ScottishPower: Great Results from Environmental Division
ScottishPower show that companies as well as customers can go green and make money
ScottishPower results out today show rising profits at their Renewables and Networks divisions but falling profits at their Retail arm.
Profits at their Renewables division were up 30% to £166 million, networks up 5% to £216 million but retail was down 67% to £44 million.
They blamed the energy price cap and warm winter for the lower retail profits. They also lost 50,000 customers in the first three months of 2019.
Commenting on the results, Keith Anderson, ScottishPower CEO, said:
"As the UK's only integrated energy company to produce 100% green electricity, we completed the essential journey to decarbonise power generation in January. The strong performance of renewables shows we are delivering what consumers want in access to reliable, clean, lower cost energy."
“ScottishPower’s business is doing fantastically well in renewables showing suppliers can support the environment and make a profit. On the retail side they have struggled due to the price cap and losing customers. Energy is the easiest big bill to switch so it’s no surprise that when customers can save £300 a year in ten minutes that they do so in their tens of thousands.”
“The ScottishPower Standard tariff shot up by £117 a year on the 1st April. Therefore we expect ScottishPower to have a much more profitable Spring and Summer on the retail side but to lose customers at an even higher rate.”
“ScottishPower Standard customers don’t need to put with high bills, either by switching or going to their supplier they can find much cheaper options.”