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Drax buys assets from Iberdrola
- 5 years ago (2019-01-02)
- David Flin
Drax Power Station in Yorkshire, UK, has completed the £702 million buyout of low-carbon and renewable assets from Iberdrola of Spain. The assets include hydroelectric and biomass plants in Scotland and combined cycle gas turbine stations in England.
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The new power stations will increase Drax’s electricity generation capacity by 60 per cent. Will Gardiner, CEO of Drax Group, said that the increased output would add 2.6 GW to Drax’s current portfolio. He said: “As a British energy company, we are very proud to be the new owners of these critically important power stations across England and Scotland. We are investing in Great Britain by acquiring this portfolio of flexible, low-carbon and renewable generation assets. They complement our existing activities by providing very flexible power which provides crucial system support services to the grid, maintaining secure supplies and enabling more renewables like wind and solar onto the system.”
Drax is the biggest renewable generator in the UK, currently running biomass units at its Selby plant, following a lengthy conversion of two-thirds of the plant from coal-fired to biomass operation. Gardiner said that the addition of hydro plants in Scotland will provide an additional 35 per cent of Britain’s electricity storage capacity. Drax has also acquired 2 GW of gas power stations in England.