The Financial Conduct Authority has closed its investigation into Drax Group PLC after finding no evidence that justified further action. The case examined whether Drax’s annual reports and accounts for 2021, 2022 and 2023 contained misleading statements or omitted material information for investors about the sustainability of its Canadian biomass. The investigation followed concerns raised after Ofgem’s August 2024 conclusions on Drax’s reporting of biomass profiling data, and the Financial Conduct Authority confirmed the probe on 28 August 2025. Its review covered thousands of pages of material and interviews with company individuals. Because Drax is a listed company rather than a regulated financial services firm, the review was limited to the company’s continuing disclosure obligations under the listed company rulebooks.
Financial Conduct Authority2026-06-18
Financial Conduct Authority closes Drax investigation after finding no basis for further action on biomass disclosures
The Financial Conduct Authority has closed its investigation into Drax Group PLC and found no evidence warranting further action. The review focused on whether Drax’s 2021 to 2023 annual reports and accounts misled investors or omitted material information about the sustainability of its Canadian biomass. The probe followed concerns raised after Ofgem’s findings on Drax’s biomass profiling data.