Drax investigated by UK watchdog over ‘historical statements’ on biomass sourcing | Drax

Electric generator Drax announced by the city guard on “historical expressions ında about the supply of wooden pellets for the biomass power station.

Financial Behavior Authority (FCA) confirmed the investigation It will cover more than two years between January 2022 and March 2024 and will examine whether the company complies with the rules of explanation and transparency, including three years of report.

Drax said on Thursday, “Some historical statements about the company’s biomass supply and Drax’s 2021, 2022 and 2023 annual reports of the listing rules and explanation guidance and compliance with the rules of transparency. The company will cooperate with FCA as a part of the investigations.

The regulator said: “We can verify that FCA has opened an investigation into the Drax Group.”

News reduced Drax shares by 10% in early transactions on Thursday.

Rowaa Ahmar, former Public Relations and Policy, former Drax’s former Public Relations and Policy, accused Drax of misleading allegations about the supply of wood for biomassed in an employment court as part of the claim of unfair dismissal.

Drax rejected his allegations and reached a solution with Ahmar a week after the lawsuit.

Drax found wrong data for government subsidies last year and led to a fine of £ 25 million.

According to Thinkank EMER, Drax is expected to receive more than £ 10 billion in renewable energy subsidies between 2012 and 2027.

Earlier this year, the British government confirmed that after the end of the existing subsidies in 2027, Drax would continue to offer new subsidies for the wood -combustion power plant in Yorkshire.