Latest news with #Drax
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Hopes of big green jobs boost for Highlands and Argyll fade
However, the projects have been cast into uncertainty after cost increases and concerns about issues such as planning consents weakened the commercial appeal of schemes that would entail hefty upfront investment. Perth based SSE has held out the prospect the Coire Glas development could store enough power for three million homes. It would work by harnessing the power generated by the flow of water between two reservoirs that SSE plans to develop by Loch Lochy. The company would use power generated by windfarms in times of low demand to pump water into the upper reservoir. When demand increases the water will be allowed to flow into the lower reservoir turning huge turbines in the process. Drax has developed a plan to double the capacity of the massive Cruachan Hollow Mountain facility in Argyll, which would involve hollowing out spaces in which it would install more turbines. READ MORE: SNP Government oil hypocrisy shocking amid Scottish jobs cull Israeli-owned firm takes control of UK's biggest gas field The companies have claimed the schemes could provide vital support for the renewables revolution by tackling the problem caused by the fact that the UK does not have enough capacity to store renewable energy or transport it to centres of high demand. But in its annual results SSE said it planned to reduce its investment budget by £3 billion, to £17.5bn, citing the challenges posed by the macro environment and planning issues. Chief executive Alistair Phillips-Davies said a range of projects including Coire Glas would be delayed as a result. Mr Phillips-Davies said the giant Berwick bank windfarm development off Scotland had also been delayed, as a long wait for the Scottish Government to provide planning consent drags on. He complained to reporters that the scheme has been on ministers' desks for about three years. The announcement by SSE came a fortnight after Drax announced that the Cruachan expansion project had been put on hold following a significant rise in costs. The statements leave huge uncertainty hanging over projects that were expected to provide a badly-needed boost to flagging hopes that Scotland will enjoy a green jobs boom. The number of jobs created has fallen well short of expectations, partly because windfarm developments require relatively few people to complete. Coire Glas and the Cruachan expansion scheme would be unusual in featuring large scale construction work. SSE has completed some preparatory work for the Coire Glas development by Loch Lochy (Image: SSE) Experts have highlighted the fact Scotland urgently needs to accelerate the pace of green job creation amid turmoil in the oil and gas sector. There are fears that firms could cut hundreds of jobs in response to the Labour Government's decision to increase the windfall tax rate in its first Budget. In a report issued today Robert Gordon University says the UK oil and gas energy workforce could shrink by approximately 400 jobs every two weeks for the next five years – the same number lost as a result of the closure of the Grangemouth refinery – unless governments take urgent action. It notes: 'Before 2027, there is likely to be limited capacity for the UK offshore renewables sector to host and accommodate the quantity of oil and gas workers becoming available on the job market.' Oil and gas industry leaders are mounting a last ditch bid to persuade chancellor Rachel Reeves to provide relief when she announces the results of her Comprehensive Spending Review on June 11. Offshore Energies UK said the Government should bring forward the date for the ending of the windfall tax to 2026 from 2030. The trade body claimed: 'Independent data from the Office of National Statistics confirms that the profits for those investing in the UK oil and gas sector have fallen to negative levels, but the tax remains - holding back vital investment across the UK's energy landscape.' READ MORE: North Sea giant eyes major expansion move as oil and gas job losses mount Just transition furore reignited as Scottish Government flounders OEUK chief executive David Whitehouse said the UK needed the output of the oil and gas industry and the support firms could provide for the development of green energy sources. 'The sector needs action now to secure jobs, boost energy security, and build for the future. That means a commitment from government to deliver a mechanism in 2026 that creates a predictable response to future price shocks,' declared Mr Whitehouse. 'This is what is needed to unlock investment in UK energy - oil, gas, renewables, hydrogen, and carbon capture.' But SSE and Drax made clear they will only proceed with big pumped hydro storage projects if tough conditions are met. SSE chief executive designate Martin Pibworth noted the company is in talks with Ofgem about the cap and floor mechanism the regulator has proposed to guarantee firms a minimum price for the output from pumped hydro storage schemes. Regarding Coire Glas, he said: 'We will only progress if we are convinced we have a solid remuneration contract with appropriate risk-adjusted returns.' Drax said: 'We will not be entering the forthcoming Cap & Floor application process while we evaluate the investment case for the [Cruachan expansion] project.' The bad news from SSE about Coire Glas and Berwick Bank will compound the disappointment caused by the company's decision to shelve plans for the Bhlaraidh windfarm extension in the Great Glen because bosses did not like the look of the 'risk-return profile'. But SSE will still spend heavily on growing its renewables generating capacity in the expectation that it will generate strong returns on investment in favoured projects. Mr Pibworth said: 'The vast majority of this growth will be delivered by the first two phases of Dogger Bank [off Yorkshire] and well-progressed onshore and battery projects.' He highlighted the value of the support the favoured projects will get under UK Government schemes such as the Contracts for Difference (CFD) programme - the costs of which are added to household energy bills. 