ScottishPower has reported an 11% year-on-year fall in earnings before tax for the first quarter, down £62m to £497m, blaming pressures on its retail side.
The liberalised retail business only made £12m, down by £118m from the same period last year. It blamed the six month delay in updating the price cap mechanism, which led to a “continued strain on earnings”. Gross margin problems also included the impact of milder weather year on year.
Meanwhile, ScottishPower Renewables made £250m in earnings before tax, up £41m, or 19.5% year-on-year, mainly due to increased production - with £16m as a result of weather conditions - as well as higher energy prices.
