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 no value, as it had been flooded by the Ouse, and the borough was not even mentioned, leading George Sheeran to claim that flooding may have led to the abandonment of the town, or at least the end of its borough status. However, the inquisition post mortem for Richard Lely of Drax, held in 1422, indicates that his part of the land was not completely worthless, although the mill was ruined. His son John inherited and the property then passed to John's daughter Joan, who had been born and baptised at Drax in 1424. She was married to John Babthorpe