Latest Drax inquiry will raise fresh questions about its billions in subsidies

FCA will look at allegation the biomass power station misled investors, and Whitehall, about its wood sourcingDrax shares plunge after FCA launches investigationThe financial watchdog’s decision to investigate the sustainability claims made by the owners of the Drax power plant came as little surprise to Britain’s energy industry. For years the former coal generator has faced a torrent of criticism for collecting billions of pounds in renewable energy subsidies in exchange for burning wood pellets – shipped thousands of miles from North America – at its vast power station in North Yorkshire.Drax faces allegations that it may have misled investors and the government over the sustainability of its wood sources. In its investigation, the Financial Conduct Authority will in effect follow in the footsteps of the industry regulator, Ofgem, as well as the National Audit Office and the public accounts committee in scrutinising whether the company’s green claims stack up. Continue reading...

Comments

Business News

Brazil's crackdown on criminal links to fuel supply chain nets $220M in assets

ABC News

Comments

Similar News

Mexico suspends postal shipments to the US over latest tariff confusion

The Guardian view on France’s latest political crisis: François Bayrou’s gamble on austerity does not deserve to pay off | Editorial

Trump Approval Rating Improves In Latest 2 Polls Amid Crime Crackdown

Shoppers spot latest Maryland treat on shelves as iconic biscuit brand drops first new product in over a decade

Helen Mirren explains why her latest role in 'The Thursday Murder Club' was harder to play than Queen Elizabeth

Trump Approval Rating At 47% In Latest Polls As One Shows Majority Favor D.C. Crime Crackdown

Mark Carney seeking more friends and influence on his latest Eurotrip

Will There Be A ‘Hostage’ Season 2 On Netflix? Here’s The Latest Update

The Prototype: Stakes Are High For Elon Musk’s Latest Starship Test

Canada Post’s latest talks with union are being postponed

A Deep-Dive Conversation With DUPR CEO And Data Scientist On The Latest Pickleball Algorithm Changes

ESPN Set To Grab MLB.TV, Some Local Games In Latest Big Streaming Deal

Cracker Barrel's controversial new logo is the latest phase of the restaurant chain's turnaround plan

Lady Gaga’s Latest Duet Matches Her Beyoncé Collaboration

A24’s Latest Global Bet Sets Up Surprise Showdown with Netflix’s ‘KPop Demon Hunters’

Federal Reserve’s Cook Latest Trump Target Of Mortgage Fraud Allegations—She ‘Must Resign Now,’ He Says

Trump calls for resignation of Fed governor in latest line of attack

Latest iPad Air M3 gets record low price in deal that beats Apple

Nebraska Planning ‘Cornhusker Clink’ As Trump’s Latest Immigration Detention Center: What To Know

Justin Bieber Blocked From A New No. 1 As His Latest Single Grows

Business News

Brazil's crackdown on criminal links to fuel supply chain nets $220M in assets

Trump fires Democratic member of Surface Transportation Board ahead of huge rail merger decision

EU offers tariff removals to Trump, as it seeks lower duties on cars

The future of trash collection: Self-driving cans and noiseless EV garbage trucks

Nuclear Waste To AI Fuel: US Startup Turning Radioactive Trash To Gold

Where To Eat Before A Broadway Matinee

Real Madrid Champions League Draw: Opponents, Dates And Details

Coach Prime Says Positivity Is Key To Success And Good Health

Dusan Vlahovic Scored Against Parma, But Where Does His Future Lie?

Venice Film Festival Splashes Open: Clooney Hits Town With A New Film

Inside The $1 Billion Valuation Of The PFL And Its Expansion Through Africa

8 Things To Know About G-Dragon's Übermensch World Tour

‘Peacemaker’ Season 2, Episode 2 Start Time And Episode 1 Recap

MSNBC’s Ali Vitali Adds Capitol Hill Role As Network Makes Hires From CNN, Peacock

Matt Ishbia And The Phoenix Suns Sued By Minority Owners

Frankie Muniz To Miss 6-8 Weeks After Ladder Fall

Historic legal battle launched as Fed governor fights back against firing

Claudia Winkleman’s teases The Traitors return in £2k boots you can shop the look of for £55

Fear of losing Winter Fuel Payments caused spike in pension credit claims - wiping out Government savings

Sports car maker Lotus plans to cut up to 550 jobs at Norfolk factory

Blue chips falter as FTSE outshone by European peers

Average rate on a 30-year mortgage slips to 10-month low

Microsoft fires 2 staffers who broke into president’s office to protest Israel ties

Trump family-backed American Bitcoin to trade on Nasdaq as crypto investors sign on

Ford recalls 500K vehicles over brake fluid leak that could increase risk of crash

Tesla sales in Europe plummet 40% — while Chinese rival BYD sees sales triple

‘Dark money’ group paying pro-Dem influencers up to $8K a month: report

How To Find Forbes Stories First On Google

Mets Hope To Ride Young Arms To First Division Title Since 2015

Rihanna’s Singles Are Taking The Charts By Storm Again — Years After Their Release

‘KPop Demon Hunters’ Sends Four Fictional Music Acts To Billboard’s Toughest Chart

All Too Well: Taylor Swift’s Ring And The Real Diamond Dilemma

Morgan Wallen Passes One Of The Bestselling Female Artists Of All Time

The Cubs ‘June Swoon’ Arrives In August

What Are The Best Offensive Lines To Invest In For Fantasy Football?

Taylor Swift-Travis Kelce Engagement: His Jersey Sales Spike 200% While Her Music Surges On Spotify

Terror Towers In ‘Five Nights At Freddy’s’ At Halloween Horror Nights

Sports car maker Lotus plans to cut up to 550 jobs at Norfolk factory

Boots splits off from Walgreens after private equity takeover

The full list of Asda Express stores opening in London revealed

Disputed ballots could swing outcome of union election at EV battery complex in Kentucky

The Treasury Department wants US banks to monitor for suspected Chinese money laundering networks

The Beatles Chart Several Top 40 Hits — A Huge Win For A Legacy Act

Ancelotti Announces Brazil Squad For September World Cup Qualifiers

Selena’s Album Debuts Inside The Top 10 30 Years After It Took Over The World

Sabrina Carpenter’s Early-Career Single Makes A Surprising Return

Is Ruben Amorim Doomed After Another Man Utd Humiliation?

Former Packers’ Quarterback Aaron Rodgers Voted NFL’s ‘Most Annoying Player’ — Again

Benson Boone Racks Up Yet Another Top 10 Smash

US Open Bling Watch: Here’s Who Wore This $180K Watch And Carried A Crystal-Covered Labubu

Coldplay’s Historic Tour Is Ending And Fans Are Celebrating

Ford Recalls Almost 500,000 SUVs For Potential Brake Fluid Leak—After Previously Recalling 355,000 Trucks

‘KPop Demon Hunters’ Reignited Arden Cho’s Love For Acting Again

Aerosmith Reaches Several Milestones As The Band’s Future Remains Uncertain

Fed Governor Lisa Cook Sues Trump Over Firing

Eminem Joins Pink Floyd, Bob Marley And Metallica In A Huge Feat

American Taylor Townsend Downplays Racial Undertones After Tense Encounter At US Open