ScottishPower Renewables has reported a 12% increase in earnings before interest and tax (EBIT) to £708m in its 2024 full year results statement.
The company reported a 10% increase in earnings before interest tax, depreciation and amortisation (EBITDA) to £1bn.
The results were mainly due to favourable energy prices partly offset by lower production volumes.
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.”