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Premarket London: Imperial Finds New CEO

By Geoffrey Smith -- Here is a summary from the most important regulatory news releases from the London Stock Exchange ahead of the U.K. market open on Thursday 30 January. Please refresh for updates for U.K. market news from the LSE’s RNS on individual U.K. shares from FTSE 100, FTSE 250 and FTSE All-Share.

Imperial Brands (LON:IMB) said it has found someone to replace Alison Cooper as chief executive.

The tobacco company has appointed Stefan Bomhard, currently CEO at car dealership network Inchcape (LON:INCH), although it wasn’t able to say when he’ll start.

Prior to Inchcape, Bomhard had also held senior positions at Cadbury, Unilever (LON:ULVR) and Procter&Gamble.

Power generator Drax (LON:DRX) said it will review options for two coal units at Drax Power Station and the small Combined Cycle Gas Turbine (CCGT) at Blackburn Mill, after choosing not to accept capacity payments for its two coal units at Drax Power Station and the small Combined Cycle Gas Turbine (CCGT) at Blackburn Mill. Drax said it had secured agreements to provide 2,562 megawatts of capacity from its existing gas, pumped storage and hydro assets for the delivery period October 2022 to September 2023, at a price of £6.44/kW. In all, the capacity payments are worth £15 million in that period. These are in addition to existing agreements which extend to September 2022. Capacity payments are made by the system operator to power plant owners to ensure that generating capacity is available, even if it is not needed at specific times. In the case of the coal units, the price offered by the grid operator is unlikely to have covered the cost of keeping them available.

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