Drax Group in 2002. Many companies experienced financial problems, and Drax Power Station’s major customer went into administration, triggering financial difficulties for Drax. Following a series of standstill agreements with its creditors, the AES Corporation and Drax parted company in August 2003. During the restructuring, a number of bids were received from companies wishing to take a stake in the ownership of Drax, but creditors voted overwhelmingly to retain their interest in Drax. In December 2003, the restructuring was completed and Drax came under the ownership of a number of financial institutions. Almost exactly two years later, on 15 December 2005, Drax
Drax power station scheduled begin in late 2010 and to take up to three and a half years. Two other 300 MW biomass plants were planned by Drax at the ports of Hull and Immingham. In 2012 Drax group abandoned plans for the discrete biomass plant development, due to changes in government subsidies for biomass energy production favouring plant conversions over newly built plants. It switched to a project to convert half of the units at its existing plant to biomass firing. In September 2012 Drax Group announced the conversion to full firing with biomass of three of its six units. The first