UK's Drax Group rises on conclusion of Ofgem investigation
** Shares of energy firm Drax Group DRX.L up 1.3% at 664p
** Ofgem closed investigation into Drax's biomass profiling data, confirming no evidence found that its biomass isn't sustainable
** Investigation has not found any evidence that Drax issued Renewable Obligation Certificates (ROCs) incorrectly
** Investigation found misreporting of profiling data of forestry type and sawlogs for Canadian consignments of woody biomass in FY22
** Drax to pay 25 million pound($33.03 million) penalty to Ofgem’s voluntary redress fund
** "Ofgem's clearance should also have a positive read-across to the process of Drax potentially securing a bridging mechanism contract with the UK government," brokerage Jefferies said
** Jefferies notes that while penalty will be booked under FY core profit, Drax still remains comfortable with its forecast of FY24 core profit of around 995 mln pound
** DRX stock rose about 35% YTD
($1 = 0.7569 pounds)
Reporting by Yamini Kalia in Bengaluru
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