Energy company Drax faces major protests
Campaigners against coal and biomass will be protesting outside power generation business Drax’s annual general meeting tomorrow, at which investors are due to revolt over its “excessive” remuneration packages.
The AGM is taking place in York, and protesters will also be present outside the offices of two of Drax’s largest investors, Schroders and Invesco, in London.
Campaigners also plan to protest at the port in Liverpool where wood pellets arrive from the United States to be burnt at Drax Power Station.
The demonstrations are being organised by a coalition including Biofuelwatch, Coal Action Network, London Mining Network, Fuel Poverty Action, members of Unite union in York and concerned local residents in Yorkshire and Liverpool.
The coalition said they were protesting to highlight Drax’s involvement in “dirty energy” and its contribution to climate change and deforestation, as well as its continued reliance on government subsidies. It says Drax receives £1.5m per day in renewable energy subsidies from the government. It said that last year Drax burned 13.2m tonnes of wood, which it says is more than is harvested in the whole of the UK.
A Drax spokesperson said: “Half the power station has been upgraded to run on sustainable biomass in place of coal. We have reduced our coal consumption by 40% since 2010 and 65% of the electricity generated in 2016 was renewable. Drax now produces 16% of the UK’s renewable electricity – enough to power four million households, whilst making carbon savings of more than 80% compared to coal. Both the biomass and coal we use is sourced sustainably and responsibly.”
Drax may also be faced with a major pay revolt over remuneration packages for top management staff including chief financial officer Will Gardner who will receive a reported £1.4m in shares.
Various media outlets reported that Institutional Shareholder Services, a proxy voting adviser, would be advising that shareholders reject Drax’s pay packages for 2016.
