Price rises: Scottish power had a 247% earnings boost
Scottish Power had a 247 per cent earnings boost in its retail supply arm within a week of raising prices for 950,000 homes.
The Big Six provider said first-quarter earnings in its generation and supply business rose to £131.7million as users cranked up the heating to beat the cold.
But the figures come after Friday’s price rise, when it said it would increase its standard variable gas and electricity prices for a third of its households from June 1.
Customers face an average increase of 5.5 per cent.
Lily Green, digital campaigner for auto-switching service Look After My Bills, said: ‘Customers will rightly be asking why the price rise was necessary, given the £131million in profit.’
Accounts fell by around 100,000 to 5m in the quarter.