'Crucially, these investments are underpinned by long-term government-backed contracts such as CfDs or the capacity mechanism, providing price certainty and inflation protection for the vast majority of volumes produced,' said Mr Pibworth. SSE said it championed a fair and just energy transition, as it posted a near £2bn operating for the latest year, The company said it supports 62,000 jobs in the UK and around 5,200 in Ireland. But householders who are grappling with high energy bills may wonder who will be the biggest beneficiaries of SSE's investment in renewables. The company expects to reward shareholders with inflation-busting increases in dividend payments of up to 10% for the next two years.
The Guardian
3 days ago
- Business
- The Guardian
Calls for Drax to be forced to fully disclose its biomass sourcing
The owner of the Drax wood-burning power station should be forced to disclose full details of its tree consumption, campaigners have argued, as MPs review the billions in renewables subsidies the North Yorkshire plant receives. A delegated legislation committee will decide on Monday whether to pass the government's plans to extend billpayer-funded subsidies to the country's biomass power generators, of which Drax is by far the biggest. Green campaigners said a condition of any extension should be that Drax published a key report by KPMG into its operations and sourcing. Reports by the auditor have been provided to the government and the energy regulator Ofgem but not the public. Ofgem has said KPMG shows Drax has not breached rules on sourcing trees for burning from environmentally sustainable forests. However, in separate incidents, Drax had been found to have supplied inaccurate data for subsidies in the past, leading to a £25m fine. Media investigations also found Drax using wood from old-growth forests in the US. Drax is expected to receive more than £10bn in renewable energy subsidies between 2012 and 2027, the current regime period, according to the thinktank Ember. Kingsmill Bond, an energy strategist at Ember, said: 'Burning trees for electricity is extremely inefficient and expensive, and is not effective at mitigating climate change. 'The collapse in the price of solar, wind and batteries in the last five years means that burning trees for electricity is now an obsolete technology. Before we pour any more subsidy into Drax, MPs need to see the KMPG report on where the wood has been coming from.' The government plans to halve the subsidies available for biomass power generation under a revised regime from 2027. MPs on the delegated legislation committee are expected to vote on Monday on the statutory instrument enabling this. Almuth Ernsting, the co-director of the campaign group Biofuelwatch, said: 'If those subsidies are approved, it would result in more carbon emissions, more destructive logging of wildlife-rich forests in the south-eastern US and elsewhere, and more pollution suffered by communities living next to pellet plants in that region – pollution which community activists have denounced as 'environmental racism'.' Mark Campanale, the founder of the Carbon Tracker Initiative, added: 'At a time when renewables powered by wind, solar with back up batteries are growing exponentially around the world, it seems remarkable that the UK still needs to rely on dirty combustion like Drax to reach its climate targets. Instead of importing and burning wood, with all its associated emissions, the UK should be doubling down on natural sources of energy available to us, wind and solar.' A spokesperson for Drax said: 'In their investigation Ofgem found no evidence that our biomass failed to meet the sustainability criteria of the RO [renewable obligation] scheme, nor that the ROCs [renewable obligation certificates] we received for the renewable power we produced had been provided incorrectly. 'Their new statement on the reports we commissioned from KPMG, as well as the prior comments in a public accounts committee hearing by Ofgem's director of audit and compliance, confirm that they reviewed these documents as part of their investigation and found no evidence within them that we were in breach of our sustainability obligations and therefore wrong to receive RO funding.' The spokesperson added: 'Drax provides secure renewable power to millions of homes and businesses when they need it, not just when the wind is blowing, or the sun is shining. The science underpinning biomass generation is supported by the world's leading climate experts, including the UN's Intergovernmental Panel on Climate Change and the UK's Climate Change Committee.' A spokesperson for the Department for Energy Security and Net Zero said: 'We are halving the amount of support for Drax, saving money on people's energy bills and contributing to our energy security. Drax will operate for less of the time under a clean power system and will need to use 100% sustainably sourced biomass, with not a penny of subsidy paid for anything less.' The Guardian understands there would be substantial penalties for any breach of the sustainability criteria.
