Drax Group PLC (LON:DRX) said trading has been robust in the first three months of 2021 and full-year expectations remain underpinned by good operational availability for the remainder of the year.
As of 16 April, the energy company had 25.7 terawatts per hour of power sales contracted at £49 per megawatt per hour.
READ: Drax shareholders approve Canadian biomass company acquisition despite environmental warning
As of 31 March, it had cash and total committed facilities of £801mln.
Last week, Drax completed its acquisition of Pinnacle which advances its biomass strategy by more than doubling its sustainable biomass production capacity, reducing its cost of production and adding a major biomass supply business.
The enlarged supply chain will have access to 4.9mln tonnes of operational capacity from 2022.
Drax said it is now positioned as the world's leading sustainable biomass generation and supply business, alongside the continued development of its ambition to be a carbon negative company by 2030 Bioenergy with Carbon Capture and Storage (BECCS).
The generation portfolio has performed well and during the summer the company will undertake planned maintenance on its CfD biomass unit, which are expected to lower generation costs.
It has also secured 15-year agreements for three new 299 megawatt system support Open Cycle Gas Turbine projects in England and Wales to help with intermittent renewable generation.
Drax said it is continuing to evaluate options for these projects including their potential sale.
While the Industrial and Commercial business performed well, the Small and Medium-size Enterprise arm was affected by the national lockdown and Drax is continuing to explore operational and strategic options for this segment of the business.
Shares rose 1% to 424.4p on Wednesday morning.