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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Sat Aug 27, 2005 2:22 am Post subject: SPW - Scottish Power - Discussion Thread |
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Discuss news and Views on Scottish Power here
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ScottishPower: profiting from capped tariffs
has unveiled its Q1 2005 results.
has added GBP34 million to margins in its supply business, and puts this down in part to acquiring 920,000 customers. But low gas margins mean that ScottishPower would actually have lost money on these customers, so some of its performance must be attributed to the success of its capped price product which gave it a favorable wholesale position.
The Glasgow-based energy supplier acquired another 55,000 customers in the first quarter of this financial year to add to the 865,000 it acquired over the 2004/05 financial year. This equates to 970,000 residential customers over the six quarters to August 1, 2005 which, according to Datamonitor's market share monitor, is made up of about 540,000 gas accounts and 430,000 electricity accounts.
Breaking these numbers into customer types is a little less exact, but if we assume that Economy 7 customers were acquired in proportion to their prevalence across the country, ScottishPower [SPW.L] would have another 80,000 of them. Assuming SP acquired 100,000 duel fuel in-area winbacks and 250,000 dual fuel out-of-area customers, that leaves 190,000 gas only customers acquired during the period.
These additional customers should not have brought ScottishPower any net gain in margin because it acquired a high proportion of low-margin out-of-area customers and negative margin gas customers. As it only has two monopoly regions, ScottishPower has a lower proportion of in-area higher tariff customers than the other electricity companies. Gas customers (bar those supplied by Centrica ) yielded negative margin in 2004 because retail tariffs lagged behind increases in the cost of wholesale gas. This was a temporary phenomenon: ScottishPower has already raised tariffs in 2005 and is expected to do so again.
So, if the new customers are not responsible for the rise in profits, what is? The introduction of SP's capped price product brought it considerable additional margins as it made money on a forward position. The company had to buy energy for these customers and it benefited from the forward price for gas being lower than the prompt price in 2004. It will also have profited from significant price increases instituted in March 2005, which is one of the reasons why ScottishPower is now not acquiring customers at the rate it did in 2004. |
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Guest
Cash Points ££ 15.00
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| Posted: Sat Oct 29, 2005 6:51 pm Post subject: |
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Story in the observer about a problem with the bid !
British groups call for probe into £10bn German bid
British industry is drawing up plans to scupper a £10 billion bid for Scottish Power by the German energy giant Eon.
Big corporate energy users fear that if Scottish Power is taken over, competition and choice will be reduced. They believe that any move by the Dusseldorf-based giant should be referred to the Competition Commission.
The Energy Intensive Users Group (EIUG), which represents big industrial companies such as chemical, cement, glass and steel makers, has already raised its concerns with Alistair Buchanan, head of regulator Ofgem, at a meeting this month.
Jeremy Nicholson, director of the EIUG, said: 'We think consolidation and vertical integration [combining electricity generation with sales operations] has already gone too far and that this takeover would be a further move in the wrong direction.'
Energywatch, the domestic consumer watchdog, said: 'Our concerns are similar to those of industry. It is about too much vertical integration and lack of competition.'
Both organisations said their objections would also apply to any move on Centrica, owner of the British Gas supply business, which has been seen as ripe for takeover following a long period of financial under performance.
There is currently a 'big six' group of vertically integrated energy companies - Eon and Scottish Power, British Gas, npower, Scottish & Southern Energy, British Energy and Electricite de France - that between them supply power to nearly all households in the UK.
The concerns of the EIUG and Energywatch are important because they will be consulted by regulators if an offer is made by Eon, expected within the coming weeks.
Ofgem would ask for their views before passing on information to the Office of Fair Trading, which would then decide whether to refer on to the Competition Commission.
A Whitehall source confirmed that the issue was being taken seriously. 'We currently have six players. If that was to go down to five, it would be looked at very carefully,' he said.
Through Powergen, Eon currently sells energy to six million customers, although it has 8m accounts, as it sells both electricity and gas to some households. It also owns 11 power stations, with capacity of 10 gigawatts, giving it 12 per cent of the UK generating market, second only to nuclear generator British Energy |
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Quinn
Saving Enthusiast
Joined: 06 Feb 2005
Posts: 181
Cash Points ££ 2817.02
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| Posted: Sun Nov 13, 2005 12:31 am Post subject: |
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I sold my Scottish power shares at £5.72..
a 50% profit 
If they fall back to say £5 then I will probably by them back |
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Frugal
Junior Saver
Joined: 06 Feb 2005
Posts: 55
Cash Points ££ 84.96
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| Posted: Sun Nov 13, 2005 1:33 am Post subject: |
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| Quinn wrote: | I sold my Scottish power shares at £5.72..
a 50% profit
If they fall back to say £5 then I will probably by them back |
i want to buy them too ! all this bid fever going on its higlhy likely they will be bid for too ! probably over £6.50 so even £5.50 looks good ! |
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PKQ
Newbie
Joined: 17 Apr 2006
Posts: 23
Cash Points ££ 447.94
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| Posted: Fri Aug 04, 2006 3:17 pm Post subject: |
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Britain's fifth-biggest energy supplier, Scottish Power (SPW.L: Quote, Profile, Research), said on Wednesday that the new financial year was off to a good start and that trading across the group was in line with expectations.
The Glasgow-based firm recently said adjusted pretax profit from continuing businesses rose 47 percent to 675 million pounds for the year to March 31.
Scottish Power, which has around 5.3 million customers, has raised its retail gas and electricity prices twice this year.
On July 10, average gas and power bills went up an additional 17 percent and 10 percent, respectively.
"Speaking to shareholders at today's Annual General Meeting, ScottishPower Chairman Charles Miller Smith will report that the new financial year had begun well," the company said in a statement.
"Trading from all group operations is in line with expectations," it added.
Scottish Power shares closed at 591 pence on Tuesday, valuing the business and potential takeover target at more than 11 billion pounds. |
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Wade
Saving Enthusiast
Joined: 17 Feb 2005
Posts: 185
Cash Points ££ 2569.94
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| Posted: Sat Sep 23, 2006 3:46 pm Post subject: |
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SCOTTISH POWER has sold its Knapton power station, near Malton in North Yorkshire, comprising the site and a 42MW open cycle gas turbine, to RGS Energy, a subsidiary of US Energy Systems, for £15.5 million.
Source: The Scotsman
So they have sold the powerstation and by back the output at a discount ? |
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