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 believed homes should be fit for human habitation but did not want to pass the new law that would explicitly require it. Drax lives in his family's ancestral seat, Charborough House - a Grade 1 Listed Manor House in rural Dorset. He holds the lordship of the manor of Longburton. Drax is the eldest son of Walter Plunkett-Ernle-Erle-Drax and The Hon. Pamela Weeks and a grandson of Admiral The Hon. Sir Reginald Drax, younger son of the 17th Lord Dunsany thereby being in remainder to the ancient Barony of Dunsany ("cr." 1462): the second oldest title in the Peerage of