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 born at Darlton, Notts. and became a wealthy shipper in Kingston upon Hull. Two years later, Read's will endowed the school at Drax and founded further grammar schools at Tuxford in Notts. and Corby Glen in Lincolnshire. Read also funded the building of six almshouses in Drax for elderly people, stipulating that they should be for three men and three women. Drax had two railway stations: both are now closed. Drax Hales railway station was on the North Eastern Railway's (NER) Selby to Goole Line: British Railways closed it in 1964. Drax Abbey was on the Hull and Barnsley Railway