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 power station AES relinquished ownership in August 2003, after falling into £1.3 billion of debt. Independent directors continued the operation to ensure security of supply. In December 2005, after refinancing, ownership passed to the Drax Group. Separate acquisition offers from International Power, private equity group Texas Pacific, and a private equity backed bid from Constellation Energy were rejected for undervaluing the company. The company's valuation subsequently increased to 2005 as a result of rising electricity prices, and on 15 December 2005 Drax Group plc floated its shares on the London Stock Exchange, issuing £400 million worth of shares, on a valuation of