The Financial Conduct Authority closed its nearly 10-month investigation into Drax’s 2021–2023 annual reports, saying it reviewed thousands of pages but found no evidence of misleading statements or omitted information that justified further action. The probe followed a 2022 BBC Panorama documentary alleging that Drax cut mature Canadian forests for wood pellets, and a 2024 Ofgem finding that the company lacked adequate data governance, for which Drax paid £25m into a redress scheme. Drax received £999m in renewable-energy subsidies in 2025 for generating about 4.5% of Great Britain’s electricity; the government has ordered the company to use 100% sustainable wood and will halve its subsidy eligibility from 2027 by limiting the volume of supported electricity.