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
Drax, North Yorkshire post-office and village shop was opposite the parish church and closed in 1998. Drax has a Church of England parish church, dedicated to St Peter and St Paul. In the reign of King Henry I (1100–1135) William Paynel founded a priory of Augustinian Canons at Drax. In 1868 it was reported that traces of the priory could still be found but fieldwork in the 1980s and 1990s has failed to find any physical remains of it. By the mid-thirteenth century, Drax was a borough of local significance. However, an inquisition held in 1405 stated that the local manor was of