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Profiteering Energy Company Doubles Profits Due To Government Green Subsidies.

Posted on 25th February 2023

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This story on the Daily Mail reports on the public fury about the announcement by UK power station operator Drax that it has nearly doubled its profits (from £398 million to £731 million).

Not only is it clear that they are profiteering from the rise in energy prices, but their profit is only due to government bioenergy subsidies of £893 million.

The subsidies are for its power plant in Selby, in North Yorkshire, which burns wood pellets to generate electricity, which it touts as renewable and environmentally friendly, despite claims by environmental groups that it is not. Drax has been accused of greenwashing with respect to the Selby power station.