Scottish Power lost 120,000 customers in the year to June 2019 while a mild winter and the price cap saw profits collapse 71 per cent in its liberalised business.
However, the company’s renewables and networks businesses both recorded 4% earnings increases, according to second quarter results.
- Scottish Power Renewables EBITDA £213.4m (+£8.2m; +4%)
- Networks EBITDA £417.2m (+£17.3m; +4%)
- Liberalised EBITDA £48.8m (-£117m; -71%)
- Retail customers down 120,000 to 4.75m
CEO Keith Anderson said the company welcomed government legislating for Net Zero, but urged it to set out a pathway for industry to follow.
“The UK now has the opportunity to use the Energy White Paper, expected later this year, to provide the framework that will allow the regulator, government and industry to efficiently and cost-effectively decarbonise the UK economy,” said Anderson.