Shares of British power generator Drax jumped by about 5% on Thursday after it said it was in talks with the government over a proposed carbon capture project.
jumped by about 5% on Thursday after it said it was in talks with the government over a proposed carbon capture project.through investment in efforts to move towards cleaner, more affordable energy sources including projects to capture and store carbon dioxide .
"With the right engagement from government and swift decision making, Drax stands ready to progress our 2 billion pounds investment programme," Will Gardiner, Drax Group CEO, said in a statement. An existing subsidy scheme for the biomass units, which provide about 6% of Britain's electricity, runs out in 2027, which a Drax spokesperson previously said could make such units unviable.
Green groups have heavily criticised the practice of biomass power generation arguing that it is not a carbon-neutral method of energy generation and that pellet production can contribute to deforestation.
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