Finance

UK power firm Drax signs capacity deals worth up to $56 million

Published by Global Banking & Finance Review

Posted on March 12, 2025

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· Last updated: January 24, 2026

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UK power firm Drax signs capacity deals worth up to $56 million
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(Reuters) - British power group Drax said on Wednesday it has secured agreements to provide 434 megawatts of power, primarily from its pumped storage and hydro plants, from October 2028 to September

Drax Secures Power Capacity Agreements Worth Up to $56 Million

(Reuters) - British power group Drax said on Wednesday it has secured agreements to provide 434 megawatts of power, primarily from its pumped storage and hydro plants, from October 2028 to September 2029 for about 24 million pounds ($31.02 million).

The company said it had also provisionally agreed to supply 24 megawatts of power for refurbishing the Glenlee power station, with an expected income of roughly 20 million pounds from the deal.

($1 = 0.7738 pounds)

(Reporting by Pushkala Aripaka and Raechel Thankam Job in Bengaluru; Editing by Sherry Jacob-Phillips)

Key Takeaways

  • Drax secures deals for 434 MW power capacity.
  • Agreements focus on hydro and pumped storage plants.
  • Deals valued up to $56 million.
  • Includes refurbishment of Glenlee power station.
  • Contracts span from October 2028 to September 2029.

Frequently Asked Questions

What agreements has Drax secured?
Drax has secured agreements to provide 434 megawatts of power primarily from its pumped storage and hydro plants.
What is the expected income from the Glenlee power station deal?
The company has provisionally agreed to supply 24 megawatts of power for refurbishing the Glenlee power station, with an expected income of roughly 20 million pounds from the deal.
When will the power agreements take effect?
The power agreements will take effect from October 2028 to September 2029.

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