BusinessPostCorner.com
No Result
View All Result
Monday, July 20, 2026
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Drax power firm pays £25m penalty over inaccurate data

August 29, 2024
in Business
Reading Time: 2 mins read
A A
0
Drax power firm pays £25m penalty over inaccurate data
ShareShareShareShareShare

On closing its investigation, Ofgem said Drax was found to have lacked the necessary data governance and controls in place.

That meant it did not give the regulator “accurate and robust” data on the type of wood it used at the North Yorkshire site, it said.

But the watchdog did not find any evidence that Drax’s biomass was not sustainable.

Ofgem said Drax would pay £25m to its voluntary redress fund as a result of the findings.

Jonathan Brearley, the regulator’s chief executive, said: “This has been a complex and detailed investigation.

“Energy consumers expect all companies, particularly those receiving millions of pounds annually in public subsidies, to comply with all their statutory requirements.”

Mr Brearley added: “The legislation is clear about Drax’s obligations – that’s why we took tough action.

“Drax has accepted that it had weak procedures, controls and governance which resulted in inaccurate reporting of data about the forestry type and sawlog content being used.”

Drax Group chief executive Will Gardiner said: “Although Ofgem has noted there is no evidence to suggest Drax deliberately misreported its profiling data, we recognise the importance of maintaining a strong evidence base.”

The firm was “continuing to invest to improve confidence in our future reporting”, he said

Listen to highlights from North Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here, external.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Fuel duty cut could be scrapped, says RAC

Next Post

The Beginner’s Guide to the Competitive Matrix [+ Templates]

Next Post
The Beginner’s Guide to the Competitive Matrix [+ Templates]

The Beginner's Guide to the Competitive Matrix [+ Templates]

IBM’s stock plummets after Q2 underperformance

IBM’s stock plummets after Q2 underperformance

July 15, 2026
Midnight social media curfew proposed for older UK teens

Midnight social media curfew proposed for older UK teens

July 14, 2026
How Maga fell hard for the gender binary

How Maga fell hard for the gender binary

July 19, 2026
Ethereum Price Prediction: BlackRock Drives ETH Ahead of BTC in ETF Inflows

Ethereum Price Prediction: BlackRock Drives ETH Ahead of BTC in ETF Inflows

July 16, 2026
Taylor Farms recalls lettuce shipped to 27 states over cyclospora risk

Taylor Farms recalls lettuce shipped to 27 states over cyclospora risk

July 18, 2026
OpenAI’s CFO: 4 questions that reveal if your AI spend is paying off

OpenAI’s CFO: 4 questions that reveal if your AI spend is paying off

July 17, 2026
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Box office debut for ‘Odyssey’ tops ‘Oppenheimer’ and is Nolan’s best since ‘Dark Knight Rises’

Box office debut for ‘Odyssey’ tops ‘Oppenheimer’ and is Nolan’s best since ‘Dark Knight Rises’

July 19, 2026
Thames Water lenders preparing legal challenge to potential nationalisation

Thames Water lenders preparing legal challenge to potential nationalisation

July 19, 2026

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!