Drax Group plc announced that it has agreed to acquire Scottish Power's portfolio of pumped storage, hydro and gas-fired generation for £702 million in cash from Iberdrola, subject to Drax shareholder approval. Drax has commenced operation of a fourth biomass unit at Drax Power Station, which is performing in line with plan, and availability across biomass units has been good. Taking these factors into account, alongside a strong 2018 hedged position and assuming good operational availability for the remainder of the year, Drax's EBITDA expectations for the full year 2018 remain unchanged, with net debt to EBITDA now expected to be around 1.5x for the full year, excluding the impact of the Acquisition.