The Spinoff
26-05-2025
- Entertainment
- The Spinoff
What's so great about Dungeons & Dragons?
This Friday, The Spinoff launches Fury of the Small, a D&D narrative podcast. Today, one of the podcast's players remembers her first time at the table. I was in the thick of my Big Breakup. Anyone who has been through their own Big Breakup knows exactly what I mean. It's the one where it feels like life is leading one way and you're merrily skipping down the path then BAM. Life, whole new direction. Crying in strange places. Hallway. On the floor. In the bathroom. I think everyone has a breakup like that? Or maybe will? It's like a rite of passage. The one that changes you. My friends wrapped around me in ways I still to this day deeply appreciate. One of the true blessings of the end of that romantic love was the absolutely thunderous, deepening love I felt for my friends. There were movies (In the Mood for Love being one of them, which was a terrible choice after a breakup, but a stunning film all the same), drinking, retreats and then one friend suggested I join his… Dungeons and Dragons Campaign. Dungeon? Dragons? Campaign? Join? It's hard to remember the exact images it conjured for me but I had a sense I was about to put myself in a situation where I felt stupid, sweaty or irritated. Or worse – all three. I also had a feeling it was like some sort of real-life video game, and I am not a gamer. Not because I don't want to be, it just wasn't a part of my childhood. We weren't really even a TV household, so anything with a console felt way out of my scope. Like any good 90s kid I snuck in a few happy reps of Golden Eye and Prince of Persia at friends' houses, but even I knew that wasn't a well-balanced diet, so I didn't really have anything to lean on when entering this world. But, as is often the way after a breakup, I had a lot of energy for trying new things, a lot of spare time, and zero desire to be alone. My first character was named Contour. Super strong. Not very smart. Got bonus points whenever they went into a rage (post-breakup catharsis anyone?). Even in this fantasy realm, no character can be good at everything (humbling) so you sort of make trade-offs. Good at hiding and sneaking around but maybe not so good up close and personal in a fight. There is something poetic about the fact that, in my eyes at least, the game works best if you have a mix of characters who all have different skill sets and histories. Not super deep, I know, but it's still a nice thought. I made the character by chatting to my friend about the vibe I thought I might enjoy, using films, books, animation as a way to be like 'he's a bit like this or a bit like that' and then my (very helpful) friend helped me figure out what Class that character could be. There's lots of options: Fighter, Druid, Bard, Rogue etc. I get the sense some people do it differently, but saying 'I think I want to be part actual energy of rock, part Drax from Guardians of the Galaxy and part gentle shepherd' worked well for me. So. I'd created my character. Borrowed some dice. Then went to join the Campaign. My friend was the dungeon master (to my mind a combo of MC, the person who voices all the background extras and supporting actors in a film, a dad who's telling you a story, and tech support). Six of us sat around a table, my friend set up the world, narrator style. 'You're at the docks, you smell the salty sea spray…' I started meeting other characters and for the first time I shyly tried out my Contour voice and traits. Putting on a voice felt strange at first. I'm an actor so this is ridiculous, but somehow sitting around a table putting on a voice for no reason feels different, and not in a good way. Similarly, it's really the pits for me if I tell someone I'm an actor and they make a joke about wanting to see me do a monologue (no thank you). I don't like feeling like I need to put on a show in my downtime, BUT after a little while, as with most times hanging out with my friends, those feelings slipped away and I was babbling like a happy child, voice on, playing for fun. Then it was time to start rolling some dice. (We're really in the thick of the nerd stuff now.) Each time you want to do anything in the game – and I mean anything, the world is your oyster – you state what you want to do out loud. For example, 'I want to lift this boulder'. The DM then usually says something like 'well that's a strength check', because, well, it would take strength to do it. In front of you is a piece of paper (or laptop screen) which has all your character's skills written on