Industrial action will not lead to power cuts, Drax insists
8th Feb 2023 08:30
(Sharecast News) - Drax Group has insisted that the UK's electricity supply will not be affected after workers voted in favour of industrial action.
Read moreSunday newspaper round-up: Coal-fired power plants, Metro Bank, Asda
22nd Jan 2023 19:47
(Sharecast News) - National Grid has called on coal-fired power plants to prepare to supply power on Monday given that temperatures are expected to remain near zero even as wind speeds remain low. The notifications that they should be ready - if needed - were served to three coal units owned by Drax and EdF. The plants had been scheduled to close in September but that decision was pushed back until 2024 due to soaring gas prices in the wake of Russia's war on Ukraine. According to Bloomberg data, UK futures remain at over the twice the level typically seen at this time of the year. - The Sunday Telegraph
Read moreDrax to pay £6.1m fine for breaching licence
13th Jan 2023 11:11
(Sharecast News) - Ofgem said on Friday that electricity firm Drax has agreed to pay a £6.1m fine for breaching its energy generation licence by charging National Grid excessive prices to reduce power generation.
Read moreCoal-fired plants put on standby as cold snap intensifies
12th Dec 2022 10:19
(Sharecast News) - National Grid has ordered two coal-fired generators be readied for use after temperatures plunged across the UK.
Read moreSector movers: Power generators boosted by Autumn Statement, Oil and Gas drag
19th Nov 2022 22:00
(Sharecast News) - Interest rate sensitive construction and utilities shares paced gains at the end of the week following the Chancellor's well-received Autumn Statement the day before.
Read moreBarclays sees 'compelling value' in UK utilities after Budget clarity
18th Nov 2022 12:21
(Sharecast News) - Barclays said on Friday that the "energy tax overhang" was gone, as it welcomed the clarity brought by Chancellor Jeremy Hunt's announcement on windfall taxes in this week's Autumn Statement.
Read moreEnergy firms resilient as Hunt announces new windfall taxes
17th Nov 2022 12:42
(Sharecast News) - Shares in energy firms initially slumped on Thursday after Chancellor Jeremy Hunt outlined new windfall taxes in his Autumn Statement, but prices quickly recovered.
Read moreHunt mulling fresh windfall tax on power generators - report
15th Nov 2022 10:59
(Sharecast News) - The chancellor Jeremy Hunt is considering introducing a 40% windfall tax on the "excess returns" of electricity generators as part of this week's Autumn Statement, it was reported on Tuesday.
Read moreRBC Capital Markets lowers target price on Drax, reiterates 'outperform' rating
15th Nov 2022 09:14
(Sharecast News) - Analysts at RBC Capital Markets lowered their target price on power generation business Drax from 1,175.0p to 950.0p on Tuesday but said recent weakness in the group's share price was "misplaced".
Read moreJefferies upgrades Centrica, Drax to 'buy'
31st Oct 2022 07:28
(Sharecast News) - Jefferies upgraded Centrica and Drax on Monday to 'buy' from 'hold' as it pointed to strong free cash flow generation and resilient balance sheets.
Read moreMinisters pressing ahead with renewable energy windfall tax - report
10th Oct 2022 10:34
(Sharecast News) - UK ministers are reportedly pressing ahead with plans to cap prices at renewable energy generators, after talks failed to persuade them to voluntarily fix contracts well below the current wholesale rates.
Read moreDrax 'chopping down' Canadian forests, film claims
4th Oct 2022 10:28
(Sharecast News) - Shares in Drax Group were trading lower on Tuesday after the UK firm was accused of chopping down ecologically-important Canadian forests.
Read moreDrax acquires remaining minority interest in Alabama Pellets joint venture
3rd Oct 2022 07:42
(Sharecast News) - Power generation business Drax Group has agreed to acquire a remaining minority interest in its Alabama Pellets joint venture from Two Rivers Lumber for $22.0m in cash.
Read moreJPMorgan upgrades SSE to 'overweight'
20th Sep 2022 07:59
(Sharecast News) - JPMorgan Cazenove upgraded SSE on Tuesday to 'overweight' from 'neutral' and hiked the price target to 2,100p from 1,585p.
Read moreSunday newspaper round-up: Sky-high electricity prices, Royal Mail, Olaf Scholz
21st Aug 2022 16:40
(Sharecast News) - The Chancellor is examining the options that it has at its disposal for bailing out businesses that might otherwise go bust next winter due to sky-high electricity prices. Government sources said Nadhim Zahawi believed that repurposing Covid schemes to help businesses should be among those options. Other options on the table include grants for small and medium-sized enterprises, as well as VAT and business rates holidays. Another source however said supports for SME's would be dependant on the next Prime Minister's appetite for increased borrowing. - The Sunday Times
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