Drax a ‘buy’ as it benefits from generator levy allowances
Drax will likely benefit from allowances granted in the new electricity generator levy, say Liberum analysts
Company
Drax Group
LON:DRX
Drax Group is the owner and operator of Drax Power Station, the largest, cleanest and most efficient coal-fired power station in the UK.
226 stories · page 2 of 3
New levy threatens investment in UK renewables – report
The new windfall tax on electricity generators will threaten investment into UK renewables, according to the REA
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Coal consumption to hit record in 2022 predicts IEA
Global consumption of coal will exceed 8bn tonnes this year for the first time ever
Wholesale energy prices soar as perfect storm hits UK
Energy prices spiked on Monday as the UK turned to gas amid the cold snap and a lack of wind
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Drax expansion of Scottish hydro plant furthers hopes for UK’s net-zero target – analyst
Drax announced preliminary work had begun on its new hydro plant earlier this week
Drax slammed by ministers for being UK’s ‘biggest emitter’
Drax's chief executive disputed the power company’s position as the UK’s largest emitter of carbon dioxide as he faced questioning from ministers
Centrica and Drax shares jump as windfall tax on electricity generators shrugged off
Analysts said the trio had nothing to fear from an energy profits levy
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Drax could face £1.5bn windfall tax burden but concerns are 'overdone', says analyst
Analysts are now assuming a 35% additional tax on power generation for just over five years to be announced in the new mini-budget later this week
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Drax Group pledges to work with government on revenue cap proposals
The company was responding to 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 (
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Drax cuts down environmentally-important forests despite £6bn green energy subsidies from taxpayer
Panorama took satellite images, traced logging licences and used drone filming to confirm its findings
Drax and renewable energy producers in negotiations with government over long-term prices
Energy generators are being asked to supply electricity below current market rates in return for mult-year deals
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Drax faces hardening of government legislation concerning biomass, says Citi
The business secretary said it is a 'huge cost financially and environmentally'
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Drax tumbles on Kwarteng criticism of imported wood for biomass energy
The business secretary was said by colleagues to remain fully supportive of the company and the biomass sector
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Market movers: Audit probe hurts Revolution Beauty
A look at some of the risers and fallers on the market on Thursday.
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Drax gets earnings lift after agreeing to extend coal station lifecycle
The power producer recently agreed to extend the life of its Yorkshire coal plant at the government's behest
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Drax shares fired up on winter coal-burning deal with National Grid
Following a government call, the Yorkshire power station has agreed to provide a coal-fired backup service from October until the end of March 2023
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Drax boost from power rises not in share price, suggests JP Morgan
The broker expects Drax to upgrade 2022 underlying profit [EBITDA] expectations
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Coal set for reprieve as officials prepare to waive emissions checks - report
Business Secretary Kwasi Kwarteng has asked National Grid to keep EDF, Drax and Uniper coal stations running this winter
Drax, SSE at risk from electricity market reform - Citigroup
The government is due to consult on its review of the electricity market by mid-July
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Drax target raised to 1,150p as power prices buoy earnings
RBC has increased its underlying profit [EBITDA] forecasts by 20-60% over 2023-25E
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Drax Group powers up as Downing Street asks it to keep coal power stations burning
Analysts at JP Morgan have put an overweight rating on the shares and hiked their price target
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UK mulls coal U-turn on concerns over Russian gas supplies - report
"We are exploring a wide range of options for further bolstering our energy security," a Whitehall source told The Times newspaper
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Drax acquires wood pellet sales book from Canada's Pacific BioEnergy
Drax is aiming to double sales of biomass to third parties to at least 4mln tonnes a year by 2030,
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Drax sees profit at top end of forecasts; outlines £3bn investment plan
The power company has not been materially impacted by supply chain woes and rising freight costs
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Drax biomass plant is UK's biggest CO2 emitter – research
Biomass emissions are treated as carbon neutral and therefore not included in the total CO2 emissions count for the UK
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Drax may run coal-fired power plants beyond planned closure in 2022 amid UK energy crisis - report
“We’re very aware that the country might have a significant problem and if there’s something Drax can do we will absolutely think about doing that,” said chief executive Will Gardiner
