Finance
UK's power firm Drax Group says it could cut over 10% jobs
Published by Global Banking & Finance Review®
Posted on February 3, 2026
1 min readLast updated: February 3, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 3, 2026
1 min readLast updated: February 3, 2026
Drax Group may cut over 10% of jobs to enhance UK energy security and transition to lower-carbon generation. The consultation process has started.
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.
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.
The Selby, UK-headquartered Drax has 3,250 employees worldwide, according to its latest annual report.
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)
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.
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.
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.
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