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
Hugo Drax then corners Drax in the station's airlock, shoots him with a cyanide-tipped dart, and ejects him into space. In his novelization of the movie, screenwriter Christopher Wood describes Drax as red-haired and with a face scarred and botched by poor plastic surgery (from a time "before he could afford the best in the world"), much as originally envisioned by Fleming. Although Drax's nationality is not specified, Bond idly wonders to himself which side he fought on during World War II. Hugo Drax Sir Hugo Drax is a fictional character created by author Ian Fleming for the 1955 James Bond novel