Scottish Power has reported rising profits but warned of problems ahead as the coronavirus pandemic is expected to leave customers unable to pay their bills. The energy company, owned by Spain’s Iberdrola, has three UK divisions: a retail gas and electricity supplier serving about 3 million households and businesses; a regulated networks business; and a renewables division primarily focused on building wind farms. Earnings before interest, taxation, depreciation and amortisation rose in the first half of the year in all three divisions, led by a £116 million increase in the renewables division, to £329 million. The company said this was driven by the start-up of the East Anglia One offshore wind farm last year, though its onshore wind farms also benefited from windier weather.
Times 23rd July 2020 read more »