BREAKING NEWS: Drax completes electricity deal

BRITAIN’S biggest coal fired power station Drax today completed a deal to buy electricity supply business Haven Power for £10.75m.

Selby-based Drax has acquired Haven Power, which serves business customers, from Welsh Power.

Haven supplies electricity to around 22,000 small and medium sized businesses.

Drax said it believed Haven had the capacity to grow “significantly from this base, adding value in its own right”.

Drax also hopes to use Haven as a provider of a further route to market for its electricity through volume and also by securing client contracts.

Dorothy Thompson, Drax’s chief executive, said: “We are acquiring a good business at a good value.

“Haven is a small acquisition in the overall context of Drax, but is an excellent fit with the existing trading business, providing a platform to grow another route to market for our power.” 

Deutsche Bank acted as sole financial advisor to Drax on the transaction.

Earlier this week Drax reported almost flat pre-tax profits for the year ended December 31 of £443m compared to £449m the year before.