ScottishPower face retail slump as energy use falls

The energy generation and supply group, which is owned by Spain’s Iberdrola, said group profits in 2022 had risen 3.6% to £1.6bn on a year earlier.

However, when looked at through a retail lens, ScottishPower made a loss of £18m.

Scottish Power – which is the sixth biggest energy supplier in the UK – had made a £3m retail profit the year before.

Following the surges in gas and oil prices caused by the invasion of Ukraine, energy costs all over Europe skyrocketed.

Prices got so high here in the UK that the Government had to step in to assist households with the cost of their energy bills through the Energy Guarantee Scheme.

According to ScottishPower, significant amounts of their losses were made during this period.

The company has said that it plans to invest £10bn in the UK by 2025, ScottishPower’s chief executive but Keith Anderson, has urged the government to allow renewables projects to be developed quicker.

Anderson said: “We’re focused on future fuels, not fossil fuels. As a 100 per cent green power firm we’re proud to be delivering the technology to kick volatile fossil fuels off the grid. We’re delivering solutions to the energy crisis - investing more than we make in building our huge pipeline of clean wind and solar farms and in the electricity network to unlock the UKs green economy. Unlike others, we won’t be distracted from decarbonisation and will continue investing in the technology needed for a greener, more secure and affordable energy future.”