Pre-tax profits fell by 28.6% at Scottish Power’s renewable energy division in the third quarter of this year, with EBITDA falling from £156.9 million to £62.8 million.
The retreat in renewables results was primarily driven by the 26% reduction in output across the first half of the year.
However, profits overall rose by 6.4% for its parent group Iberdrola – the Spanish multi-national with net profits of €2.042 billion in the first nine months of this year compared to 2015.
Meanwhile, renewables investment continues at Scottish Power – which is currently constructing eight new onshore wind projects on six sites across Scotland, with total investment of more than £650 million.
Once completed, these new projects will generate 474MW of electricity, which will increase the company’s UK wind energy portfolio to over 2GW of capacity.
The company also announced yesterday that it had let £341 million worth of contracts to supply-chain firms to install more than five million household digital gas and electricity meters across the UK by 2020.
Keith Anderson, Scottish Power chief corporate officer, said:”Digital metering will revolutionise the way our customers consume and monitor their own energy use, empowering them to make real behaviour changes and identify savings.
“There is a significant challenge to support UK climate change targets and we are determined to offer all our customers a digital meter by the end of 2020, meeting the government’s deadline.