Between the Broadsheets

Drax, the company that runs the country's biggest coal-fired power station, has dropped plans for a major refinancing and warned that its profits could miss expectations after being hit by the credit crunch. - The Guardian

National Grid has agreed in principal to proposals by UK watchdog Ofgem that the industry invests £5bn over the next five years in gas distribution networks. Ofgem came under fire from all sides when it first announced the plans two weeks ago. It wants to set price controls between 2008 and 2013 that will allow £3.6bn to be spent replacing iron mains pipes - Daily Telegraph

British Nuclear Fuels has agreed to sell its nuclear services business to VT Group, the military-focused support services and shipbuilding group, in a deal worth up to £75m - Financial Times

Drax, which runs the UK's largest coal-fired power station, has become the latest victim of the credit crunch after being forced to pull its refinancing plans. The news sent its shares tumbling 8% before recovering slightly to close down 45.5 at 623.5p, valuing the group at around £2.1bn - Daily Telegraph

VT Group took another step away from its shipbuilding heritage yesterday after agreeing to pay up to £75m for the nuclear decommissioning arm of British Nuclear Group - The Independent

Drax, the owner of the UK's biggest coal-fired power station, scrapped plans for a refinancing yesterday because of uncertainty in the world financial markets.
The company also gave warning that its full-year profits were likely to fall slightly below expectations at £500million, compared with analysts' consensus of £520million and a total for 2006 of £583million. - The Times