IN BRIEF: Drax hail 'landmark' as commissions flexible gas power plant
Drax Group PLC - Selby, North Yorkshire-based electricity generator - Takes handover of Hirwaun power station from developer Metlen Energy & Metals PLC. Following the commissioning of the 299 megawatt open cycle gas turbine plant, Drax assumes commercial control. Hirwaun, located in south Wales, is the first of three OCGT plants of the same size that Drax is developing in England and Wales.
The three plants will have the capacity to contribute a combined 900MW of electricity into the UK power grid. The technology of the OCGT plants allows them to be switched on and off quickly to meet periods of peak power demand. Used in combination with battery energy storage systems - in which Drax also is investing - they supplement intermittent power from renewable energy sources, such as wind. Drax says its capacity market agreements, under which generators provide this peak power, are worth more than £260 million in revenue through to 2039.
‘The successful commissioning of our first OCGT plant is a landmark moment for Drax,’ says Chief Executive Officer Will Gardiner. ‘The energy transition is creating opportunities for us to invest and grow our business in line with the country’s energy needs.’
Current stock price: 794.00 pence, down 1.7% in London on Friday
12-month change: up 24%
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