Overall EBIT of £1,912m is a £24m (+1%) increase.
EBITDA of £2,822m is a decrease of £95m (-3%)
Networks
EBIT £916m (+£207m, +29%). EBITDA £1,239m (+£168m, +16%)
Increase due to allowable revenue pricing, which reflects increased investment and regulatory spend levels.
Renewables (Production)
EBIT £708m (+£75m +12%). EBITDA £1,010m (+£93m, +10%)
Mainly due to favourable energy prices partly offset by lower production volumes -£28m. The positive price impact in revenues were offset by a £74 million increase in the Electricity Generator Levy.
Customer (Retail)
EBIT £268m (-£276m lower than PY). EBITDA £520m (-£378m)
This reduction is primarily gross margin related. In 2023, gross margins benefitted from one off specific price cap allowances of £341m relating to recovery of prior year losses.
ScottishPower retail customer numbers at end of December are 4.3 million.
Total volumes versus prior year: Electricity -21% (includes reduction in Industrial and Commercial volumes following ScottishPower’s exit from that market) and Gas +1%.
Commenting on the results, ScottishPower CEO, Keith Anderson, said:
“Where others change tack or cut back, we are striding forward, doubling our investment in UK grids and green electricity generation to £24bn by 2028.
“We made significant progress in executing our clear growth strategy during 2024. Our £4 billion East Anglia 2 offshore windfarm was successful in the AR6 auction, and construction started on East Anglia 3, which will be one of the two largest offshore windfarms in the world when completed and will provide enough green power for 1.3 million homes. We also submitted our record £10 billion T3 transmission investment plan and started work on Eastern Green Link One, the first of our subsea east coast highways.
“Importantly, the wider economic benefits of our investments are now being felt across the UK supply chain with our £5.4 billion strategic agreement with 19 companies to deliver our transmission investments.
“We have established our position as a major player in the delivery of the government’s Clean Power 2030 plans. If we’re to meet that deadline we need to keep up the pace, avoid major upheaval of the market and remove the obstacles to get building.
“The answer to a constrained grid is not building less grid. Rewiring the UK will increase capacity for economic growth, and reduce constraint payments by nearly £5 billion a year, as well as delivering the near-term benefits of thousands of more jobs and a boosted domestic supply chain.
“That’s how we deliver energy security that will keep bills down and modernise our infrastructure for an electric future.”
