Britain’s biggest ‘renewable’ power station which is allegedly as ‘toxic as working for tobacco’ should sack its boss.
That is the claim of billionaire Louis Bacon, who blasted energy firm Drax’s ‘egregious’ failings, calling it an ‘environmental and ethical calamity’.
In a scathing letter, the American founder of hedge fund Moore Capital, called for chief executive Will Gardiner to be fired days after the City watchdog said it will investigate the firm over wood pellets used in its North Yorkshire plant.
This is another embarrassment for Energy Secretary Ed Miliband after he agreed to extend subsidies for Drax.
Biomass power stations, creating electricity by burning resources such as wood, are criticised by campaigners, who say their claims of producing ‘renewable’ energy from imported pellets are exaggerated.
Drax was fined £25 million by Ofgem last year for not reporting accurate sustainability data about the sourcing of its wood pellets.
The company responded that the Drax’s board ‘has full confidence in Will Gardiner’.
The letter to Drax criticised the firm for awarding Mr Gardiner a £2 million bonus. Mr Bacon said government subsidies – it got £869 million last year – were required because it is ‘hopelessly inefficient’.
Moore Capital has called for Drax to sack boss Will Gardiner
Mr Bacon added: ‘For your staff, having Drax on their CVs is not a good look. Drax is as toxic as working for tobacco.’
In 2023, Daily Mail and General Trust backed the launch of a venture fund by Moore Capital.
