Finance
UK's power firm Drax Group says it could cut over 10% jobs
Published by Global Banking and Finance Review
Posted on February 3, 2026
1 min readLast updated: February 3, 2026
Quick Summary
Drax Group may cut over 10% of jobs to enhance UK energy security and transition to lower-carbon generation. The consultation process has started.
UK's power firm Drax Group says it could cut over 10% jobs
Drax Group's Job Reduction Strategy
Feb 3 (Reuters) - Drax Group on Tuesday said it could cut more than 350 jobs in the UK and North America as part of the power firm's long-term strategy to bolster UK energy security and advance its transition to lower-carbon generation.
Consultation Process in the UK
The company has begun a consultation process in the UK and will brief employees in North America on potential changes that could result in the job cuts, it said.
Impact on Employees in North America
The Selby, UK-headquartered Drax has 3,250 employees worldwide, according to its latest annual report.
Company's Recent Share Performance
The company's shares have risen about 46% in the past 12 months as of Monday's market close.
(Reporting by Ankita Bora in Bengaluru; Editing by Sahal Muhammed)
Key Takeaways
- •Drax Group plans to cut over 350 jobs.
- •The strategy aims to bolster UK energy security.
- •Consultation process has begun in the UK.
- •Drax has 3,250 employees globally.
- •Drax shares rose 46% in the past year.
Frequently Asked Questions about UK's power firm Drax Group says it could cut over 10% jobs
1What is job reduction strategy?
A job reduction strategy is a plan implemented by a company to decrease its workforce, often to cut costs, improve efficiency, or adapt to changing market conditions.
2What is energy security?
Energy security refers to the reliable availability of energy resources at an affordable price, ensuring that a country can meet its energy needs without excessive reliance on external sources.
3What is lower-carbon generation?
Lower-carbon generation refers to energy production methods that emit fewer greenhouse gases compared to traditional fossil fuel sources, contributing to climate change mitigation efforts.