it, things like Strength, Charisma, Performance, Deception and a number next to them representing how good you are at any one skill. In Dungeons & Dragons, most often you're rolling a 20-sided die. You combine what your character's natural ability is at something (maybe it's plus 2) with what's on the die (let's say 14). That means overall your character has a roll of 16 to try and lift the boulder. The Dungeon Master has a number, a fair one, in mind that you are trying to beat. Basically the higher the number the more likely you are to succeed and if you roll a 20 on the 20-sided die it's almost impossible for you to fail. If a friend in the game says 'I'm helping' – which is the equivalent of an '..and my axe!' – you might get extra pluses. Which is just lovely. That first proper game was a lot. Even so, there were enough moments of joy across that first 5-ish hour(!) game that made me very happy to be there. True silliness and creativity for no one but ourselves. In the game, through the form of smart storytelling it becomes clear there's a quest/objective. A wizard needs help finding an apple pie recipe. Why is the castle collapsing? Where is the dragon hiding? You know – relatable problems like that. And all the characters must work together to sort it out. Later that first night, my friend said something along the lines of, 'This will probably take a year or so to complete'. A YEAR? I mean who has a year! In what world would I still be sitting around a table playing an imaginary fantasy game in a YEAR. I'm sure you can see where this is going. I played that campaign, for not one, but TWO years. I sat around my friend's table through the seasons changing both outside (obviously) and also inside my friends' lives, eating snacks and rolling dice through the highs and lows. As the monthly catch-ups became a staple I realised I wanted more. I joined another campaign. I had two going at once. One finished, I added another. I played confident types, sneaky types, happy-go-lucky types, 'I cast a lot of magic spells' types. I'd create characters on a whim based on what I thought would be fun or a challenge and then spend the following months experimenting with this persona in the two-to-four hour games. I couldn't believe who I'd become. In hindsight, there were actually some big clues that I'd love it. I grew up on fantasy books. It's only now in my 30s I've finally admitted to myself that when I'm on the beach I don't want a rom com. I would much rather be reading Ursula K. Le Guin, Tamora Pierce, Diana Wynne Jones. It's the stone labyrinth mystery cave hidden under a cloak identity life for me. And then of course Carrie Fisher made me want to act. So yes, duh. Fantasy is for me. And this isn't even mentioning that my family loves all board, dice and card games (as I said, not a big TV family). So anything competitive you can play over a table is good. Even now my parents will still play at least two games of something on any given day (their current faves are Splendour and Yahtzee). There were things that did and still do make me nervous. Being slow. Fumbling dice. Not knowing what to do. And the voices… I love listening to other people, but it still takes me a good hour to sink in and I'm usually changing the voice for the first few games till I actually find something I like for the character. But there are other things that have taken me by surprise. I love the escapism. I love using my imagination. I love not looking at my phone. I love being in a room with dear friends for two hours laughing and not talking about work. Hell, I even love the snacks! Recently, it's become a delightful connection with my brother-in-law. As I was writing this I googled: What makes dungeons and dragons so popular. The internet replied with: What's so great about Dungeons and Dragons? Which if you ask me sounds a lot more salty than my original question, but the answers made sense nonetheless. D&D offers fun and educational benefits, including stress relief and mental health benefits. Breaking D&D rules can lead to memorable gameplay and encourage critical thinking. D&D can strengthen friendships and maintain connections, serving as more than just a game. I couldn't agree more. It's funny what you picture for yourself after a breakup. I'm not going to go into all the R-rated details of what I had in mind but suffice to say sitting around a table with sparkly dice yelling, 'Investigation check!! I want to investigate this goblin's cave!' was not it. Sure, D&D's not for everyone. In fact, I really thought it wasn't for me. Turns out I was wrong.
