IN BRIEF: Drax resolves to "cooperate fully" with Ofgem investigation

Drax Group PLC - Yorkshire, England-based power generator - Acknowledges Ofgem's announcement of ...

Alliance News 31 May, 2023 | 8:38AM
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Drax Group PLC - Yorkshire, England-based power generator - Acknowledges Ofgem's announcement of an investigation into a possible breach by Drax Power Ltd of annual biomass profiling reporting requirements under the Renewables Obligation scheme. Ofgem however notes that the opening of an investigation does not imply any finding of non-compliance. Drax says Ofgem has separately confirmed that it has not established any breach that would affect the issuance of Renewable Obligation Certificates or associated financial benefits to Drax. Adds that last year it appointed an independent third party to verify biomass sustainability and profiling data. Drax says it "continues to cooperate fully" throughout Ofgem's investigation and " is confident in the compliance of its biomass with the Renewables Obligation criteria."

Current stock price: 565.80, down 4.1% in London on Wednesday

12-month change: down 16%

By Emma Curzon, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Drax Group PLC 553.00 GBX 0.55 -

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