Results due soon electricity prices only fell slightly recently boith DRX and BGY very volotile as brokers continue to change their minds i'm in and staying with good growth and 5%= yield protecting price

Results due 8/3 so expect some gains running up to that......


Drax Group PLC
01 February 2007


1 February 2007


DRAX GROUP PLC
('Drax')
(Symbol:DRX)

NOTICE OF RESULTS

Further to the reference made in the Trading Update released on 13 December
2006, Drax confirms that it will be announcing its preliminary results for the
year ended 31 December 2006 on Thursday 8 March 2007.

Drax also advises that the date set for its 2007 Annual General Meeting is
Thursday 26 April 2007.

Investec Buy 656.50 657.50 1,000.00 850.00 Reiterates

HSBC Overweight 656.50 657.50 875.00 830.00 Reiterates

Deutsche Bank Buy 656.50 657.50 900.00 900.00 Reiterates

Citigroup Neutral 656.50 657.50 800.00 800.00 Reiterates

Goldman Sachs Conviction Buy 656.50 657.50 1,226.00 1,067.00 Reiterates

Credit Suisse Outperform 682.00 660.00 695.00 750.00 Upgrades

2 Sep 2014 Drax Group PLC DRX Credit Suisse Outperform 0.00 656.50 750.00 750.00 Reiterates

SP Target 750p

2 Sep 2014 Drax Group PLC DRX RBC Capital Markets Outperform 654.50 656.50 750.00 750.00 Reiterates

Bottom been formed I wonder?

Woodford been adding again though some might say averaging (down). A lot to go for if the bottom has indeed been formed....

Yes cp1 ,i have this on my watchlist as well...

22nd Jan 2015

The European Union has given the green light for the UK government to provide financial aid to MGT Power’s biomass power station in the North East of England.
Sector peer Drax, which owns the largest coal-fired power station in the UK that is switching to burn wood pellets, was performing well on London's stock market on hopes for EU support for biomass generation.
The European Commission said its decision to back MGT's Teeside project was due to the fact that the plant will reduce carbon dioxide emissions and provide a constant energy output throughout the day, rather than intermittently as is the case with wind energy.
MGT and Drax are among the developers to be awarded a contract for difference mechanism that is meant to insure the price clean energy generators receive for power over 15 years. Government funding is designed to ensure certainty for investors until a more permanent solution is introduced.
Drax shares fell 13% in December after the government announced it was considering withdrawing state aid to generators that are converting to burn biomass, but rose 3.91% to 372.10p at 14:16 on Tuesday on the back of the decision adopted by the executive arm of the European Union.

Watching.

Looking good!

Did you get in Chris ??

Great recovery potential here guys.

Macquarie note today:
"Drax is not for the faint hearted and it has been a volatile performer. It has two main drivers to valuation: i) dark and bark spreads and ii) biomass conversion clarity. Both of these have been recently hit as a combination of low oil price/mild winter/DECC taking control of its budget have reduced outlook expectations.
There are two reasons why we believe current levels offer an attractive entry point. We have a new 465p price target (down from 550p/share) and an Outperform rating.
With a fixed carbon and biomass cost, spreads are heavily linked to gas prices. Whilst gas prices rebounded somewhat since January, leading to an improved dark and bark spread, the Drax share price has not. Drax is more efficient than 15GW of other coal power stations. If current 25-year-low spreads fall further, we think these will not cover cash costs and those without capacity payments (7GW) could close, tightening the market.
We estimate Drax has an EV of c.£1.6bn and a headline EV/EBITDA of 6.7x 2017e. We estimate they could sell their pelleting plants, worth in our view £300mn (double-digit IRRs on £225mn investment). Drax has hedged its pellets at £8/GJ, although the majority of these costs are in $US. At current rates we estimate this could be worth up to £200mn, or 15% of Drax. Removing this derivative would increase biomass costs overall – not unhelpful in EU negotiations, which, if allowed, we see coming in at £100/MWh real.
With hedged 1-year forward cashflow of c.£50mn, the EV of a ‘stripped’ plant would be £1,050mn. At current spreads we estimate a 3-ROC plant EBITDA of £218mn once capacity payments kick in, rising to £278mn with a CfD at £100/MWh – leading to a potential EV/EBITDA of between 3.8-4.8x.
Our valuation is 465p/share with a 50% probability of 3 ROCs (410p) and a £100/MWh CfD (517p). We see potential that dark spreads will rise through rising gas prices or less efficient coal fired power stations closing."

No jimmy, I own a few.

Ok good luck ,should see a comeback here .

Fingers crossed jimmy. :0)

Some loose talk on III of potential bid from Germans I think. Personally just think it's got very oversold. Not enough volume to support bid rumours.

What did Osborne say to drop this 20% i must have missed something .

Wow just seen this.

UK Government Scraps Climate Change Levy, Reiterates North Sea Support

Thanks skinny .