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
James Drax he and his companions arrived and lived for a time in a cave, hunting for provisions, and clearing land for the planting of tobacco, which soon became the staple crop of the island. Drax later claimed that he had arrived with a stock of no more than £300, and that he intended to stay on the island until he had parlayed that initial investment into a landed fortune worth £10,000 a year back home. By the late 1630s, Drax had accumulated a substantial portion of land on Barbados, together with his brother William Drax. Owing to a slump in tobacco