Daily Mail
21-05-2025
- Business
- Daily Mail
SSE warns it will not meet 2030 net zero target in blow to Ed Miliband
Energy group SSE has said it is unlikely to meet its 2030 renewable target in the latest blow to Labour's net zero plans. SSE said it had decided to reduce capital investment by as much as £3billion over the next five years, citing macroeconomic uncertainty and planning constraints. The Perth-based business said the move meant it was now set to fall short of its target of having 50 terawatt-hours of renewable generation output by 2030. SSE said on Wednesday: 'SSE Renewables has seen a significant growth in installed capacity and output over the last few years, however the changing macroeconomic environment and wider delays to planning processes mean the group has reduced its near-term capital investment expectations.' It added: 'As a result, it is unlikely to meet its ambitious goal.' Earlier this month Drax revealed it would pause an expansion of its Scottish hydro-power plant, while ABF confirmed it would mothball a bioethanol plant in Yorkshire. The moves by the business pour pressure on energy secretary Ed Miliband's bold net zero plans and targets. In its latest preliminary results, SSE unveiled a 26 per cent pre-tax profit drop to £2billion for the year to the end of March. The group's net debt jumped 17 per cent to £9.5billiion in the period. SSE still opted to increase its full-year dividend to shareholders by 7 per cent to 64.2p per share. During the past year, the group completed its 443 megawatt Viking wind farm and associated high voltage cabling, representing an investment of over £1billion. SSE said it was continuing to progress its 3.6 gigawatt Dogger Bank offshore wind farm with the first phase set to be completed in the second half of this year. SSE shares rose 1.04 per cent or 18.70p to 1,817.20p on Wednesday. Alistair Phillips-Davies, SSE's chief executive, said: 'SSE continues to prove the benefits of a portfolio that is built to withstand risk and uncertainty and a strategy that is focused on creating sustainable value. 'We have met our financial goals for the year and evolved our investment plans to reflect the changing world around us - leaning into the opportunities presented in networks and redoubling our capital discipline across our energy businesses.' He added: 'We are particularly well placed to contribute to future energy systems in our home markets built on renewables, networks and flexibility. 'This opportunity, alongside our balance sheet strength and the increased proportion of index-linked revenue we anticipate, gives us every confidence in our FY27 target of 175-200p earnings per share and sustainable growth to 2030 and beyond.' John Moore, a senior investment manager at RBC Brewin Dolphin, said: 'Wind speeds and renewable energy yields have generally been on the back foot in the last year, which is reflected in SSE's results. 'At the same time, one-off expenses and project delays have also hit profits unexpectedly. 'However, those notes of caution mask steady underlying growth for the company, driven by long-term investments and a solid balance sheet – albeit, debt has ticked up – with the recalibration of the dividend also beginning to come through in returns. 'The one growing uncertainty is the possibility of regional energy pricing, which would be bad news for SSE. 'Nevertheless, the company is in a strong position and a sweet spot in terms of its importance to the UK's energy transition.'
Reuters
20-05-2025
- Business
- Reuters
UK takeover panel cancels Harmony Energy auction
May 20 (Reuters) - UK's takeover panel on Tuesday cancelled an auction to conclude the sale of Harmony Energy Income Trust (HEIT.L), opens new tab, set to take place on May 21, after Drax (DRX.L), opens new tab, one of the bidders, decided against raising its offer. The panel had decided on a bidding process following proposals last month from two funds managed by British investment manager Foresight Group LLP, valuing Harmony at around 209.9 million pounds ($278.12 million), which surpassed Drax's 199.9 million pounds bid.
