Drax’s trading update sees a strong outturn in 2025 and we are nudging up our FY 25 forecast accordingly. The business has benefited from strong trading and we expect this to continue as the GB power market develops over the next few years, benefiting the FlexGen assets especially. The company is still targeting £3bn of cash generation out to 2031, with a third to be returned to shareholders and the rest available for growth opportunities including more battery storage and also the development of data centre capacity at the Drax Power Station site in Yorkshire.
