Drax's plans for a £2bn biomass carbon capture project in the UK have been rejected by the Government, but the power producer insists the project is still alive.
The company's shares were sent tumbling as much as 12pc after it failed to get so-called Track-1 status from the Department for Energy Security & Net Zero, which would have granted subsidies for its biomass project with carbon capture and storage.
However, Drax said it has been invited to enter "formal bilateral discussions" with the Government immediately.
The Government has also committed to publish its biomass strategy by the end of June, which will set out how the technology could be deployed.
Drax had said it was prepared to invest £2bn to fit the technology to some of the units at its Selby plant in North Yorkshire, supporting as many as 10,000 jobs.
Its rejection comes as the Government unveils its latest plans to push Britain toward net zero.
Fears were raised in Whitehall this month that Drax may divert its £2bn of planned investment in carbon capture to the US after Joe Biden's massive package of green subsidies.
The President's Inflation Reduction Act offers subsidies and tax credits worth about $370bn (£309bn) for a range of green technologies.
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2023-03-30 04:37:53Z
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