Scottish Power reported an EBITDA of €123 million in the first half of 2014, up 11 per cent on the same period in the previous year.
This compared to a fall of 20.3 per cent to an EBITDA of €712.8 million from renewable generation for parent company Iberdrola.
Scottish Power saw this increase partly because the input from renewables increased by 11 per cent, to 1.61GWh, while wind capacity also increased by 27 per cent (compared to H1 in 2013) to 1.612MW.
Hydro production in the UK, from Scottish Power’s three plants – Cruachan, Galloway, and Lanark – also increased in H1 of 2014 by 26.7 per cent against the same time in the previous year to 405MWh.
Scottish Power’s retail customer base in the first half of the year was 5.6 million, the same as it was in June and December 2013, although gross margin fell, and demand fell due to a mild winter.
The network side of the business also performed well, as the EBITDA rose by 6.8 per cent to €484.9 million, with the increase being attributed to higher revenues from an expanding asset base.
Parent company Iberdrola saw its EBITDA for H1 of 2014 stay in line with that of the same period in 2013 (€3,745 million), although the first half earnings fell by 13 per cent t €1.5 billion due to the “impact of regulatory measures in Spain”.