Drax faces FCA probe amid allegations of misleading biomass sourcing Energy The City watchdog has launched a probe into British power firm Drax over several issues, including statements regarding its biomass sourcing. The London-listed group informed its shareholders this morning that it was notified on Tuesday that the Financial Conduct Authority (FCA) had commenced an investigation into the group. Drax stated that the probe covers the [...]
Drax hikes dividend despite profit dip amid power station update Energy Drax has told investors it was close to agreeing a controversial contract with the government for its wood pellet power station after hiking its dividend despite revealing falling profit. The London-listed group said the energy transition was “creating significant value opportunities aligned with the UK’s energy needs” in an interim update in which it revealed [...]
Drax strikes deal to develop 400,000 tonne ash facility Energy Drax has agreed a 20-year joint venture deal that will see the development of an ash processing facility close to its power station. The new facility is expected to begin operations by the end of 2026 and produce 400,000 tonnes of ash per year at full capacity. The company estimates it will generate incremental adjusted [...]
Drax agrees £200m deal for battery storage investor March 25, 2025 Drax has agreed a £200m deal to acquire the battery storage investor Harmony Energy Income Trust (HEIT) as it looks to shore up the UK’s power supply. The deal represents a premium of 11 per cent to HEIT’s closing price on 24 March, the last business day prior to the announcement. Drax said the deal, [...]
Drax secures capacity agreements in £43m deal March 12, 2025 Drax has secured agreements to provide 434 megawatts of capacity primarily from its pumped storage and hydro assets. The UK power firm said on Wednesday the deal had a value of around £24m and covers the period October 2028 to September 2029. It has also secured a provisional agreement to provide 24 megawatts of capacity [...]
Drax ‘misled’ government over wood sourcing, ex lobbyist alleges March 7, 2025 Drax’s former public affairs lead has accused the company of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets. Rowaa Ahmar was employed by Drax in 2022 amid allegations in a BBC Panorama documentary it had sourced wood from environmentally important forests in Canada instead of using sawdust and [...]
Three Drax power plants delayed due to grid connection hold-ups November 10, 2024 It was understood the plants would come online by October 1 and serve as backstops intended to prevent blackouts.
Drax: Renewable power operator agrees to pay £25m as Ofgem shuts probe August 29, 2024 Power station operator Drax has agreed to pay £25m after an investigation by energy watchdog Ofgem found it failed to report data adequately. Drax, which receives hefty Government subsidies from burning biomass wood chips, lacked the necessary data governance and controls in place, according to Ofgem. This meant it did not give the regulator accurate [...]
Drax shares soar as firm announces buyback and expects profit at ‘top end’ of estimates July 26, 2024 Power generation group Drax reported an increase in profit in the first half and forecast that its earnings for the full year would come at the "top end" of expectations.
Drax Group to sell 90,000 metre points to EDF Energy June 26, 2024 British power firm Drax has announced it will sell up to 90,000 customer meter points to EDF Energy after a strategic review of its energy supply business.