Shares in UK utilities climbed after the government said it wouldn’t extend a windfall tax to power generators.
The deployment of biomass with carbon capture and storage (BECCS) at Drax Power Station could save the UK billions of pounds over the coming decade.
Drax Group Plc will shelve its plans to build a large-scale gas plant as the utility seeks to exit coal and position itself as a green generator, according to a person with knowledge of the matter.
Cutting-edge green energy technologies in the Yorkshire and Humber region could create thousands of jobs and boost the economy, according to a report for the owner of the UK's largest power station.
British companies are preparing for the UK government to decide how to spend more than $1 billion on infrastructure capable of capturing and burying millions of metric tons of carbon dioxide pollution.
Drax is aiming to become "carbon negative" by 2030, in what the company claims is a world-first move to tackle climate change.
One in three businesses has been hit by power cuts in the past year, highlighting how the UK's electricity supply has become "unreliable", a new study suggests.
Creating the "world's first net zero carbon industrial cluster" could help protect thousands of jobs and make a major impact to cutting emissions, its backers said.