Scottish Power sees fall in profits - 24/02/2012
Another of the UK's Big Six energy suppliers has announced its results for 2011, with Scottish Power reporting a fall in its profits.
The firm's Spanish parent company Iberdrola stated its UK operations earned £273 million last year, a drop of 40 per cent from 2010, the BBC reports.
It blamed a decrease in consumer demand for energy and tighter margins for the fall, while the enterprise's global results were also affected by a £340 million writedown on green energy schemes that were later abandoned.
This included charges for a proposed carbon capture and storage development at Longannet power station that was abandoned.
Overall, however, Iberdrola recorded a 2.3 per cent increase in profits, with the weakness in the UK and Spain offset by strong growth in the US and Brazil.
Earlier this week, British Gas also posted a drop in profits for its domestic energy operations in Britain, as it saw sales fall by 30 per cent.
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