Move by UK watchdog FCA relates to historical statements on wood pellets for power station from January 2022 to March 2024
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The power generator Drax has revealed it is under investigation by the City watchdog over “historical statements” made about the sourcing of wood pellets for its biomass power station.
The Financial Conduct Authority (FCA) confirmed the investigation on Thursday, which will cover a period of more than two years between January 2022 to March 2024, and examine whether the company complied with disclosure and transparency rules, including in three annual reports.
Drax said on Thursday that the FCA investigation related to “certain historical statements regarding the company’s biomass sourcing and the compliance of Drax’s 2021, 2022 and 2023 annual reports with the listing rules and disclosure guidance and transparency rules. The company will cooperate with the FCA as part of their investigation.”
