By Anthony O. Goriainoff

Drax Group PLC said Thursday it has been invited to enter formal bilateral discussions with the U.K. government regarding the deployment of large-scale bioenergy with carbon capture and storage projects by 2030.

The U.K. electricity-generation company said its Drax power station BECCS project--which could support to U.K. in achieving its emissions targets--passed the deliverability assessment for the submission process.

"With the right engagement from government and swift decision making, Drax stands ready to progress our 2 billion-pound ($2.46 billion) investment program and deliver this critical project for the U.K. by 2030," Chief Executive Will Gardiner said.

Shares at 0947 GMT were down 3.00 pence, or 0.6%, at 571.50 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

March 30, 2023 06:21 ET (10:21 GMT)

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