Drax Priory Drax Priory Drax Priory was an Augustinian priory at Drax in North Yorkshire, England, founded between 1130 and 1139 by William Paynel. The Priory has sometimes been called an abbey, though this is judged to be incorrect. Permission was given to crenellate the priory in 1362. The Priory was run down in 1535 with the Dissolution of the Monasteries and the land was leased to Sir Marmaduke Constable to be used as a farm. In 1997, a geophysical survey and aerial imaging was undertaken which revealed wall lines of buried buildings and former ponds. The monks at Drax owned lands
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