Business

Scottish Power blames weather and price cap for 80% drop in profits

Scottish Power blames weather and price cap for 80% drop in profits

The profits of Scottish Power have fallen down by nearly 80 percent post the huge 6 energy supplier casted away around 165,000 customers last year.

The Iberdrola-owned supplier has blamed the mild winter weather as well as the energy cost cap by the government for the major drop in its profits.

Scottish Power had profits of £37.4 million in the first 9 months of this year, which is lower from the £170 million recorded same time previous year when the freezing weather boosted the quantity of electricity and gas utilized in homes.

Scottish Power informed that it sold 8 percent less amount of gas and 10 percent less amount of electricity this year, partly because of the mild weather and also because of a drop in its customer base to 4.62m this year from 4.78m same time previous year.

The iconic huge 6 energy firms have lost out their strong position in energy market over the recent years because of an increase in low-cost energy suppliers in the market.

Meanwhile, Scottish Power recorded far better profits when it comes to its energy networks units and renewable energy, which continue to grow concurrently with the need for smart energy and clean energy grids.

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Chris Lawrence

Before laying the foundation for Scoop Hawk, Chris was a digital marketer who worked in the field for more than 4 years. He worked his way towards understanding the trends and patterns of internet news reporting to create a platform that currently provides the latest news from different parts of the globe. Apart from being the founder of the website, Chris is also a creative writer who loves to write the latest news in Business niche.

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