The owner of ScottishPower has raised its outlook for the year, saying it expects double digit growth in net profit and earnings of over £8bn.

Spanish-based Iberdrola took over ScottishPower in a £11.6bn deal in 2007, and also operates in Brazil, Mexico and the United States and is the world's largest producer of wind power.

On Wednesday it announced revised forecasts for the year, including a jump in net profit.

Net profit rose to €4.13billion (£3.47bn) in the first six months of the year, up from €2.52bn a year earlier.

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Core earnings - before interest, tax, depreciation and amortisation - rose to €9.61bn (£8.08bn) from €7.56bn (£6.36bn).

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: "Iberdrola has amassed tens of billions of pounds in profit in the last few years, while Britain's broken energy system has trapped households in cold damp homes.

"To add insult to injury, ScottishPower - an Iberdrola company - has a track record of charging the highest exit fees on its fixed tariffs. These fees leave households at risk of being stuck with bills more expensive than the Ofgem price cap or with poor customer service.

"Not only that but Scottish Power Energy Networks - another part of the group - has made billions in profits due surging electricity standing charges which are now 147% higher than pre-energy crisis levels.

"It's time to tax these energy giants' profits fairly to enable the new Government to support homes in fuel poverty."

(Image: Submitted)

Also on Wednesday, Norway's state-owned energy company Equinor announced profits of £5.8bn in the past quarter.

It will operate the Rosebank oil and gas field off the west cost of Shetland, with the project estimated to produce up to 500 million barrels of oil equivalent over its lifetime.

Equinor has said it hopes to reduce emissions by over 70% by using renewable electricity and that Rosebank is expected to boost the UK’s wider economy by about £25 billion and create 2,000 UK jobs during its development phase. It will continue to support an average of 525 UK-based full-time jobs during the lifetime of the field.

A decision by the UK Government to approve the Rosebank field is currently being challenged in the Scottish courts, with campaigners saying it will emit more CO² than the world’s 28 lowest-income countries combined do in a year, while doing nothing to reduce energy bills as most of its oil and gas will be exported.

The UK Government admitted in January "due to UK refinery specifications and global market conditions, around 80% of the oil produced in the UK is refined overseas". Equinor says energy will "ultimately end up in the UK grid".

Lauren MacDonald, campaigner at Stop Rosebank said: “It is sickening to see just how much profit Equinor is making from harming our planet. The fact that it claims to be committed to the energy transition is a joke when we know that only a negligible amount of its energy is produced by renewables. 

“Thousands of us have challenged Equinor’s leadership over its failure to address its business model and take climate targets seriously. It appears that organisations that have partnered with Equinor are now taking note, with the Science Museum finally cutting ties with the firm and its sponsorship greenwash. 

“If Rosebank goes ahead here in the UK, it will tank our chances of maintaining a liveable climate and further increase our dependence on fossil fuels, keeping us in a toxic cycle that simply lines the pockets of rich oil and gas executives. If it wants the public to believe that it will transition, it must stop Rosebank and other projects across the globe.”