Friday, 22 July 2011

ScottishPower profits slump as UK demand for energy plummets

PROFITS slumped at ScottishPower in the first half of the year as falling demand due to a depressed UK economy and higher wholesale energy prices took their toll.

Figures released by Spanish parent Iberdrola yesterday showed earnings before interest, tax and other items at the Glasgow-based utility fell by 21 per cent to €595 million (£524m) from €757m in the first half of 2010.

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