FCA investigating Drax over biomass sourcing statements

(Sharecast News) - Drax said on Thursday that it is being investigated by the Financial Conduct Authority over statements regarding biomass sourcing. In a brief statement, the company said the regulator has begun an investigation covering the period from January 2022 to March 2024.

It relates to certain historical statements about Drax'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," Drax said.