Drax has upgraded its earnings guidance for the full year, as the group supported the UK energy system through July and August’s heatwave.

The energy firm said that since its last update on 30 July, it has optimised its output to meet demand, with the average price of £175.90 per megawatt hour.

As a result, it now expects its full-year earnings to be at the top end of its guidance range, with full-year expectations remaining subject to continued good operational performance.

The update comes after Drax completed the acquisition of BSIF on 31 July for £561m, with an enterprise value just over £1bn.

It said the acquisition supports its strategy to broaden its range of generation technologies, providing an “attractive opportunity to grow its UK renewable generation business”.

The firm expects to operate BSIF as a dedicated solar and wind segment in the group, alongside its flexgen and biomass businesses.

CEO at Drax, Will Gardiner, stated: "Our strong operational performance has continued into the second half of 2026, as our generation assets have helped meet power demand through the summer heatwave, turning up and turning down as required to help balance the system.

“"At the same time we are investing for the future in UK energy security, growing our megawatts under management and transitioning Drax into a broader business at the heart of the UK energy system, whilst keeping the lights on for millions of households across the country.

"The addition of BSIF brings significant benefits to the Group and the integration is going well. Alongside the rest of our portfolio, BSIF gives us a fantastic opportunity to grow our asset base and system services further.

"This is an exciting time for Drax and through our plans for solar, batteries, OCGTs, hydro and 4GW of grid access at our Selby site, we are helping to drive economic growth across the country and support jobs, aligned to the priorities of the UK Government."

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