Scottish Power profits up despite soaring costs

Energy group Scottish Power warned today that higher bills were failing to offset the cost pressure caused by rising commodity prices.

The group made increased nine-month profits of £142m (€206m) at its retail and wholesale business, but said this was due to the efficiency of its plants and the recent rapid growth of its customer base to more than five million.

Scottish Power increased prices in October when it said a 70% rise in wholesale energy costs since April had forced it to hike bills.

However, it added today: “Cost pressures due to higher commodity prices more than offset increased revenues from tariff rises.”

Across the generation and energy network group, profits for the nine months to December 31 rose 42% to £470m (€684m).