Drax emerges as clear winner as UK power prices soar
Drax was given a helping hand by an upgrade from analysts at Barclays
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Drax Group under fire over its biomass plans
No smoke without fire? Think tank Ember says Drax is set to cost the energy consumer a packet in subsidies while Drax says it is going to save us all a pile of money and save the planet
UK needs range of renewable energy sources as low wind threatens energy security, Imperial College warns
New research from Imperial College backs up the IEA report last week said that said a wide range of measures and technologies are needed to achieve net-zero emissions
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SSE best-placed utility for any inflation resurgence, says Citigroup
Power generator SSE has the least inflation-linked debt
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Drax reports robust trading in first months of 2021
As of 16 April, the energy company had 25.7 terawatts per hour of power sales contracted at £49 per megawatt per hour
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Drax shareholders approve Canadian biomass company acquisition despite environmental warning
The energy firm is planning to clean up operations by replacing coal with wood pellets but scientists have advised against it
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Drax scraps UK gas-fired power station plans to focus on renewables
Environmental groups have been protesting what would have become Europe’s biggest gas-fired power station
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Drax may ditch UK gas-fired power station in environmental effort
The project has been criticised by environmental groups after the government approved it in 2019
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Drax ties up Canadian biomass purchase to turn it carbon zero by 2030
The UK power station owner has offered C$11.30 per share, a 13% premium to the last close
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Drax extends £125mln loan linked to carbon emissions to 2025
The facility includes a mechanism that adjusts the rate of interest paid based on Drax's carbon emissions against an annual benchmark
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Drax shares lifted as dividend fires remain burning
The group's balance sheet at the end of March showed net debt of £818mln but available cash and committed facilities of £663mln
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Drax restructures management at generation arm
Andy Koss’s service agreement with Drax Power Limited will end on 30 June
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G4S bins plans to hive off its cash handling business
A look at some of the major movers in the market on Thursday
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Net zero: Barclays says "utilities now officially a growth sector"
Analysts upgraded their ratings and hiked their share price targets on SSE and Drax
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Drax reiterates full-year guidance as it targets increased self-supply of biomass
The company is aiming to supply 80% of the biomass it currently uses to generate power from its own sources by 2027, up from the current level of 20%
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Drax shares power up as it reports jump in quarterly earnings
The company also gave its support to new emissions targets
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FTSE 100 closes in red as mining stocks weigh
FTSE 100 closed in the red on Wednesday as miners weighed after a sell-off in iron ore in China
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ITV investors watching for Love Island effect as new boy enters villa
The Conservative Party leadership contest was decided by a relatively convincing margin of 92,153 votes to 46,656, while Love Island commands consolidated viewing figures of more than 5mln
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ITV investors hope for Love Island boost amid tough ad market
The week ahead includes updates from ITV, Unilever, Rightmove, Diageo, Marston's, IG Group, National Express, GSK and AstraZeneca
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Currency hedges prop up Drax profits as output dips
Gains related to foreign currency hedging of £38 mln were the main driver of pre-tax profits of £14mln
FTSE 100 closes lower as Brexit is talk of the town
Footsie closed down around 32 points at 7,151, while the FTSE 250 added 23 at 19,270
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Standard Chartered to wrap up recent flurry of big bank results with charge-blurred numbers
Aside from the 2018 results from the emerging markets-focused bank, FTSE 100-listed housebuilder Persimmon and speciality chemicals blue chip Croda International will also report numbers
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Hotchpotch of blue-chip results set to flow in coming week from likes of Rolls-Royce, ITV, WPP
The Week Ahead will also bring a trading update from AB Foods, plus final results from Standard Chartered, IAG, Persimmon, Rightmove, as well as the latest US GDP data
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Drax amends terms of Iberdola deal following EU decision
The British power producer said last month’s decision on the UK capacity market scheme had put at risk payments to plants it is buying as part of the deal and that it had agreed a risk-sharing scheme with Iberdrola as a result
Centrica appoints chairman-designate from Weir Group
The FTSE 100-energy group said Charles Berry would be appointed initially as a non-executive director before taking over from Rick Haythornthwaite on 21 February 2019
