source of renewable power by output, and Drax Power Station is the UKs largest single source of renewable electricity by output. Drax Group Plc Company Profile - GlobalData The Generation segment includes its power generation activities in the United Kingdom (UK). Credit: Paul Huisman on Unsplash. . Drax is enabling a zero carbon, lower cost energy future | We are a manufacturer of compressed wood pellets produced from sustainably managed working . Based in the US south and in Western Canada, we have 18 operational and development sites with nameplate capacity of around 5Mt once expansions are complete. Wed 22 Sep, 2021 - 11:55 AM ET Fitch Ratings affirmed Drax Group Holdings Limited's (Drax) 'BB+' Long-Term Issuer Default Rating (IDR) with a Stable Outlook in April 2021, and upgraded Drax Finco Plc's senior secured notes to 'BBB-' with a Recovery Rating of 'RR2' from 'BB+'. Drax supports over 2,300 small scale generators, buying renewable power including hydro, wind, solar and anaerobic digestion through Power Purchase Agreements (PPAs). Market Cap For Drax Group plc (DRX) | finbox.com DRAX GROUP PLC : Shareholders Board Members Managers and Company From start-ups to market leaders, uncover what they do andhow they do it. In December 2003, the restructuring was completed and Drax came under the ownership of a number of financial institutions. Get the full list, Youre viewing 5 of 12 investments and acquisitions. Please sign in or register. Drax Group US | LinkedIn Our portfolio provides long-term earnings stability and opportunities to optimise returns from the transition to a low-carbon economy. In April, the company announced the end of coal burning operations at its plant in Yorkshire, northern England. Worlds biggest carbon removals deal announced at New York Climate Week >. The Company is engaged in renewable power generation, the production of sustainable biomass, and the sale of renewable electricity to businesses. We are committed to sourcing sustainable biomass that achieves both decarbonisation and positive forest outcomes. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by FT and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions. One significant change was the emergence of vertically integrated companies, combining generation, distribution and supply interests. Josh has reported on a range of areas whilst at Proactive, including energy companies during a time of global crisis, aviation and airlines as the sector recovers from the pandemic, as well as covering economic, social and governance issues. Home - Drax Global ProactiveInvestors is a publisher. . This is a profile preview from the PitchBook Platform. All content on FT.com is for your general information and use only and is not intended to address your particular requirements. Drax Groups ambition is to become a carbon negative business by 2030, through innovative greenhouse gas removal technology. Drax Group PLC is a United Kingdom-based renewable energy company. The CFO reports regularly to the Board and Audit Committee on such matters, or on an ad hoc basis if the need arises. The Generation segment provides renewable, dispatchable power, and system . Drax Group PLC is a United Kingdom-based renewable energy company. >. Sign up to receive our email newsletter to receive a regular roundup of Drax Group news and announcements, Bioenergy carbon capture usage and storage (CCUS / BECCS), Visit Skylark Centre and Nature Reserve, Drax Power Station. After graduating from the University of Kent in the summer of 2022 with a degree in History, Josh joined Proactive later that year as a journalist in the UK editorial team. Drax Group Company Profile: Stock Performance & Earnings - PitchBook See The Free Research Report. Visit Cruachan The Hollow Mountain (Ext), Independent Advisory Board on Sustainable Biomass, Taskforce on Climate Related Financial Disclosures, Drax responds to the UK emissions trading scheme (ETS) reforms July 2023, Drax responds to Jonathon Porritts BECCS Done Well report, Government backs carbon capture pilot at Draxs CCUS incubation site, Drax welcomes CCCs call for faster progress in delivering UK carbon removals and confirms decommissioning of coal units will continue, Drax Foundation donates over 320k to support STEM education and community initiatives in UK and North America, Delegation of Japanese industry and embassy officials visit Drax Power Station, Drax selects Houston, Texas as headquarters for bioenergy carbon capture business, The role of biomass in securing reliable power generation, Working towards carbon negative: Reducing supply chain emissions, Achieving Draxs ambitious decarbonisation goals means continuing to find innovative ways to reduce emissions across our operations, Progress on building a positive future for climate, people and nature, Storage solutions: 3 ways energy storage can get the grid to net zero, Forests, net zero and the science behind biomass, Transporting carbon How to safely move CO. "New research outlines Drax's contribution to the UK economy", "Drax dropped from index of green energy firms amid biomass doubts", "AES withdraws support for Drax restructuring", "Drax creditors vote to hold on to plant", "Drax listing signals strong market for IPOs", "Drax branches out into renewable heat market with wood pellet firm deal", "Drax Acquisition of UK power generation portfolio Company Announcement - FT.com", "Completion of deal means Drax will play bigger role at heart of Great Britain's energy system", "Drax Completes Acquisition of Pinnacle Renewable Energy Inc", "New biomass terminal planned for Port of Liverpool", "Haven Power to provide Thames Water with renewable energy", "Drax buys supplier Opus Energy for 340m", "The Battle of Drax: 38 held as protest fails to close plant", "Coal train ambushed near power station in climate change protest", "Firefighters battle huge biomass fire at Port of Tyne", "Port of Tyne fire: