12 March 2025
Drax Group plc
("Drax" or the "Company"; Symbol: DRX)
Capacity Market Agreements
T-4 auction - provisional results for existing assets
Drax confirms that it has provisionally secured agreements to provide a total of 434MW of capacity (de-rated 402MW) principally from its pumped storage and hydro assets(1). The agreements are for the delivery period October 2028 to September 2029, at a price of £60/kW/year(2), with income of around £24 million in that period. These are in addition to agreements for existing assets which extend to September 2028.
T-4 auction - provisional results for refurbishing hydro asset
Drax has also provisionally secured an agreement to provide a total of 24MW of capacity (de-rated 22MW) for the refurbishment of Glenlee(3). The agreements are for the delivery period October 2028 to September 2043, at a price of £60/kW/year(2), with income of around £20 million in that period.
Enquiries:
Drax Investor Relations:
Mark Strafford
mark.strafford@drax.com
+44 (0) 7730 763 949
Chris Simpson
Chris.Simpson@drax.com
+44 (0) 7923 257 815
Media:
Drax External Communications:
Andy Low
Andrew.Low@drax.com
+44 (0) 7841 068 415
Website: www.drax.com
Notes:
(1) Cruachan Pumped Storage (units 1 and 2), the Galloway hydro scheme (Tongland and Kendoon) and three small legacy gas turbines at Drax Power Station (92MW, de-rated 86MW).
(2) Capacity Market agreements stated in 2023/24 real-terms, with payments indexed to UK CPI.
(3) Glenlee is a hydro scheme within the Galloway hydro scheme. It is comprised of 2 x 12MW turbines, which will be refurbished as a part of the works on the site.
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