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Drax cut to 'hold' by Jefferies over UK power prices, acquisition integration concerns
Jefferies believes Drax's earnings from new assets could come under pressure from growing competition in the system support market
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Drax Group confirms £700mln UK power acquisition
“It's a critical time in the UK power sector," said Will Gardiner, Drax chief executive
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Drax shares tank as it posts lower first-half earnings after power outages
Drax left its full-year earnings forecast unchanged and raised its interim dividend
FTSE 100 closes firmly higher with miners taking the top spots
The global financial body added that several countries, including the US and UK, had excessive current account deficits and borrowed too much
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Investors looking for some thirst quenchers from Britvic, Fevertree, and Fuller's
Aside from the soft drinks firms and brewer, the day ahead on Tuesday includes updates from blue-chip real estate firm Hammerson and student acommodation group Unite
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Apres moi le deluge: Flood of blue chip results to dominate in coming week, including BT Group
Over the five sessions in the Week Ahead, around 20% of the FTSE 100 index will report results or issue a trading update, with about half that number due on Thursday alone
Investments and investor services
FTSE 100 closes in red as Powell's hawkish tone gives traders jitters
New Fed supremo Jerome Powell will likely stick to a gradual, three hikes scenario, but the case for a faster pace of tightening is growing stronger, according to Nordic investment bank, SEB
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Standard Chartered to take the bow for banking results, as Persimmon starts for the housebuilders
Day ahead includes a welter of blue chip results from the likes of Standard Chartered PLC, Persimmon PLC, Direct Line Group, and GKN PLC
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Housebuliders step up to the podium in busy week of corporate earnings
The week ahead includes a slew of full year results, including from Taylor Wimpey, Persimmon, GKN, Capita, AB Foods and WPP
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Drax secures electricity agreements for coal units
The agreements for the two coal-fired generators are for the delivery period October 2021 to September 2022 and are worth £10mln in total at a price of £8.40/kW
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Drax Group warns of £10mln EBITDA hit from "unplanned outage" at rail unloading facilities
The FTSE 250 listed firm said that as a result of the outage, in order to optimise available supplies, power generation on its two renewable obligation contract units has been reduced
FTSE 100 closes higher as energy stocks provide a boost; supermarkets weigh
Robert Walters sprang a pleasant surprise on the market with an unscheduled trading update.
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UK inflation numbers key Bank of England pointer as Federal Reserve starts final meeting of 2017
Day Ahead includes latest UK inflation numbers, plus the start of the last two-day Federal Reserve meeting of 2017, plus updates from Ashtead Group and Balfour Beatty
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Federal Reserve Grinch to dominate among upcoming central bank rate decisions
The Week Ahead will be dominated by interest rate decisions from the US Federal Reserve, Bank of England and ECB, plus UK inflation and results from Ashtead Group, TUI, and Dixons Caphone among others
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Drax appoints ex-CFO of Johnson Matthey as interim CFO
Drax is continuing to search for a permanent CFO to replace Will Gardiner, who has been promoted to chief executive
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Future PLC raises expectations as chairman signals intention to bow out
Peter Allen will not be going back to the Future board room after February's AGM
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Drax shares slide as it swings to first half loss on falling value of coal assets
Drax is on the back foot after reporting a first half loss
Investments and investor services
FTSE 100 finishes over 40 points ahead with housebuilders in support
The blue chip index closed up 40.69 at 7,430 on the day
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BHP Billiton, Drax and TalkTalk to be among Wednesday’s highlights
Interim results are due from UK power firm Drax and a trading statement from TalkTalk will likely also garner investor attentions.
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Unilever results to illustrate strategy review boosts; investors looking for Vodafone improvements
Week Ahead: Unilever PLC, Vodafone PLC, easyJet PLC, Sports Direct PLC, Royal Mail Group PLC ...
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Drax plans £50mln dividend this year and expects to grow its payout, as it forecasts strong underlying earnings growth
In a trading update ahead of a capital markets event today, the FTSE 250-listed firm said it was targeting underlying earnings (EBITDA) of £425mln by 2025
FTSE 100 closes 55 down and UK mid-caps plunge; BoE raises prospect of rate rise
FTSE 100 closed down 55 at 7,419 as retail shares took a beating
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LGO / Columbus Energy reboot comes into effect on Thursday
On its first day Columbus will pitch the group’s new plans at a re-branding launch event in the City.
