Drax Group One significant change was the emergence of vertically integrated companies, combining generation, distribution and supply interests. In certain cases, it became necessary for generation assets to be divested, and so in 1999 Drax Power Station was acquired by the US-based AES Corporation for £1.87 billion (US$3 billion). A partial re-financing of Drax was completed in 2000, with £400 million of senior bonds being issued by AES Drax Holdings, and £267 million of subordinated debt issued by AES Drax Energy. Increased competition, over-capacity and new trading arrangements contributed to a significant drop in wholesale electricity prices, which hit an all-time low
Richard Erle-Drax-Grosvenor (1797–1828) the surname of Erle-Drax in lieu of his patronymic. Richard Erle-Drax-Grosvenor (1797–1828) Richard Edward Erle-Drax-Grosvenor (c. March 1797 – 18 August 1828), was a British politician. A member of the Grosvenor family now headed by the Duke of Westminster, he was the son of Richard Erle-Drax-Grosvenor and Sarah Frances, daughter of Edward Drax, of Charborough House, Dorset. On his father's death in 1819 he succeeded him as Member of Parliament for New Romney, a seat he held until 1826. Erle-Drax-Grosvenor inherited Charborough House through his mother. He died unmarried in August 1828, aged only 31. His sister Jane Frances Erle-Drax-Grosvenor