Tower blaze 'under control', "Virtual protest held over Drax power station biomass", "Extinction Rebellion set to hold protests against Drax Power Station", "Legal bid to stop UK building Europe's biggest gas power plant fails", "Climate protesters target SSE and Drax gas plant sites", "Drax scraps plan for Europe's largest gas plant after climate protests", "BBC Panorama: The Green Energy Scandal Exposed", Pre-nationalisation electric power companies, Timeline of the electricity supply industry, Department for Energy Security and Net Zero, Department for Environment, Food and Rural Affairs, Climate Change and Sustainable Energy Act 2006, Centre for Renewable Energy Systems Technology, Hadley Centre for Climate Prediction and Research, Association for the Conservation of Energy, Double Glazing & Conservatory Ombudsman Scheme, BlackRock Greater Europe Investment Trust, Henderson Smaller Companies Investment Trust, JPMorgan Emerging Markets Investment Trust, North Atlantic Smaller Companies Investment Trust, Sequoia Economic Infrastructure Income Fund, Templeton Emerging Markets Investment Trust, https://en.wikipedia.org/w/index.php?title=Drax_Group&oldid=1156803460, Electric power companies of the United Kingdom, Companies listed on the London Stock Exchange, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 4.0, Electrical power and byproducts of power product, This page was last edited on 24 May 2023, at 18:10. News at Drax Group - The Official Board The Company is engaged in renewable power generation, the production of sustainable biomass, and the sale of renewable electricity to businesses. Drax forms part of a wider forest industry where forest management and felling is used primarily for producing material for construction and manufacturing. The jobs and careers supporting the UKs net zero future >. [15], On 13 April 2021, Drax announced that it had completed the acquisition of Pinnacle Renewable Energy Inc.[16], Drax Group's key asset is Drax Power Station. Market Indices, Commodities and Regulatory News Headlines copyright Morningstar. Electric vehicles and energy services Drax's Electric Vehicle (EV) team offers end-to-end EV support for commercial fleets, from vehicle and charging station selection to installation, data analysis and fleet performance improvements. Drax Group Holdings Limited - Fitch Ratings Any information that you receive via FT.com is at best delayed intraday data and not "real time". Proven track record with . By diligent sourcing of these materials to make pellets, our activity can help forest owners, and the larger forest industry, make the best use of forests, achieving both decarbonisation and positive forest outcomes. Drax Group (LSE:DRX)s publicly funded subsidies could be at risk amid an investigation into the biomass power generators sustainability practices, Parliament heard on Tuesday. Energy Storage Projects Understand the energy storage landscape for Drax Group Plc, drawing on intelligence spanning electrochemical, electromechanical, thermal and hydrogen storage. Ofgem has yet to report findings on Draxs sustainability claims, with the pellet burning classed as renewable based on the idea that no more emissions are produced from the practice than are collected during the trees lifespan. Although S&P Global Market Intelligence has made every effort to ensure this data is correct, nevertheless no guarantee is given to the accuracy or completeness. Proactive has always been a forward looking and enthusiastic technology adopter. Drax Group's purpose is to enable a zero carbon, lower cost energy future and in 2019 announced a world-leading ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) technology. Well-managed forests are effective at absorbing and storing carbon dioxide (CO2) from the atmosphere. In 2021, the company was taken out of the S&P Global Clean Energy Index, as it is no longer considered to be a "clean" energy company by the S&P. Drax Group plc, along with its subsidiaries, engages in the generation and sale of electricity in the United Kingdom. Drax Group (LSE:DRX) - Stock Price, News & Analysis - Simply Wall St Our power stations and projects are part of their communities. Our power stations and projects are part of their communities. Were building for a sustainable future in how we source our biomass, generate energy, remove carbon dioxide and function as a business. It operates through three segments: Pellet Production, Generation, and Customers. Draxs Electric Assets team provides bespoke advice for businesses that manage electric machinery, equipment and other assets, reducing their carbon emissions and guaranteeing financial returns. The Generation segment provides renewable, dispatchable power, and system support services to the electricity grid. Drax Group and one of its subsidiaries have agreed to acquire Pinnacle Renewable Energy for a cash sum of $652m (C$831m). [29] A protest took place outside the company's offices in London in July 2019[30] and further protests took place in Yorkshire in August 2020. Drax Group plc - Disfold Data Drax at a glance; The worlds leading sustainable biomass generation and supply business >. Alongside carbon emission reductions, carbon removal technologies are needed to remove carbon from the atmosphere. Its subsidiaries include Abergelli Power Limited, Abbott Debt Recovery Limited, Alabama Pellets LLC, Amite BioEnergy LLC, Arkansas Bioenergy LLC, Baton Rouge Transit LLC, DBI O&M Company LLC, Demopolis Pellets LLC, Drax Biomass Acquisitions LLC, Drax Biomass Inc., Drax Biomass Holdings Limited and Drax Biomass Holdings LLC. It owns and operates Drax Power Station, a coal-fired power station located near Selby, North Yorkshire. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Drax Biomass; Drax Energy Solutions; Please confirm your deletion . Any personal data collected will be respected and protected and used for purposes of the newsletter only.