Almost 100,000 customers left ScottishPower during the third quarter as the energy company prepares to make the switch to fully renewable power.
The total number of UK consumers across electricity and gas fell from 4.87 million at the end of June to 4.78 million.
Earnings rose 410% in its home supply business to £170 million in the nine months to the end of September, however, continuing the division’s recovery from a “very poor” performance in 2017.
The figures come after the Big Six energy company announced last week it would sell the last of its remaining gas plants to Drax Group.
Dozens of Fortune 500 companies, from tech giants like Apple and Google to Walmart and General Motors, are voluntarily investing billions of dollars in new wind and solar projects to power their operations or offset their conventional energy use, becoming a major driver of renewable electricity growth in the United States.“You’re definitely not seeing corporations slow down their appetite for renewables under Trump — if anything, demand continues to grow,” said Malcolm Woolf, senior vice president for policy at Advanced Energy Economy, a clean energy business group.
Following completion of the deal, which is expected to finalise at the end of the year, Scottish Power will generate 100% of electricity with wind power.
Chief executive Keith Anderson said: “Over the rest of this year and into 2019 we will be focused on delivering greener electricity for our customers, from offshore and onshore wind as well as new solar developments.”
Earnings in the renewables business were up 19% in the period to £266.7 million, following the completion of a £650 million investment in onshore windfarms in Scotland.
A dam is a great visual for the power grid. Water is one of those never-ending renewable energy sources that we often forget about. If you want to teach kids about the electricity grid, visit a dam. It’s a huge visual representation of a battery that illustrates the energy the world needs. The lake formed by the dam is, essentially, the battery storage. When energy demand is high, water tumbles through the dam into the small river below. When demand is low, water is pumped back up into the dam, creating more energy reserves. Take a tour if you can.
Another project in East Anglia is due to produce its first power in 2019, with full operation during 2020.
ScottishPower’s Spanish parent company Iberdrola reported a 13.5% dip in net profit to 2.09 billion euros (£1.85 billion) for the period, due to lower extraordinary income and the worsening performance of the generation business in Spain.
The group’s core earnings jumped 22.5%, however, supported by double-digit growth in all businesses.