Centrica's investment case overshadowed by Tory plans for energy price cap, says Barclays
Shares in Centrica and Drax gained as Barclays lifted its target price on the energy companies
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Tesco set for strongest quarter in seven years
Week ahead: Tesco, Merlin Entertainments, Capita, Bellway,
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Day ahead: Debenhams, Unilever and Sky results in focus
Debenhams, Unilever and Sky are set to take centre stage with their latest results on Thursday
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Primark to keep the ball rolling nicely at Associated British Foods
Week ahead; Associated British Foods , Sky , Unilever Burberry, Reckitt Benckiser...
Investments and investor services
FTSE 100 closes 21 points down ahead of Easter weekend
Yesterday the FTSE 100 briefly rose above 7,400 ... today, a sub-7,300 level beckons
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Day ahead: Ten Entertainment float could score a strike; Hays to update
The UK's second largest ten-pin bowling operator, Ten Entertainment will have an initial market cap of £107.25mln when conditional trading starts in London
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Week ahead: Recruiters to provide Brexit insight while Tesco delivers finals
Week ahead: Tesco, Pagegroup, Hays, JD Sports, WH Smith ...
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Drax to buy two distressed US pellet plants as it expands operations
The power station owner is looking to buy two pellet plants in the US as part of plans to expand its operations
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Deutsche Bank reiterates 'hold' on Drax after full year results
Deutsche Bank has recommended a 'hold' rating on Drax after the power company reported "slightly disappointing" full year results.
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Drax's full year earnings hurt by challenging commodity markets
The owner of the UK’s largest power station said underlying earnings (EBITDA) fell to £140mln in the year to 31 December 2016, in line with guidance
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Week ahead: Shire continues pharma newsflow; Rolls-Royce results also key
Shire will complete the fourth-quarter results announcements from the FTSE 100-listed pharma giants following numbers from Astra and Glaxo
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Drax Group finally gets European Commission approval for key subsidy contract
The contract for difference (CfD) deal was due to be awarded earlier on in the year, but was delayed after the EC launched a probe over concerns that it may be too generous.
Sierra Rutile on the up as Iluka deal edges closer
Iluka had threatened to walk away from the proposed takeover only last week
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Drax continues diversification with acquisition of business energy supplier Opus Energy
Drax is paying £340mln for Opus, the UK's sixth biggest business energy provider, which supplies electricity and gas to more than 260,000 UK locations.
Investments and investor services
FTSE 100 stocks end near session highs thanks to banks
FTSE 100 shares closed near their highest point of the session on Tuesday, but no thanks to spread-betting stocks after the UK’s top regulator proposed stricter rules for the sector
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Drax likely to get European subsidy approval before end of year
Barclays analysts said: “We believe approval by end 2016 remains most likely”
Broker sees Centrica losing its spark
Jefferies cut Centrica and power station operator Drax to ‘underperform’
Investments and investor services
Bullish Cantor sees over 200% upside for Parkmead Group Plc
Parkmead, Drax Group, Ladbrokes, and AG Barr feature in Friday's Broker Spotlight.
GAME downgraded as UK sales continue to concern
Liberum has put its recommendation and price target under review following GAME’s pre-close trading update.
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Brokers: Centrica in favour with Credit Suisse
In a market where everyone is panicking about house prices and property funds, online house-seller Rightmove remained a source of tranquillity.
Investments and investor services
FTSE 100 Index edges higher as pound falls
The price of a barrel of Brent crude fell 0.449% to US$44.52
Premier Oil in favour with Liberum after ‘strong’ production update
Premier Oil, Hunting, Antofagasta, Daily Mail & General Trust, and Drax are in the broker spotlight on Monday.
Risers and fallers: Alba, Plethora, TyraTech, Evocutis...
Main share price risers and fallers in London at 4.15pm
Tuesday's agenda: Peel Hunt bets Ladbrokes' nadir has been reached
Has Ladbrokes finally got the right digital strategy? Peel Hunt believes it has.