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ScottishPower reports earnings jump as Ofgem allows companies to recover losses

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The energy firm said it had 4.6 million customers at the end of September, unchanged from March.

ScottishPower has said that its earnings ballooned in the first nine months of this year as Ofgem allowed energy companies to claw back some of the losses they had made during the energy crisis.

It came after energy regulator Ofgem included a clause in the price cap which allowed energy companies to recoup some of the money they lost. Most of this benefit had already been reported by ScottishPower earlier this year in its first-half results. Overall ScottishPower reported a 132% rise in Ebit to £1.4 billion for the nine months. Ebit at its renewables division rose 34% to £357 million mainly due to windier conditions which helped its turbines produce more energy.“We are cracking on with our investment programme across the UK for essential upgrades to the electricity grid and new renewable energy projects,” said chief executive Keith Anderson.

 

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ScottishPower reports earnings jump as Ofgem allows companies to recover lossesThe energy firm said it had 4.6 million customers at the end of September, unchanged from March.
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