Drax Group Drax Group Drax Group plc is a British electrical power generation company. The Group is made up of upstream and downstream enterprises. The principal downstream enterprises are based in the UK and include Drax Power Limited, which runs Europe’s biggest biomass-fuelled power station, Drax power station, near Selby in North Yorkshire – the UK’s largest decarbonisation project, as well as supplying between 7-8 per cent of the country’s electricity needs. Related businesses include Haven Power, a supplier of electricity (including sustainable biomass energy) to business. The group’s largest upstream enterprises are Drax Biomass, which sources sustainable biomass for Drax power
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