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Power bills soar - Drax investors get £326m

Oscar Beard | 13.09.2006 12:28 | Climate Camp 2006 | Climate Chaos | Ecology | World

Reported in yesterday's Evening Standard, 12/9/06.

Investors in the Drax power station are to get a £326m windfall as customers recieve massive rises in fuel costs.

Drax chairman Gordon Horsfield also recieved over £4 million in a cheque on top of the £50m he has already made from the company.

What do the customers get? Energy bills that have doubled to more than £1000 a year. Again, yet another case of rich-richer, poor-royally shafted.

Drax's first-half pre-tax profits soar to £317 million, as compared with £13 million the previous year, profit margins increasing to more than 50 percent.

Drax charged £45.70 per megawatt/hour in the first half of this year, at a cost of £17 mw/hr to create the energy and a pollution penalty of £5.80 per mw/hr.

Yesterday the shares in Drax continued to fall by 21p to 852.5p

Oscar Beard
- e-mail: oscarbeard@yahoo.com.mx
- Homepage: http://www.reprogrammingthedesensitised.com

Comments

Display the following 5 comments

  1. It's enough to turn you into ... — revolutionary anarchist
  2. You forgot to mention... — Oscar Beard
  3. Thievery — Citizen
  4. learn to build your own wind turbines — pete
  5. from 1066 to Drax — poison the fat cats milk