Drax trades in line with expectations

POWER station operator Drax today said the strength of its contracts would help it cope with challenging commodity market conditions.
By The Newsroom
Published 18th May 2010, 10:43 BST

In a trading update, Drax, which is based near Selby, said it had delivered a good operational performance so far in 2010.

The statement added: "We have the ability to take advantage of Drax power station's flexibility and reliability to improve profitability in such market conditions. As a result, we continue to trade in line with expectations.

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"Our forward contracted position represents an accelerated hedge, captured mainly through mid-2009 in response to market conditions at that time. As previously described, we are now reverting to a hedge profile more in line with our historic practice.

"We will next update the market on the group's positions under contract on August 3 2010, when we announce our half year results for the six months ending June 30 2010. "