26th Apr 2007 07:00
Drax Group PLC26 April 2007 26 April 2007 Drax Group plc ("Drax" or the "Company") Symbol: DRX AGM Statement Drax holds its AGM at 11:00am today at the City Presentation Centre, ChiswellStreet, London. At this meeting Gordon Horsfield, Chairman of Drax, will makethe following comments regarding 2007 Trading: "Turning briefly now to 2007. As notified in our Preliminary Results presentation, towards the end of June we intend to issue a Trading Statement which will include an update on our contracted position. Since our results presentation on 8 March, market conditions have been extremely volatile; the notable drivers have been the continuance of the warm winter, high levels of gas storage across continental Europe and the pressures brought to bear on the oil prices by the political climate developing within the Middle East. Power prices have experienced a mixture of fortunes; prompt power prices felltracking a waning prompt gas price as the gas market responded to the reduceddemand resulting from such a warm winter; however the forward power market hasstrengthened under the influence of a rising oil market producing firmer gasprice sentiment in the medium term. Overall, we continue to trade in line with expectations reflecting ourcontracted position (including actual deliveries in the year to date) of over80% and market factors described above. We are pleased to report that in March both houses of parliament approvedamendments to the Renewables Obligation Order that removes the cap on co-firingenergy crops. The change came into effect on 1st April this year." Enquires: Investor RelationsAndrew Jones+44 (0) 1757 612 938 Media Tulchan CommunicationsDavid Trenchard and Peter Hewer+44 (0) 20 7353 4200 Website: www.draxgroup.plc.uk ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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