Drax Group is being investigated by the U.K.'s financial regulator over statements it made about the sourcing of its biomass fuel.
The Financial Conduct Authority has commenced a probe covering the period from January 2022 to March 2024, the power generation company said in a regulatory filing on Thursday.
The investigation will examine certain historical statements regarding Drax's biomass sourcing and the compliance of its annual reports for 2021, 2022, and 2023 with listing and transparency rules, the company said.
Drax said it was notified of the investigation on August 26.
The company stated it will cooperate with the FCA as part of the investigation.
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