The Mail on Sunday (London, England), July 30th, 2006
Byline: BEN LAURANCE
Drax poised for a surge in earnings
IT SOUNDS so simple. You take coal - huge quantities of the stuff, up to 36,000 tonnes a day - and shovel it into a power station. At the other end, out comes electricity, which you then sell at a healthy profit. What could be a more reliable way of making money?
Alas, life isn't quite that simple, as Drax Group found to its cost four years ago. Electricity prices collapsed. Its main customer, TXU Europe, was brought to its knees, and Drax, owner of the largest coal-fired power station in Europe, found itself in a fairly similar pos...
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