Government threatens hefty penalties for major power plant after catching sneaky behavior: 'A much more limited role'
As reported by The Guardian, Drax Power Station in North Yorkshire, England, has been told by the government that it will play a much smaller role in providing electricity to the country moving forward and as a result has had the subsidies it receives cut in half. This reduction will go into effect between 2027 and 2031, and the government estimates it will save consumers around £170 million ($214 million) a year.
The plant, which runs on biomass, has also been told it must use 100% sustainable wood after being caught out importing wood chips from U.S. and Canadian forests, which is far from sustainable. The government threatened "substantial penalties" if the power plant does not comply, per The Guardian.
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The United Kingdom is working to decarbonize its electricity grid by 2030. As part of this effort, the final coal power plant in the country shut its door in September, and the nation's renewable energy has surged. According to the National Grid, in 2023, renewable sources generated 51% of the country's electricity, peaking at 87.6% on Jan. 4, 2023.
Massive growth in renewable energy is expected globally by the end of the decade, as it could provide close to 50% of the world's electricity demands, according to the International Energy Agency.
An increase in renewable energy production is good for people and the planet because it helps reduce the amount of dirty energy produced by burning coal, gas, and oil. This will help cut harmful pollution that is impacting people's health and causing the planet to heat up.
The U.K. government released a statement about this big decision, writing, "Our central projections show that, on the right terms and in a much more limited role than today, biomass generation at Drax is the lowest cost option, including when compared to gas-fired power stations, for bill payers during this period," per The Guardian.
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Almonty's flagship Sangdong mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, is expected to supply over 80% of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit Legal Notice The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions. (1) Use of Non-IFRS Financial Measures Non-IFRS financial measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of Almonty's results of operations from management's perspective and additional insight into Almonty's operating performance and trends. Almonty's definitions of non-IFRS measures used in this news release may not be the same as the definitions for such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of Almonty's financial information reported under IFRS. In this news release, Almonty uses the non-IFRS financial measure 'Adjusted EBITDA'. Almonty's management uses Adjusted EBITDA in order to evaluate its operating performance, by eliminating the impact of non-operational or non-cash items. Below is a reconciliation of Adjusted EBITDA to its most direct measure under IFRS. Disclaimer for Forward-Looking Information This news release contains 'forward-looking statements' and 'forward-looking information' within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as 'plan', 'development', 'growth', 'continued', 'intentions', 'expectations', 'emerging', 'evolving', 'strategy', 'opportunities', 'anticipated', 'trends', 'potential', 'outlook', 'ability', 'additional', 'on track', 'prospects', 'viability', 'estimated', 'reaches', 'enhancing', 'strengthen', 'target', 'believes', 'next steps' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements concerning the beginning of operations at the Sangdong Mine, the relevance and anticipated economic performance of the Sangdong Mine, the re-evaluation of the warrants, and future growth prospects of the Company. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, that there will be no material adverse change in the market price of ammonium para tungstate (APT), the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, that there will be no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Forward-looking statements are also subject to risks and uncertainties facing the Company's business. Any of these risks could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Readers should consider reviewing the detailed risk discussion in the Company's Registration Statement, the most recent Management Discussion and Analysis for the three and six months ended June 30, 2025 filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
