Drax’s climate drive

Drax shares soared after the power group outlined an ambitious strategy to shift to green energy.

it will invest £3bn to double the production and sales of wood pellets burnt for fuel.

drax previously ran the UK’s largest coal-burning power station but has been transforming its plants to burn wood pellets instead. it said it expects profits to be at the upper end of forecasts, and shares rose 9.3pc, or 51p, to 601p.

it has been accused of endangering workers’ health by the Health and Safety Executive and charged with breaching risk assessment obligations.

drax indicated in court on Monday it would plead not guilty to both charges.