UK's Drax to pay $33 mln after misreporting some biomass data
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 29 2024
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Source: Reuters
Drax's Misreporting and Penalty: Britain's energy regulator Ofgem announced that Drax misreported biomass data from Canada and will pay £25 million to its voluntary redress fund, although the investigation found no evidence of sustainability violations or impact on subsidies received.
Commitment to Improvement: Drax plans to resubmit corrected data and conduct an independent audit for future reporting periods, while facing criticism from green groups regarding the sustainability of its biomass practices.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
