Drax Group Plc

0.80 (0.15%)
Share Name Share Symbol Market Type Share ISIN Share Description
Drax Group Plc LSE:DRX London Ordinary Share GB00B1VNSX38 ORD 11 16/29P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.80 0.15% 545.20 546.40 546.80 553.60 541.00 545.00 2,519,107 16:35:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electric Services - 85.1 20.5 26.4 2,199.27

Drax Group PLC Temporary Cost-Plus Revenue Limit and CfD

12/10/2022 7:19am

UK Regulatory (RNS & others)

Drax (LSE:DRX)
Historical Stock Chart

From Jun 2022 to Jun 2023

Click Here for more Drax Charts.


RNS Number : 6171C

Drax Group PLC

12 October 2022

12 October 2022

Drax Group plc

("Drax" or the "Group"; Symbol: DRX)

Temporary Cost-Plus Revenue Limit and Voluntary CfD Legislation

Drax notes the UK Government's plan to introduce an Energy Prices Bill which will include legislation for a temporary cost-plus revenue limit for renewable electricity generation and a voluntary Contracts for Difference (CfD) process.

The Government's statement notes that details of the temporary cost-plus revenue limit will be subject to a consultation to be launched shortly, ahead of it coming into force from the start of 2023.

It also recognises the importance of dispatchable and baseload generation, such as biomass, for security of supply and that these technologies have higher input costs, which will be considered as part of the detailed policy design.

Drax will continue to work with Government and industry on the detail of the proposal.

Will Gardiner, Drax Group CEO, said: "The Government's statement recognises the unique role that biomass plays in the UK energy system and its higher input costs. We will continue to engage with the Government on the specific details of the legislation as it continues to be developed.

"Drax is the UK's largest source of renewable electricity by output and our sustainable biomass provides enough renewable electricity for four million households, playing a critical role in keeping the lights on - whatever the weather. We plan to invest GBP3bn in our UK carbon removal, renewable power, system support and supply chain projects in the 2020s, demonstrating our commitment to UK energy security and net zero.

"Our biomass operations support around 6,000 jobs throughout the North of England and thousands more jobs will be created and supported through our investment in Bioenergy with Carbon Capture and Storage (BECCS)."

The Energy Prices Bill will also include legislation that will allow for a voluntary CfD process for existing generators to take place in 2023, providing generators with longer term revenue certainty.

Drax will update as appropriate based on the outcome of this process.

A link to the Government's statement is copied below.

https://www.gov.uk/government/news/government-introduces-new-energy-prices-bill-to-ensure-vital-support-gets-to-british-consumers-this-winter#::text=The%20Energy%20Prices%20Bill%2C%20introduced, Bill%20Relief%20Scheme%20for%20businesses


Drax Investor Relations: Mark Strafford

+44 (0) 7730 763 949


Drax External Communications: Ali Lewis

+44 (0) 7712 670 888

Website: www.drax.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



(END) Dow Jones Newswires

October 12, 2022 02:19 ET (06:19 GMT)

1 Year Drax Chart

1 Year Drax Chart

1 Month Drax Chart

1 Month Drax Chart
Your Recent History
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com

V: gb D: 20230608 17:29:20