Drax pulls plug

SHARES in Britain’s biggest power station owner shot up after it pulled the plug on a £1bn Governmentbacked eco scheme.

Drax (up 2.5p to 242.6p) had signed up to help develop a technology that can capture coal emissions and store them safely underground rather than releasing them into the atmosphere. Now the future of the scheme could be at risk after Drax pulled out of the venture.

The firm has been hammered by falling commodity prices – which have dragged down the price it can charge for its electricity – as well as the removal of various green subsidies for burning biomass.