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Private energy firms profits as lights go out

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Issue 2391

Hundreds of people went without power for five days or more following storms in Wales last week.

It ruined freezers full of food and left elderly people without heating.

Many of those affected were Scottish Power customers. It has pledged billions of investment to upgrade its infrastructure, some of which hasn’t been renewed since the 1950s.

But why did this private company allow the power lines to get so run down in the first place? Perhaps the money could be found elsewhere.

Scottish Power doubled its profits to £712 million in 2012—that’s nearly £1,230 a second. It also paid more than £1 million to boss Keith Anderson and £890 million to parent company Iberdrola.

And that’s before its latest round of eye?watering price hikes last year.

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