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
Richard Drax served. He was promoted captain on 10 March 1986. He relinquished his British Army commission on 9 September 1987, thereby retiring after nine years' service as a Coldstreamer. Drax worked at York's "Evening Press" as a reporter in 1991, before joining BBC South where he appeared on both radio and television media, including the daily television news programme "South Today". Selected as a Conservative prospective parliamentary candidate in July 2006, at the general election in May 2010 Drax defeated the incumbent Labour Member of Parliament for South Dorset, Jim Knight, "later" Baron Knight of Weymouth. Drax retained his seat in