The Executive Board’s decision to revoke the exclusion of Drax Group Plc were made based on a recommendation from Norges Bank Investment Management. Norges Bank may on its own initiative make decisions on observation and exclusion and on the revocation of such decisions (see § 1, subsection 4, of the Guidelines for observation and exclusion from the Government Pension Fund Global).

Drax Group Plc was excluded in 2016 after an assessment of the product-based coal criterion. At that time, it was estimated that the company had coal power capacity in excess of 30 per cent of total power capacity. Since then, the company has undergone significant restructuring, with a transition from coal to biomass as fuel. Our estimates now indicate that the company's coal power capacity is less than 30 percent of the total power capacity by a good margin, and thus that the company bases less than 30 percent of its operations on coal.

Norges Bank Investment Management’s recommendation (pdf)

List of all excluded companies

For more information, contact:

Marthe Skaar 
Acting Head of Communications, Norges Bank Investment Management
Phone: +47 926 17 663