For much of the last century, the key question was where electricity would come from. Now, the energy transition is entering a new phase. Increasingly, the question is not where the power would come from but how we can make the system work better.
Britain is seeing record levels of renewable and intermittent generation, growing electricity demand, increasing electrification and the emergence of AI-driven infrastructure that will require substantial new sources of power. At the same time, the system must remain secure, resilient and affordable. No single technology can deliver security, affordability and decarbonisation alone. The system needs renewables, flexible generation and storage working together. And we need to make the most effective use of every asset on the system.
There is a huge opportunity for the UK to unlock further investment in the energy infrastructure needed while supporting growth across the country. But making that opportunity a reality will require government and industry to work closely together to remove barriers to investment, speed up project delivery and accelerate reform of the grid and connection process. It also means making better use of existing infrastructure and connection capacity to meet rising demand and maintain UK competitiveness.
As Britain’s electricity network becomes more dynamic and decentralised, value increasingly comes from connecting technologies together and ensuring they operate efficiently.
Our ambition is to be at the forefront of that evolution.
Today marks an important milestone for Drax in our strategy to do just that, as we complete the acquisition of Bluefield Solar Income Fund.
The transaction adds around 900MW of operational solar and wind assets, alongside a 2.9GW development pipeline including joint ventures, making it the largest acquisition in our company’s history.
This acquisition is not just another addition to our portfolio; it’s about transforming our business to deliver what the UK energy system needs. I have seen Drax change profoundly over the last decade. Each time, the reason has been the same- Britains energy system has changed, and Drax has changed with it. When Drax Power Station was built, Britain needed reliable, dispatchable power to support economic growth and an expanding industrial economy. As climate change became an increasingly urgent challenge, we transformed Western Europe’s largest coal fired power station into Britain’s largest single source of renewable electricity, helping deliver a significant reduction in the UK’s reliance on fossil fuels while maintaining security of supply.
I am proud of Drax’s history, but I’m even more excited about what is coming next.
We are building a portfolio that combines biomass, hydro, pumped storage, battery storage, flexible gas generation, solar power, wind and market optimisation capabilities.
Today’s acquisition is a critical milestone in that strategy. It adds a substantial portfolio of operational solar and wind assets and a significant development pipeline, strengthening our renewable generation business at a time when the country needs more clean power. Combined with our existing flexible generation and battery portfolio, these assets strengthen our ability to support the electricity system during periods of both high renewable output and high demand.
With BESS and OCGT development sites included, our renewable generation business and flexible generation assets combined will have a power capacity of over 3GW – larger than Drax Power Station’s 2.6GW for the first time.
Earlier this year, we also completed the acquisition of Flexitricity, reflecting our belief that technology, optimisation and market participation will become increasingly important components of a successful energy business.
The thread running through this announcement is not just the acquisition of new assets, but that Drax is building a more diverse business built for what Britain needs.
Today’s acquisition helps us build the kind of company that can meet the challenge of energy security, affordability and sustainability. The opportunity ahead is not simply to generate more electricity, but to deliver more value from every megawatt. That is the future of energy — and it is where Drax intends to lead.
