Last checked at 31 May 2023 08:03
31 May 2023
Drax Group plc
("Drax", "the Group", "Drax Group", "the Company"; Symbol: DRX)
Drax response to Ofgem statement
Drax notes the announcement today of an Ofgem investigation into Drax Power Limited's annual biomass profiling reporting under the Renewables Obligation scheme.
Ofgem's announcement states that the opening of an investigation does not imply any finding of non-compliance. It has separately confirmed that it has not established any non-compliance that would affect the issuance of Renewable Obligation Certificates (ROCs) to Drax, and therefore the associated financial benefit.
Like all energy generators, Drax receives regular requests from Ofgem and continues to cooperate fully throughout this process.
Last year Drax appointed a third party to independently verify the accuracy of its biomass sustainability and profiling data as part of an ongoing process. Drax is confident in the compliance of its biomass with the Renewables Obligation criteria.
A link to the Ofgem statement is below.
https://www.ofgem.gov.uk/publications/ofgem-investigating-drax-power-limiteds-compliance-reporting-requirements-relating-renewables-obligation
Enquiries:
Drax Investor Relations: Mark Strafford
+44 (0) 7730 763 949
Media:
Drax External Communications: Chris Mostyn
+44 (0) 7548 838 896
Website: www.Drax.com
END