Drax lifts profit guidance to top of forecasts after summer heatwave drives record UK energy demand

From the Newshound archive · first published 19 September 2026.

Drax has raised its full-year profit outlook to "around the top" of analyst forecasts, with adjusted earnings expected near the upper end of a £680m-to-£711m consensus range. The Yorkshire power giant credited a summer heatwave that prompted four emergency calls for extra capacity from the National Energy System Operator. Chief executive Will Gardiner said the firm's plants varied their output continuously to keep the grid in balance as temperatures soared. Drax shares surged close to 4% at the open, touching 852.5p.

The upgrade also reflects Drax's completed £561m takeover of Bluefield Solar Income Fund, adding 0.9 gigawatts of solar and wind capacity.

The Bluefield deal pushes Drax's total managed capacity to roughly 6.1 gigawatts, diversifying it well beyond its traditional biomass operations.