Wednesday newspaper round-up: Drax, BT, Royal Mail, Heathrow

Drax has received permission from the government to fit carbon capture technology to its wood-burning power plant, in a project that could cost bill-payers more than £40bn. The energy secretary, Claire Coutinho, on Tuesday approved the project to convert two of its biomass units to use the technology. – Guardian

BT has become the first major telecoms company to scrap controversial above-inflation price rises for mobile and broadband customers – but not before pushing through a final increase this year. The owner of mobile operator EE has moved to address the pressure on consumers from rising household costs during the cost of living crisis, after telecoms companies were criticised for increasing bills. – Guardian

Royal Mail has warned that it may need a taxpayer bailout to keep the postal service afloat amid a sharp decline in letter sending. Martin Seidenberg, the chief executive, said it was “simply not sustainable” to maintain a delivery network built for 20bn letters when the company was now only delivering 7bn. – Telegraph

A director of the competition regulator has pledged to recuse himself from any review of the Abu Dhabi-backed takeover of The Telegraph owing to potential conflicts of interest. Murdoch MacLennan, a non-executive board member of the Competition and Markets Authority (CMA), was chief executive of Telegraph Media Group between 2004 and 2017. – Telegraph

Banks could face a £10 billion compensation bill for unfair car finance deals, analysts have suggested. Last week the Financial Conduct Authority said it would investigate whether those who took out loans before January 2021 were unfairly charged more expensive interest rates in return for higher levels of commission paid to car dealers. – The Times

Heathrow, Britain’s gateway to the world, faces further turmoil after investors accounting for 35 per cent of the airport said they are selling up. Their decision to quit follows the sale of its 25 per cent stake in the airport by the largest shareholder, Ferrovial. – The Times