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ScottishPower Full year Results 2018


SP Energy Networks:

  *   EBITDA: £813.4m- compared to £776.5m FY 2017 (up 5%)

Returns for SP Energy Networks (SPEN) continue in line with expectations against record levels of investment. The RIIO ED1 distribution investment programme is delivering £3billion in the period 2015 to 2023, with the RIIO T1 transmission programme delivering £2billion between 2013 to 2021. During 2018  9 new windfarms (totalling 628MW) have been connected to SPEN’s transmission network.  Since the start of RIIO T1 over 1,900MW of new renewable energy has been connected.  

Liberalised Business:

  *   EBITDA: £271.8m - compared to £94.7m FY 2017 (up 187%)

 Liberalised business had a stronger year in 2018, recovering from a difficult year in 2017. ScottishPower delivered a retail margin just over 3% while maintaining customer numbers above 5m - a strong performance relative to competitors in the sector.  The company also invested heavily to improve customer offerings installing 1.2million smart meters, launching a smart Electric Vehicle chargers as well as its first Electric Vehicle time of use tariff. 

ScottishPower Renewables:

  *   EBITDA: £457.8m - compared to £343.3m FY 2017 (up 33%)

Wind power production increased to 4,568Gwh - 9% higher than 2017. This follows the completion of a £650million investment programme to build eight new onshore windfarms in Scotland. In 2018 offshore construction work started on the 714MW East Anglia ONE project. First export of power is expected in 2019, with full operation during 2020.

Commenting on the results, Keith Anderson, ScottishPower CEO, said:

“Last year was a pivotal year for ScottishPower as we completed the landmark journey from coal and gas to 100% green power by selling our generation business.

“ScottishPower has changed and we are proud to be different to others in our sector. It’s clear our customers are backing our commitment to green energy and our investment in a cleaner healthier future as, unlike others, our overall customer numbers have remained stable in 2018.”

“In 2018 all of our business areas performed in line with expectations demonstrating stability and growth.

“In renewables we saw the first full year of output following our investment in onshore wind in 2017 and this has seen an increase in electricity generated and excellent progress has been made on delivering the £2.5 billion East Anglia ONE project. We expect first generation of electricity this year.

“Networks also continue to see major investment. We are delivering a smarter and more robust grid system to support renewable energy connections, as well as planning for the anticipated increased uptake of electric vehicles in the years ahead. 

“Our Liberalised business has improved significantly in 2018.  Customer numbers have remained stable at 5million customers and we are looking to the future through our launch of our end-to-end Electric Vehicle package. 

“ScottishPower now has a solid, green foundation across all our businesses to connect people to a clean, healthy and cheaper, all-electric future”.

Supporting Information

To view Iberdrola's full press release and supporting documentation, please click the links below: