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Energy company Drax Group Plc has acquired Haven Power, an electricity supply business, from Welsh Power for £10.75 million.

Haven supplies electricity to some 22,000 SMEs, and will provide another outlet for electricity generated by Drax.

Dorothy Thompson, chief executive of Drax, commented: “We are acquiring a good business at good value. Haven is a small acquisition in the overall context of Drax, but is an excellent fit with the existing trading business, providing a platform to grow another route to market for our power.”

Drax’s latest financial results reveal a strong trading performance for last year, with a turnover of £454 million. “During 2008, we delivered a good performance against a backdrop of extreme movements in commodity prices,” Thompson added.

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