Drax tumbled on Thursday after the government’s carbon capture program rejected its plans to introduce the technology at a power plant in England.
The Department for Energy Security & Net Zero said that Drax had failed to get ‘Track-1’ status for its biomass project with carbon capture and storage.
Drax had said that it was prepared to invest £2bn to fit the technology to some of the units at its Yorkshire plant.
Drax shares fell on the news and by 0845 BST were trading down 9.6% at 519.50p.
