Drax Group Share Price (DRX) - Buy DRX Shares

The Drax Group is a public limited company based primarily in Yorkshire, United Kingdom and its shares trade publicly on the London Stock Exchange. Its main business is in the generation of power within the Utilities sector and it operates in coal, power, carbon and biomass commodity markets. The Drax Group makes its biomass, carbon allowances and coal from suppliers in the UK and internationally. It has a significant share of the United Kingdom's wholesale electricity market - generating approximiately 7% of the UK's trade and electricity power. The company also operates 6 of its own generators which have a full output capacity of around 4,000 mega watts.

Drax Group is a holding company and it has various wholly-owned subsidiary companies which include the Drax Group Limited, Drax Finance Ltd, Drax Power Ltd, Drax Intermediate Holdings Ltd and Drax Investments Ltd. These subsidiaries are primarily involved in the sale and generation of electricity which is mainly produced in Selby, North Yorkshire (Drax Power Station) as well as selling by-products arising from electricity generation.

In October 2008, the Drax Group Plc said that for the fiscal year of 2008 it anticipated that its yearly results would be slightly higher than the current market expectation. It was also reported that the company intended to work with Siemens AG to build 3 biomass-fired power plants which would together generate at least 15% of the UK's renewable power. The project has been initially costed at £2 billion and the plants are destined to be built in Hull, Immingham and near the Drax Power station in Yorkshire, Northern England.