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16.10.2018 10:17
Drax to buy assets worth £700m from Iberdrola
AUTHOR: publics.bg

  • Drax Biomass train at Peel Ports Liverpool
    © Drax

UK power supplier Drax will buy £702m worth of rival Scottish Power’s assets from its parent company Iberdrola as it continues its shift away from coal-powered electricity, the Financial Times reports.

The 2,566MW acquisition is made up of pumped storage, hydro and gas-fired power generation assets and marks a move by Drax into more flexible forms of power generation, the company said on Tuesday.

“It’s a critical time in the UK power sector,” said Will Gardiner, Drax chief executive. “As the system transitions towards renewable technologies, the demand for flexible, secure energy sources is set to grow.”

The deal comes after Drax confirmed last month it was in talks with Iberdrola following details of the potential acquisition being leaked to the press.

Drax, which owns the UK’s largest power plant in North Yorkshire, has sought to move away from coal ahead of the national deadline of 2025 to phase out the most carbon-intensive form of power generation.

The company has spent recent years converting four of its six generating units to burning wood pellets instead of coal, with the last of these completed in August.

The deal will make Scottish Power the first vertically integrated UK energy company to completely exit coal and gas generation. It will now generate all of its power from wind.


TAGS: drax | uk | iberdrola | acquisition 


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