Scottish Power doubles profits - Gas and electricity - News - Moneyfacts


Scottish Power doubles profits

Scottish Power doubles profits

Category: Gas and electricity

Updated: 12/07/2013
First Published: 12/07/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Scottish Power has been criticised for doubling its profits in 2012, as households battle to make ends meet in the face of rising gas and electricity bills.

The energy group announced today that its pre-tax profits last year amounted to £712 million, more than double the £350 million reported for 2011.

The announcement has angered consumer groups, which argue that the energy company is raking in money at a time when thousands of its customers were forced to turn off their heating last winter due to rising energy bills.

In October last year Scottish Power announced its gas and electricity prices would be increasing by 7%, bringing the average annual dual fuel bill to £1,271.

"These high profits come out of the pockets of hard-pressed consumers, many of whom are already struggling to make ends meet,' said Gillian Guy, chief executive of Citizens Advice.

"Citizens Advice bureaux across Britain see too many families forced to choose between heating and eating, or running up debts so that they can afford to keep their homes warm and dry. Energy firms must start putting their customers above their shareholders and do more to curb price rises and keep bills low."

Scottish Power said its profits were partly boosted by the inclusion of figures from its renewables business for the first time, which amounted to £64 million.

What Next?

Check out the latest Energy Tariffs

Beat the energy price rises y
ou could save up to £331 on gas and electricity for your home

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

British Gas freezes standard energy tariffs

British Gas has announced that it’s freezing its standard gas and electricity tariffs for the winter, ensuring that customers needn’t worry about price rises in the chilly months ahead. But is that enough to ensure households aren’t paying too much?

Living in a new home could cut fuel bills by half

Older homes will always be slightly more expensive to heat, with less insulation and sneaky draughts making these character-filled homes harder to heat efficiently. But did you know just how much more this could cost you? It could be double…

Standard energy tariffs are “fundamentally unfair”

We all know how expensive energy bills can be, particularly at this time of year when we’re all turning the thermostat up a notch. But what if you’re paying even more than you should be? If you’re on a standard tariff, that’s a very real possibility.