Profits at one of Britain’s Big Six energy suppliers fell by two thirds in the first quarter after it was hit by the price cap on energy bills and a drop in gas usage during the mild winter. Scottish Power said that profits in its “liberalised” division, which primarily comprises its retail business supplying 3 million UK homes, fell to £44 million from £132 million a year earlier. The biggest factor in the decline is understood to have been the imposition of the government’s energy price cap in January, which forced the supplier to cut prices for about a million households on its standard tariffs by £136 a year. It previously had the most expensive default tariff of any major supplier.
Times 26th April 2019 read more »
Telegraph 25th April 2019 read more »
Herald 26th April 2019 read more »