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 has red hair, and half of his face is badly scarred from a German attack during the war. The same incident left him with amnesia. He is 6 ft (183 cm) tall. After the war, Drax made a fortune from trading metals in Tangier and was able to start up his company, "Drax Metals Ltd", which specialises and has a monopoly in the production of a metal called columbite. Drax is also the backer of the 'Moonraker' missile project being built to defend the United Kingdom against its Cold War enemies. The metal columbite gives a missile's engine an extra