ScottishPower Q2 2019 Results

  • Jul 24, 2019
  • Scottish Power

Iberdrola announces first-half results for 2019: posts net profit of €1.644 billion (+16.6%); invests a record €3 billion (+23%).

Ignacio Galán, Group Chairman, said: "This double-digit growth highlights the success of our business model, based on a commitment to clean energy, regulated assets with stable and predictable returns, and a well-judged geographical diversification.

“I’m pleased to confirm that we’re delivering on our Strategic Outlook faster than expected, which allows us to announce an upward revision of our full-year net profit guidance,” Galán stated.

Increase in Ebitda of £8.2m, +4% with higher energy prices compensating for lower wind volumes in the second quarter.

The returns for SP Energy Networks are on-target as the business delivers the RIIO-ED1 distribution investment programme, which runs until 2023, and the RIIO T1 Transmission investment programme until 2021.

The Liberalised business EBITDA decreased due to the very mild 2019 winter (in comparison to Q1 2018 which saw the ‘Beast from the East’) and the impact of the UK Government’s Price Cap. The disposal of the generation business to Drax also had a small impact.

In comparison to Q2 2018, ScottishPower retail customer numbers have fallen by 120,000.

Commenting on the results, Keith Anderson, ScottishPower CEO, said: “A milder winter, in comparison to 2018’s Beast from the East, together with the ongoing price cap, has impacted our Liberalised business. But a positive performance in Renewables and Networks at the mid-year reflects ScottishPower’s sustained delivery of innovative and green investments – the wind generation and new infrastructure we need to deliver the UK’s long-term net zero ambitions.

“As the first energy company to go 100% Green, we welcomed the legislation to underpin the UK’s commitment to Carbon Net Zero, and we’ve committed to investing £2billion in 2019 to support the race to Zero. 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.”