Drax to sell 90,000 SME meter points to EDF Energy

North Yorkshire power generator Drax Group has reached agreement for the sale of up to 90,000 Small & Medium-sized (SME) customer meter points from its Opus Energy Group Limited business to EDF Energy Customers Limited.

“The transaction is an asset sale for the majority of the Opus customer meter points and follows the completion of a strategic review of the group’s non-core SME energy supply business,” said Drax.

Opus was acquired by Drax in 2017 for £367 million. Over the past seven years elements of the acquired business have been transferred to Drax Energy Solutions, the group’s core Industrial & Commercial (I&C) energy supply business.

Those transfers include the renewables business holding the group’s power purchase agreements with renewable generators, and certain other customers.

“Drax believes that these measures further support its decarbonisation strategy and the development of its Energy Solutions (Customers) business which is focused on I&C customers, renewable power and energy services,” said Drax.

“The Energy Solutions business is unaffected by the sale of the Opus SME assets and there is no change to the Group’s Energy Solutions EBITDA expectations as a result of this process.

“The transaction is subject to regulatory assessment and is expected to complete in Q3 2024.”