Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Drax Group plc
  6. News
  7. Summary
    DRX   GB00B1VNSX38


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Drax : Scotland Office Minister visits iconic ‘Hollow Mountain' Cruachan Power Station

06/18/2021 | 03:25am EDT

Cruachan is an underground pumped hydro storage power station built inside a hollowed-out cavern 1km inside Ben Cruachan - Argyll's highest mountain. Despite construction starting in 1959, its reversible turbines are still at the cutting edge of energy storage technology, enabling the plant to act like a giant water battery.

Its turbines pump water from Loch Awe to an upper reservoir on the mountainside to store excess power from the grid. The stored water is then released back through the turbines to generate power quickly and reliably when demand increases. This process helps stop wind farms being paid to turn off when they are generating excess power, helping Scotland to be greener whilst cutting household energy bills.

As part of the visit, Drax Group's Scottish Assets & Generation Engineering Director, Ian Kinnaird, also outlined the company's exciting work on plans to build a new second underground pumped hydro storage power station at the Cruachan complex.

He said:

'The UK has led the world in the transition from fossil fuels to renewable power, and Scotland has been at the forefront of this renewables revolution.

'Drax wants to go even further and unlock Scotland's full renewable potential by expanding the iconic Cruachan pumped hydro storage plant in Argyll. These innovative plants act like giant water batteries soaking up excess wind and solar power so our homes and businesses can use more green energy when we need it most.'


Cruachan Power Station Turbine Hall (Click to view/download)

The construction of a second underground power station at Cruachan would be one of the largest infrastructure projects in Scotland in recent decades, creating jobs and bringing much needed investment to Argyll. As Glasgow prepares to host COP26 in November, Cruachan shows how countries around the world can harness their full renewable potential, create jobs and cut energy bills for consumers.

When all four of its generating units are operating at maximum capacity, the plant can supply enough flexible power for around 800,000 homes.

UK Government Minister for Scotland, David Duguid, said:

'It was fascinating to tour the underground facility and see first-hand how it produces high volumes of power in such an environmentally-friendly way.

'We need to embrace the kind of technology employed at Drax and the next Smart Systems and Flexibility Plan, due for publication shortly, will outline steps to remove barriers to smart technologies. It's all in line with the UK Government's ambitious climate and decarbonisation commitments as we strive to cut our emissions by nearly 80 per cent by 2035.'

Drax acquired Cruachan alongside the Galloway and Lanark hydro schemes in 2019, helping to make the company a leading provider of flexible, renewable power generation.


Media contacts:

Aidan Kerr
Drax Group Media Manager
E: [email protected]
T: 07849 090 368

Laura Davidson
Office of Scretrary of State for Scotland
E: [email protected]

Editor's Notes
  • Pumped hydro storage power stations act like giant water batteries, storing excess energy when there is an oversupply of power and then releasing when the country needs it most.
  • This is especially useful in supporting wind and solar generation, storing excess renewable power to be used later instead of going to waste.
  • Despite being a key supporting pillar for intermittent generation from wind and solar power, no new pumped storage plants have been built in Britain since 1984.
  • Drax is currently progressing plans for a second underground power station at the existing Cruachan complex which could double its capacity.
About Dra

Drax Group's purpose is to enable a zero carbon, lower cost energy future and in 2019 announced a world-leading ambition to be carbon negative by 2030, using Bioenergy with Carbon Capture and Storage (BECCS) technology.

Its 3,400 employees operate across three principal areas of activity - electricity generation, electricity sales to business customers and compressed wood pellet production and supply to third parties.

Power generation:

Drax owns and operates a portfolio of renewable electricity generation assets in England and Scotland. The assets include the UK's largest power station, based at Selby, North Yorkshire, which supplies five percent of the country's electricity needs.

Having converted Drax Power Station to use sustainable biomass instead of coal it has become the UK's biggest renewable power generator and the largest decarbonisation project in Europe. It is also where Drax is piloting the groundbreaking negative emissions technology BECCS within its CCUS (Carbon Capture Utilisation and Storage) Incubation Area.

Its pumped storage, hydro and energy from waste assets in Scotland include Cruachan Power Station - a flexible pumped storage facility within the hollowed-out mountain Ben Cruachan.

Pellet production and supply:

Drax owns and has interests in 17 pellet mills in the US South and Western Canada which have the capacity to manufacture 4.9 million tonnes of compressed wood pellets (biomass) a year. The pellets are produced using materials sourced from sustainably managed working forests and are supplied to third party customers in Europe and Asia for the generation of renewable power.

Drax's pellet mills supply around 20% of the biomass used at its own power station in North Yorkshire, England to generate flexible, renewable power for the UK's homes and businesses.


Through its two B2B energy supply brands, Haven Power and Opus Energy, Drax supplies energy to 250,000 businesses across Britain.

For more information visit www.drax.com


Drax Group plc published this content on 18 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 June 2021 07:24:01 UTC.

© Publicnow 2021
All news about DRAX GROUP PLC
10/18Today on Wall Street: This is the real test
10/18DRAX : Jefferies Upgrades Drax Group To Buy From Hold, Boosts PT
10/18ANALYST RECOMMENDATIONS : Drax, GlaxoSmithKline, Goldman Sachs, JP Morgan, Steel Dynamics...
10/11DRAX : launches new platform to accelerate electric vehicle uptake
10/07DRAX : to showcase best of British renewable energy innovation to global investors
10/04FTSE 100 Closes Down Dragged by Weak US Opening
10/04DRAX : RBC Boosts Drax Group's PT, Reiterates Outperform Rating
10/04FTSE Edges Higher, Pound Expected to Fall in 4Q on Weaker Growth Outlook
09/28Go-Ahead CFO Resigns, Shares Slip 10%
09/23Don't panic buy, Britain tells consumers as BP shuts gas stations
More news
Analyst Recommendations on DRAX GROUP PLC
More recommendations
Sales 2021 4 626 M 6 371 M 6 371 M
Net income 2021 98,3 M 135 M 135 M
Net Debt 2021 1 045 M 1 440 M 1 440 M
P/E ratio 2021 21,0x
Yield 2021 3,47%
Capitalization 2 154 M 2 954 M 2 967 M
EV / Sales 2021 0,69x
EV / Sales 2022 0,58x
Nbr of Employees 2 897
Free-Float 96,4%
Duration : Period :
Drax Group plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DRAX GROUP PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 9
Last Close Price 540,00 GBX
Average target price 616,67 GBX
Spread / Average Target 14,2%
EPS Revisions
Managers and Directors
Dwight Daniel Willard Gardiner Chief Executive Officer & Executive Director
Andrew Keith Skelton Chief Financial Officer & Director
Philip Gotsall Cox Chairman
David Nussbaum Senior Independent Non-Executive Director
Nicola Hodson Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
DRAX GROUP PLC44.00%2 954
NEXTERA ENERGY4.98%158 883
ENEL S.P.A.-16.55%81 431
IBERDROLA, S.A.-19.71%67 314