|Bid||287.90 x 69300|
|Ask||288.90 x 57700|
|Day's range||286.74 - 292.00|
|52-week range||273.10 - 393.20|
|PE ratio (TTM)||-47.98|
|Forward Dividend & Yield||N/A (N/A)|
|1y target est||379.17|
The following FTSE 100 companies will go ex-dividend on Thursday, after which investors will no longer qualify for the latest dividend payout. According to Reuters calculations at current market prices, ...
One of the UK's largest energy producers wants to convert two of its remaining coal-fired power units to gas. The move by Drax, which generates 7% of the UK's electricity, has been driven by the shift away from coal power. The Government announced in 2015 that all coal-fired power stations would be closed by 2025, prompting Drax to switch three of its units from coal to wood pellets recently.
Drax said on Wednesday it has applied to convert two of its remaining coal-fired power units to gas and to build battery storage, moves driven by Britain's shift away from coal. Britain has said all coal power plants must be closed by the middle of the next decade and Drax, whose northern English coal plant was once Europe's most polluting, has already switched three coal-burning units to wood pellets as a result. It now plans to install up to 3.6 gigawatts (GW) of gas-fired power capacity by replacing a maximum of two of its coal-burning turbines.
What do you do, in a world turning its back on coal, when you own Europe's biggest coal-fired power station? This has been the strategic question with which Drax Group (Frankfurt: D9F2.F - news) has been grappling during the last decade or so. Opened in North Yorkshire 43 years ago, to generate power from the newly-discovered Selby coalfield, it was heralded as the UK's most efficient coal-fired power plant and, later, its most environmentally friendly.
British power producer Drax reported a half-year pretax loss on Wednesday after a one-off hit on foreign exchange hedging. Drax, which raised its dividend payments last month, reported a loss of 83 million ...
British power producer Drax is assessing whether to convert its remaining coal-fired power units to run on gas instead so they can compete in the country's annual capacity auction, the company said on Thursday. Drax has converted half of its Yorkshire coal plant, once Europe's most polluting coal-fired power station, to burn wood pellets but plans to switch the remaining units to biomass have stalled since the government changed renewable energy subsidies. "One option is to repurpose the coal units to run on gas," said Andy Koss, chief executive of Drax's generation business, during a presentation to analysts.
British power producer Drax raised its dividend payout to shareholders and set a target to more than triple earnings by 2025 as it banks on higher rewards for its conventional power plants to back up renewable energy output. Drax, whose huge Yorkshire coal-fired power plant was once Europe's most polluting station, said on Thursday it would pay shareholders 50 million pounds ($64 million) in dividends this year, up from 10 million in 2015 and the first payout rise in seven years. The power producer also said it expects to be able to deliver earnings before interest, tax, depreciation and amortisation (EBITDA) of 425 million pounds by 2025, more than three times its core earnings in 2016.
Drax has raised its dividend payout target for the year and has changed the way it calculates shareholder rewards to ensure returns grow, the British power producer said on Thursday. Drax said it was targeting earnings before interest, tax, depreciation and amortisation (EBITDA) of 425 million pounds ($541.5 million) by 2025, more than three times its core earnings in 2016. Its new dividend policy foresees a 50 million pound payout to shareholders this year, compared with 10 million in 2016 and 23 million in 2015.
Stricter European Union pollutant limits could lead to costly upgrades or the closure of one third of Europe's large-scale coal power plant capacity, a report by the Institute for Energy Economics and Financial Analysis (IEEFA) showed on Monday. On April 28, EU member states approved stricter limits on pollutants such as sulphur oxides (SOx) and nitrogen oxides (NOx) from large combustion plants in Europe which can cause air pollution and respiratory diseases. To comply with the new rules by 2021, utilities will either have to invest in new technology to retrofit coal plants, restrict operating hours to under 1,500 a year or close the facilities, the IEEFA said.
** Drax says has completed acquisition of nearly all of the assets of Louisiana Pellets for $35.4 million following a court hearing approving an auction result ** The assets will add around 450,000 tonnes ...
British power company Drax will engage further with shareholders on executive pay, it said on Thursday, after a third of investors opposed its remuneration report. A total of 33.65 percent of shareholders voted against the report, which attributed Chief Financial Officer Will Gardiner annual remuneration of 971,000 pounds ($1.22 million), including a bonus of 479,000 pounds. Shareholder adviser Institutional Shareholder Services had recommended voting against the report because it thought Gardiner's bonus was "excessive" in view of the company's performance the previous year.
The owner of Britain's biggest power station next week faces the first major boardroom pay revolt since MPs (BSE: MPSLTD.BO - news) called for remuneration committee bosses to quit if they fail to win overwhelming shareholder backing. Sky News has learnt that Drax Group (Frankfurt: D9F2.F - news) , which operates the Yorkshire coal-fired power plant of the same name, is braced for substantial opposition to its 2016 pay report at its annual meeting on Thursday. The revolt is expected to be fuelled by a recommendation from Institutional Shareholder Services (ISS (LSE: 0QRS.L - news) ), the powerful proxy voting adviser, to oppose Drax's remuneration report over share awards made to its finance chief.
Power producer Drax said it was reviewing its dividend policy after reporting another decline in annual profits on the back of weak energy prices, sending its shares down 6 percent. Drax said it would pay a full-year dividend of 2.5 pence per share, down from 5.7 pence in 2015, but in line with a policy of paying out half of underlying earnings. "To us this points to a lower dividend policy long-term than current consensus expectations," said analysts at Jefferies who rate the stock as 'underperform'.
** British power producer's shares slump 6.7 pct, 2nd-top faller on UK's FTSE 250 & 3rd from bottom on Stoxx 600 ** Posts 17 pct fall in FY EBITDA to £140 mln , hit by weak power prices and the loss of ...
British power producer Drax reported a 17 percent fall in core annual earnings to 140 million pounds , slightly below analysts' estimates, citing weak power prices and the loss of revenue from a green ...
Britain's auction to secure back-up electricity generating capacity for the winter of 2017/18 ended with a very low price on Friday but appeared to throw a lifeline to the big Eggborough coal-fired plant ...