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Scottish Power profits drop amid soaring wholesale gas prices
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Scottish Power has reported a 39% drop in underlying profits at its division that delivers gas and electricity to households, as it was hit by soaring wholesale energy costs and low wind volumes.
Keith Anderson, Scottish Power’s chief executive, said the energy crisis was “a stark reminder of why we have to decarbonise our energy sector quickly and efficiently”.
The company, one of Britain’s biggest energy suppliers, which is owned by the Spanish company Iberdrola, made earnings before interest, tax, depreciation and amortisation (Ebitda) – a measure of underlying profit – of £83m at its UK retail business in the nine months to the end of September, down £54m from a year earlier.
Retail customer numbers at the end of September were flat
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