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STOCKS NEWS EUROPE-Drax rises on govt. renewable subsidies boost

Reuters - UK Focus

Shares in British power generator Drax Group (LSE: DRX.L - news) climb 7.5 percent after Britain fixed its subsidy prices for renewable energy projects, giving certainty to investors over the returns the company can expect from its plans to produce energy from biomass.

The British government said on Wednesday that the strike price for biomass conversion would be 105 pounds per megawatt-hour from 2015 to 2019, confirming the provisional price it had announced in June.

"There were a few voices in the market saying that they're not going to get what the draft price was, and I think it's just a relief rally that they have got what they're supposed to get," Exane BNP Paribas Iain Turner says.

Liberum analysts reiterate their "buy" rating on Drax and call the fixed 105 pound per megawatt-hour strike price "good news" for the company.

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Reuters messaging rm://sarah.young.thomsonreuters.com@reuters.net