Biomass energy provider Drax said it expected annual core earnings to be at the top end of current forecasts driven by increased power generation.
The company said it had played an “important role providing stability to the UK power system” as higher gas prices, European interconnector issues, and periods of low wind placed the system under increased pressure.
It now expected adjusted earnings before interest, tax, depreciation and amortisation to be at the upper end of analyst consensus of £374m-£391m subject to a good December performance.
Drax said there had been no disruption to own-use or third-party volumes from global supply chain delays currently being experienced in other sectors.
It added that it had also limited the impact on supply due to reduced wood pellet exports from Canada after summer wildfires and heavy rainfall and flooding in British Columbia.
