ScottishPower boss hits out at rivals abandoning green goals as profit nudges up

ScottishPower’s chief executive has hit out at firms that are abandoning their green goals as his business produced a set of financial results without the big windfalls that many of his rivals have unveiled.

The firm also revealed that it had sold nearly a fifth less gas to households in 2022 than it had a year earlier, as people tightened their belts. Boss Keith Anderson said that ScottishPower would continue to throw its investment towards zero-carbon solutions.

Spanish parent company Iberdrola revealed that it had invested around €1.5 billion (£1.3bn) in the UK last year, around 13 per cent of its total global investments. The business has more than 2.3 gigawatts (GW) of solar and wind farms being built in the UK, which are set to come online by 2026. Glasgow-headquartered ScottishPower managed to increase its earnings last year, but fell far short of the big jumps seen by Shell and BP, EDF’s UK arm and Centrica. Operating profit increased by 7.4 per cent to £785 million.

Anderson said: “We’re focused on future fuels, not fossil fuels. As a 100 per cent green power firm we’re proud to be delivering the technology to kick volatile fossil fuels off the grid. We’re delivering solutions to the energy crisis - investing more than we make in building our huge pipeline of clean wind and solar farms and in the electricity network to unlock the UKs green economy. Unlike others, we won’t be distracted from decarbonisation and will continue investing in the technology needed for a greener, more secure and affordable energy future.”

The business said that it had sold 4.5 per cent less electricity and 18.3 per cent less gas. Gas prices have soared in the last two years, putting pressure on households. The increase in gas prices has also pushed up electricity prices.

The renewables part of the company saw a 36 per cent rise in operating profit to £470m as wind speeds picked up after a quiet 2021. The business sells most of its power years in advance, so did not benefit as much last year from rising energy prices as some of its competitors.