British Green Energy Biomass Plant Hands £300 Million to Shareholders, then Demands More Subsidies

From Watts Up With That?

Essay by Eric Worrall

h/t Steve Richards; … ‘A large part of profits come from public subsidies Drax is given by claiming that burning forests is good for the planet.’ …

Drax seeks new handout despite £300m buyback

Drax wants ministers to provide support through to the end of the decade

By JOHN ABIONA 

UPDATED: 19:37 AEST, 27 July 2024

The UK’s biggest wood burner is in talks with the Government over further handouts to cover funding its controversial biomass plant.

Despite whopping profits and a £300million share buyback, Drax wants ministers to provide financial support through to the end of the decade.

It has been handed more than £6billion of subsidies for the power station in Selby, North Yorkshire that generates more than 4 per cent of the UK’s electricity. 

…

Matt Williams, of Cut Carbon Not Forests and advocate for US environmental advocacy group Natural Resources Defense Council, said: ‘It is unacceptable this company is burning the world’s forests and making money hand over fist from environmental harm.

‘A large part of profits come from public subsidies Drax is given by claiming that burning forests is good for the planet.’
…Read more: 

https://www.dailymail.co.uk/money/markets/article-13677211/Drax-seeks-new-handout-despite-300m-buyback.html

£6 billion in subsidies is a lot of money – around £90 for every man, woman and child in Britain. I wonder how many Britons would prefer £90 in their pockets rather than in the pockets of Drax’s shareholders.

According to DeSmog Blog, in 2023 Tory politicians received £48,000 in donations from companies connected to Drax. DeSmog claims Labour also accepted a lesser donation of £12,000 from Drax. Obviously I’m not suggesting such donations in any way influence whether politicians support Drax’s request for more subsidies.