Drax finds a Haven

Energy company Drax Group Plc has acquired Haven Power, an electricity supply business, from Welsh Power for £10.75 million.

Haven supplies electricity to some 22,000 SMEs, and will provide another outlet for electricity generated by Drax.

Dorothy Thompson, chief executive of Drax, commented: “We are acquiring a good business at good value. Haven is a small acquisition in the overall context of Drax, but is an excellent fit with the existing trading business, providing a platform to grow another route to market for our power.”

Drax’s latest financial results reveal a strong trading performance for last year, with a turnover of £454 million. “During 2008, we delivered a good performance against a backdrop of extreme movements in commodity prices,” Thompson added.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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