Drax Plunges After U.K. Cuts Biomass Power Support
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Drax Group Plc, owner of the U.K.’s largest coal-fired power station, fell by a record in London after the government offered less financial support than expected for a switch to burning low-carbon fuel.
Drax, based in Selby, northern England, dropped 76.5 pence, or 15 percent, to 442 pence, the biggest decline since the company started trading in 2005.