Make Drax wait for its next subsidy deal. An FCA investigation is serious | Nils Pratley

Ministers should find out what the regulator says before signing away a further £1.8bn of public moneyThere is already a scandal of bad accounting at Drax, one could say mischievously. It’s the one that maintains that transporting wood pellets from North America to burn in North Yorkshire is a “carbon neutral” activity because replacement trees absorb carbon dioxide as they grow. You don’t have to be a green lobbyist to think there’s something wrong there. As the research group Ember regularly reminds us, Drax is the UK’s biggest emitter yet qualifies for renewables subsidies.That weirdness in the methodology is one for the government to justify. The Financial Conduct Authority’s investigation is into the grittier issue of Drax’s “historical statements” about its sourcing of wood pellets. Three sets of annual accounts – 2021, 2022 and 2023 – are in the spotlight for adherence to listing rules for quoted companies and transparency disclosures. Continue reading...

Comments

Business News

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

ABC News

Comments

Similar News

AI is helping developers supercharge video game characters and make immersive worlds feel more realistic

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

Canada Post says union making ‘unaffordable’ asks as gaps remain in talks

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

Iranian diplomat warns it will make 'no sense' for Tehran to work with nuclear inspectors if UN sanctions are reimposed

New EV rule means drivers making choice are 'given £3,750'

The godfather of AI says the tech is making war easier: Autonomous weapons mean 'dead robots' instead of 'body bags'

As NBA Continues To Make Mark In Africa, Pacers Assistant Lloyd Pierce Loves Being Part Of It

Uber now allows you to pay with cash. Drivers worry that it will lead to awkward moments or make them theft targets.

I tried Gordon Ramsay's easy hack for making the best eggs, and my breakfast came out perfect

Sabrina Carpenter’s Star-Making Album Celebrates Its Birthday

United States Ryder Cup Captain Keegan Bradley Makes His Picks

I'm 49 years old and was laid off from my six-figure sales job. I now make $52,000 in an entry-level role where I work alongside college grads.

Five savvy ways to make grown-up slushies at home this Bank Holiday

Are you owed £3,342 pension tax refund? Easy move you can make to reclaim cash

Household name OnlyFans star forced to cough up £30k after taxman launches huge probe into stars making millions on site

Major online bank with millions of customers to make huge change in just TWO days

Five-step pay day routine that you need to do as soon as you get paid to help make you richer

Asda makes big change to caterpillar cakes as M&S shoppers outraged by price of new frozen Colin cake

Major supermarket chain makes huge change to stores that will help customers access cash

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