GS Utilities Daily: Drax confirms closure of investigation by the Financial Conduct Authority // Siemens Energy to build 2 GW converter platform

Research evidence excerpt

GS Utilities Daily: Drax confirms closure of investigation by the Financial Conduct Authority // Siemens Energy to build 2 GW converter platform

Goldman Sachs GS Utilities Daily

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Drax confirms closure of investigation by the Financial Conduct Authority

Drax confirms that the FCA has closed its investigation into the company, which was

announced on 28 August 2025, and no action will be taken. The investigation covered

the period January 2022 to March 2024 and related to certain historical statements

regarding Drax’s biomass sourcing and the compliance of Drax’s 2021, 2022 and 2023

Annual Reports with the Listing Rules and Disclosure Guidance and Transparency Rules.

The FCA has confirmed that it has no concerns warranting further investigation. Source:

Press Release

Siemens Energy to build 2 GW converter platform with German shipyard

Siemens Energy have been awarded a contract to help deliver a new grid connection

system for offshore wind farms in the North Sea for German transmission system

operator, 50Hertz. The connection, known as North Sea Connector 2, will enable up to 2

gigawatts of wind power to be transmitted from offshore to onshore in the future.

Siemens Energy will equip the offshore converter platform, supplied by another player,

with electrical transmission technologies, which will largely be manufactured at the

company’s German factories.