This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/money/2013/jul/11/scottish-power-profits-prices

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Anger at Scottish Power's £712m profits last year after it put prices up by 7% Anger at Scottish Power's £712m profits last year after it put prices up by 7%
(2 months later)
Scottish Power has rekindled the row over fuel poverty by revealing it more than doubled its pre-tax profits to £712m last year yet still chose to put up domestic gas and electricity prices by 7% in December.Scottish Power has rekindled the row over fuel poverty by revealing it more than doubled its pre-tax profits to £712m last year yet still chose to put up domestic gas and electricity prices by 7% in December.
The profit rise was contained in its newly-published annual report which also shows that Keith Anderson, the company's chief corporate officer, received a £129,000 bonus, taking his total pay for 2012 to over half a million pounds.The profit rise was contained in its newly-published annual report which also shows that Keith Anderson, the company's chief corporate officer, received a £129,000 bonus, taking his total pay for 2012 to over half a million pounds.
The new figures plus the payment of an £890m dividend to its Spanish parent, Iberdrola, triggered an angry response.The new figures plus the payment of an £890m dividend to its Spanish parent, Iberdrola, triggered an angry response.
Elizabeth Ziga, a member of Fuel Poverty Action, said she was shocked to see Scottish Power raking in money at a time when thousands of its customers were forced to turn off the heating last winter.Elizabeth Ziga, a member of Fuel Poverty Action, said she was shocked to see Scottish Power raking in money at a time when thousands of its customers were forced to turn off the heating last winter.
"Scottish Power and the rest of the big six energy companies are making a killing from profiteering price hikes and dirty and expensive fuels like gas, coal and oil, which are pushing up our bills and causing extreme weather due to climate change. Hard-pressed UK households have had enough of an energy system that always puts big six profits ahead of our rights to warm homes and a safe climate.""Scottish Power and the rest of the big six energy companies are making a killing from profiteering price hikes and dirty and expensive fuels like gas, coal and oil, which are pushing up our bills and causing extreme weather due to climate change. Hard-pressed UK households have had enough of an energy system that always puts big six profits ahead of our rights to warm homes and a safe climate."
Gillian Guy, chief executive of Citizens Advice, said soaring profits "come out of the pockets" of hard-pressed consumers, many of whom are already struggling to make ends meet.Gillian Guy, chief executive of Citizens Advice, said soaring profits "come out of the pockets" of hard-pressed consumers, many of whom are already struggling to make ends meet.
"Citizens Advice bureaux across Britain see too many families forced to choose between heating and eating, or running up debts so that they can afford to keep their homes warm and dry. Energy firms must start putting their customers above their shareholders and do more to curb price rises and keep bills low.""Citizens Advice bureaux across Britain see too many families forced to choose between heating and eating, or running up debts so that they can afford to keep their homes warm and dry. Energy firms must start putting their customers above their shareholders and do more to curb price rises and keep bills low."
But Scottish Power insisted that its pre-tax figures were distorted by the company taking a £169m "writedown" in 2011 on the value of its Longannet power station while earning nearly £70m in 2012 through the addition of income from its renewable power business, which was not included the year before.But Scottish Power insisted that its pre-tax figures were distorted by the company taking a £169m "writedown" in 2011 on the value of its Longannet power station while earning nearly £70m in 2012 through the addition of income from its renewable power business, which was not included the year before.
Its overall profit margin for its domestic supply business was 4.4% during 2012, which was an "appropriate level given the size of its asset base and the level of investments being made in Britain", the company said.Its overall profit margin for its domestic supply business was 4.4% during 2012, which was an "appropriate level given the size of its asset base and the level of investments being made in Britain", the company said.
Last week Scottish Power said it was planning to spend £5.2bn upgrading its power distribution network having spent almost £1bn on other projects last year.Last week Scottish Power said it was planning to spend £5.2bn upgrading its power distribution network having spent almost £1bn on other projects last year.
Scottish Power, one of the "big six" energy suppliers that dominate the market, is one of the three companies currently being investigated by industry watchdog Ofgem for possible mis-selling. Rival SSE has already been fined £10.5 m for repeatedly misleading customers.Scottish Power, one of the "big six" energy suppliers that dominate the market, is one of the three companies currently being investigated by industry watchdog Ofgem for possible mis-selling. Rival SSE has already been fined £10.5 m for repeatedly misleading customers.
Scottish Power is also among six energy companies that are the subject of a separate inquiry by Ofgem into their failure to reach UK carbon reduction targets.Scottish Power is also among six energy companies that are the subject of a separate inquiry by Ofgem into their failure to reach UK carbon reduction targets.
Our editors' picks for the day's top news and commentary delivered to your inbox each morning.