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
Plunkett-Ernle-Erle-Drax Plunkett-Ernle-Erle-Drax Plunkett-Ernle-Erle-Drax is the quadruple-barrelled surname of the descendants of Admiral The Honourable Sir Reginald Aylmer Ranfurly Plunkett-Ernle-Erle-Drax (1880–1967), who was the younger son of John William Plunkett, 17th Baron of Dunsany by his wife Ernle Elizabeth Louisa Maria Grosvenor, née Burton, later Ernle-Erle-Drax (1855–1916). The surname of Plunkett-Ernle-Erle-Drax was assumed in lieu of Plunkett, his name from birth, by royal licence on 4 October 1916. Ernle is pronounced "earnly." The current head of the family is the Westminster M.P. Richard Grosvenor Plunkett-Ernle-Erle-Drax, otherwise Richard Drax. See Burke's Peerage and Baronetage under the account of the Dunsany barony for a