ENERGY giant Drax has welcomed a strong performance by its hydro assets in Scotland although the group expects to take a £60m hit to profit because of the impact of the coronavirus on the United Kingdom. Drax noted the spread of the Covid-19 coronavirus has resulted in a slump in demand for power and could leave many of its small and medium sized enterprise customers struggling to pay their bills. A renewables specialist which has invested heavily in windfarms in Scotland said yesterday that it was braced for a material reduction in power prices in the near term as a result of the coronavirus. The Renewables Infrastructure Group told investors: “Covid-19 is having a materially adverse impact on wholesale power prices as a result of reduced economic activity due to movement restrictions introduced across Europe.” However, TRIG said its assets in Great Britain have been performing well despite the operational challenges posed by Covid-19. The portfolio includes stakes in 16 windfarms across Scotland including Green Hill in Ayrshire.
Herald 23rd April 2020 read more »