Energetic materials encompass a wide range of chemical compounds. They react very rapidly releasing large amounts of energy. One of their peculiarities is that they carry an oxidizer and do not require oxygen from the air as their primary reaction partner. The aim of this paper is to present an analysis of the ability to estimate the heat release rate of a sample energetic material using two calorimetric methodologies. The methods are based on Oxygen Consumption and Carbon Dioxide Generation principles. Data have been obtained from experiments carried out with the Fire Propagation Apparatus. First, results from smoke powder combustion tests reveal significant discrepancies between the two approaches. Results from a sensitivity analysis realised in a previous work underlined that the most likely parameters to alter the heat release rate estimation are the energy constants and the concentration of oxygen. Correction procedures have been developed; one based on the estimation of the amount of oxygen supplied by the oxidizer, and a second one based on the calculation of new energy constants accounting for the chemical decomposition of the tested materials. Results are presented in this study.