Drax sells off SME customer book to EDF following strategic review
North Yorkshire power station operator, Drax, says it has agreed to sell most of Opus Energy Group’s small and medium-sized enterprise (SME) customer book to EDF Energy Customers.
The deal follows the completion of a strategic review of Drax Group’s non-core SME energy supply business.
EDF will take over 90,000 small and medium-sized customer meters. The deal is subject to regulatory assessment and is expected to complete in quarter three 2024.
Opus was acquired by Drax in 2017 for £367m. Over the past seven years elements of the acquired business have been transferred to Drax Energy Solutions, the group’s core Industrial & Commercial (I&C) energy supply business.
Those transfers include the renewables business holding the group’s Power Purchase Agreements with renewable generators, and certain other customers.
Drax says it believes these measures further support its decarbonisation strategy and the development of its Energy Solutions (Customers) business which is focused on I&C customers, renewable power and energy services.
It adds the Energy Solutions business is unaffected by the sale of the Opus SME assets and there is no change to the group’s Energy Solutions EBITDA expectations as a result of this process.
