Drax shares tumble after its ‘renewable energy’ power plant is found to be Britain’s worst CO2 emitter

Posted: October 12, 2021 by oldbrew in climate, Emissions, Energy, News
Tags: , ,

Drax power station, generating 7% of Britain’s needs, is partly converted to burning imported woodchips.

Biomass has been rumbled in the City. Unlucky! But what took them so long to see through the climate hype?
– – –
The City of London feeds off rumours and yesterday Drax was the name on the tip of every trader’s tongue, says the Daily Mail (via Thisismoney).

The energy company saw its shares tumble 5.3 per cent, or 27p, to 483p amid talk in the market that one of the world’s most powerful money managers had blacklisted the stock.

The Blackrock Global Clean Energy ETF is among the top Environmental, Social and Governance (ESG) funds, a bellwether for the climate change conscious investor.

In its marketing the fund says it ‘seeks to capture the transformative forces changing societies, driving innovation and redefining business models. Climate change is one such megatrend’.

Up until yesterday Drax had done enough to be a part of the ‘transformation’, moving into biomass – or the burning of wood pellets – instead of coal.

But a report last week saying that its power plant at Selby in North Yorkshire – which uses biomass – is the UK’s biggest carbon dioxide emitter was enough for it be removed.

Full article here.

  1. pameladragon says:

    How the mighty have fallen, or comeuppance can be a real bitch!

  2. Pete Rogers says:

    Tallbloke should know this is diversionary because we realise CO2 – be it human or other – is not responsible for Global Warming for the following reason. The presence of the atmosphere warms the planet by at least 33C which is known as the Atmospheric Thermal Enhancement (ATE) which is cited as proof of the potency of the Greenhouse Effect (GE), but that is a mistake. All gas bodies obey Charles Law so it is compression of the atmosphere under its own weight that causes the ATE. This means that what IPCC insist is caused by the GE is caused by Gravity so Global Warming – if such there be – is caused by variations in net insolation.

  3. oldbrew says:

    Gas storage project gets go ahead in light of energy crisis
    Wednesday 13 October 2021

    The project will provide more than 25% of the UK’s storage capacity and make the country far more resilient to future supply issues
    . . .
    Located off the coast of Northern Ireland, Islandmagee Energy’s project is projected to hold around 500 million cubic metres of natural gas and provide a security of supply during peak demand for up to two weeks for the country.

    The UK only has 1% of its annual gas demand in storage, giving it one of the lowest gas storage capacities in Europe.

    – – –
    So it’s OK to store it and use it, but not to drill for it? Pathetic.

  4. tigerzntl says:

    Just think how many trees could be saved if it went back to burning coal !!

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