| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2024 - 30 Jun 2024 | 30 Jul 2024 | 77 | 8% | 61% | 31% | 20% |
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 95 | 14% | 50% | 36% | 27% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 86 | 14% | 45% | 41% | 48% |
| 01 Jul 2022 - 31 Dec 2022 | 31 Jan 2023 | 64 | 0% | 72% | 28% | 29% |
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | 80 | 18% | 50% | 32% | 32% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 115 | 0% | 26% | 74% | 63% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Drax Hydro standard contract payment terms are 60 days; however, terms are agreed with suppliers as part of contract negotiations. Payment runs are completed on a weekly basis whereby invoices falling into this category are picked up on the next BACS following due date.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Drax Hydro offers reduced payment terms by credit card where accepted. Payment terms are agreed during contract negotiations.
Maximum contractual payment period agreed
60
On receipt of an invoice, Accounts Payable perform standard checks to confirm: - •The invoice is for Drax Hydro •We have authorised supplier details and bank account for payment •A Purchase Order (PO) number is quoted and matches an approved order number •The invoice details match the approved PO for quantity, price, and description of supply •The PO has been receipted •The invoice has not already been paid •We have received a copy of the invoice We target to complete these checks within 5 days of invoice receipt. If invoices are received on a timely basis and no queries arise from these checks, payment will be schedule by BACS in accordance with terms. Where queries arise, payment will be made by BACS once these queries are resolved. We target to resolve queries within 10 days and make payment on the next scheduled BACS run. Disputes should be sent to the following email address; accountspayable@drax.com This email is monitored daily by Accounts Payable.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Drax Hydro Limited is a registered entity within the Drax Group, based at Drax Power Station in Selby, North Yorkshire. The wider Drax Group is a renewable and flexible generation energy company operating hydro-electric assets, including the Cruachan pumped storage hydro power station and the Lanark and Galloway hydropower schemes, alongside biomass generation, battery storage, solar and wind, and open cycle gas turbines. The group states it is investing in upgrading its Scottish hydro power stations and expanding its flexible generation portfolio. This company's own role within the group relates to its hydro power operations, though the entity itself does not independently generate or sell electricity according to available records.
Generated from the company's website and Companies House records. Sources: drax.com