Timing is, as they say, everything. So one has to wonder if Drax made the right call in releasing its annual report on the International Day of Forests.
In it, the power producer, which burns wood (known as ‘biomass’) at its Yorkshire plant, said it sourced 8 million tonnes of wood from around the world and burned 6 million in 2023.
Though burning off-cuts of trees already chopped down is backed by Government, there are many who call for it to stop.
Up in smoke: Drax said it sourced 8 million tonnes of wood from around the world and burned 6 million in 2023
In the long-term, Drax’s ability to be ‘carbon neutral’ hinges on capturing emissions as they are created to squirrel underground.
Shame for boss Will Gardiner that slow progress on this project meant he missed out on part of his annual bonus.
His overall package fell from £5.54 million in 2022, when he received a long-term bonus, to £2.86 million last year.
That must burn.
Lord Lucan in money at Angus Energy
Speaking of pay, Lord Lucan managed to receive the biggest package among executives at Angus Energy, despite stepping down as executive chairman in August.
The British gas producer – long run by George Bingham, the eighth Earl of Lucan, whose father disappeared in the 1970s under suspicion of murder – runs the Saltfleetby gas field in Lincolnshire.
Lucan received £331,000, while chief executive Richard Herbert, who joined during the year, made £219,000.
Short-sellers await Kingfisher results
B&Q owner Kingfisher is due to report its full-year results on Monday, but a chunk of investors will be hoping for glum figures.
The firm has the dubious honour of being the most-shorted stock in the FTSE 100, with 6.7 per cent of shares held by those betting its price will fall.
It is the second-most shorted stock on the entire London Stock Exchange, beaten only by oilfield engineer Petrofac at 11.1 per cent.
Short-sellers may have good reason to be rubbing their hands, with market forecasts suggesting Kingfisher’s annual profit has dropped to £556 million from £611 million last year, which is likely to push down its share price.
Kerching!
‘Riski Soonak’ looking for support
While the Prime Minister is dealing with bleak polls and mutinous MPs, he appears to have secured a new base of support among an unlikely crowd – cryptocurrency fans.
An image appeared online last week showing masked enthusiasts in front of the Houses of Parliament promoting ‘Riski Soonak’, a so-called ‘memecoin’ with a caricature of the PM’s face in front of a Union Jack as its logo.
Despite their efforts, we doubt Sunak will be anxious to tap this well of support.
According to crypto data website Dex Screener, one Riski Soonak coin is worth just 0.0021p – not quite the £50,000 or so for one bitcoin.
Contributor: Francesca Washtell
