UK earnings up 12% to £1.1 billion
ScottishPower's Spanish parent company Iberdrola has reported a net profit rise of 1.3 per cent to Euro 2.84 billion (£2.4 billion) despite a 36 per cent slump in profits in its home market.
Annual results were lifted by a 35 per cent year-on-year rise in profits from its international business, which includes its ScottishPower subsidiary, to Euro 1.97 billion (£1.7 billion).
Earnings from its UK operations rose more than 12 per cent to Euro 1.29 billion (£1.1 billion).
These latest figures do not reflect earnings from a seven per cent rise in UK gas and electricity prices announced last December.
ScottishPower generated £760 million in profit last year from electricity transmission and a further £292 million in profit came from consumer energy consumption, up four per cent on the previous year.
A further £134 million in profit came from the ScottishPower Renewables division.
Keith Anderson, ScottishPower's chief corporate officer, said: “We need to make money in order to invest for decades to come.”
Iberdrola's earnings in Spain fell back to levels last seen 13 years ago to Euro 892 million (£765.6 million).
The Spanish government is also cutting renewable energy subsidies in its renewable energy reform bill which is expected will further impact on Iberdrola's profits.
Iberdrola is focusing the bulk of its £4 billion investment plan over the next two years in the UK market.
Chairman Jose Ignacio Sanchez Galan said UK regulatory schemes offer a more stable investment return than other European countries.
On Thursday, ScottishPower announced it had secured planning permission for a new 96-turbine wind farm at Kilgallioch in south-west Scotland.