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.

StockMarketWire.com
Drax says trading conditions have remained challenging, with further weakness in power prices since its half year results on 28 July.

But Drax says it continues to benefit from good operational performance and, since July, it has strengthened its 2015 and 2016 hedges for power sales at prices significantly above the current market. These factors underpin its expectations for the full year, which remain unchanged.

Barclays Capital today reaffirms its overweight investment rating on Drax Group PLC (LON:DRX) and cut its price target to 320p (from 380p).

Impressive chart.

StockMarketWire.com
Drax has entered into a conditional agreement to acquire Opus Energy for £340 million and four open cycle gas turbine (OCGT) development projects for electricity generation for an initial purchase price of £18.5m.

The final consideration will depend on clearing price in capacity market auctions.

Drax is also continuing to monitor opportunities to acquire further wood pellet plants.

Drax says the acquisition of Opus Energy will be subject to the approval of the Contracts for Difference by the European Commission but says the group remains confident of approval of this contract.

Drax says today's announcement marks a significant milestone in the execution of its strategy, helping it to change the way energy is generated, supplied and used for a better future. Drax says Opus Energy is a well established and proven retail business serving the SME market.

Drax also says it continues to expect full year EBITDA to be around the bottom of the range of current market forecasts.

Chief executive Dorothy Thompson said: "Drax is already playing a vital role in helping change the way energy is generated, supplied and used as the UK moves to a low carbon future.

"Today we are pleased to announce the proposed acquisition of Opus Energy, the UK's leading challenger retail supplier in the SME market, creating a strong and competitive presence complementing our existing Haven Power offer.

"We are pleased that five of our leading shareholders representing over 45% of the issued share capital have indicated that they will support the transaction, and we thank them for their support.

"We are also announcing the acquisition of four OCGT development projects, which will play an important role in helping government meet their ambition of new gas generation, reducing carbon emissions, forcing more coal off the system, providing additional system support to 'plug the gaps' created by intermittent renewables and boosting security of supply.

"With the right conditions, we can do even more, converting further units at Drax to use sustainable biomass in place of coal. This is the fastest and most reliable way to support the UK's decarbonisation targets, whilst minimising the cost to households and businesses.

"These initiatives mark an important step in delivering our strategy, contributing to stronger, more predictable, long-term, financial performance, through greater diversification of the businesses, delivering more opportunities right across the markets in which we operate."

Exane BNP Paribas today upgrades its investment rating on Drax Group PLC (LON:DRX) to outperform (from outperform).

RBC Capital Markets today reaffirms its outperform investment rating on Drax Group PLC (LON:DRX) and cut its price target to 370p (from 400p).

StockMarketWire.com
Power generation supplier Drax Group posted an annual loss, owing to two unplanned outages.

For the six months to June 30, statuary losses were £12m, compared with a £61m loss the same period a year ago.

Ebitda fell to £102m from £121m.

Drax said, however, that other areas performed well as its pellet production business drove down costs and output reached record levels. The company's B2B Energy Supply business continued to increase customer numbers.

First-half pellet production rose 80% to 0.7m tonnes from 0.4m tonnes and cost per tonne fell 12%.

The third biomass pellet plant, LaSalle Bioenergy, was commissioning ahead of plan and on track to reach full capacity in the first quarter of 2019, the company said.

A conversion of a fourth biomass generating unit was also on schedule and budget, and expected to come online in the late summer.

The interim dividend rose to 5.6p per share, from 4.9p per share. Dividends for the 2018 full-year were expected to come in at £56m.

The company said it completed £13m of £50m buyback programme as at 30 June.

Drax said it full-year expectations remained unchanged.

Drax said it was buying Scottish Power's portfolio of pumped storage, hydro and gas-fired generation for £702m from parent company Iberdrola. The portfolio is expected, based on recent power and commodity prices, to generate EBITDA in a range of £90m-£110m from gross profits of £155m to £175m.

Up over 5% at the moment.