Earnings drop at Scottish Power

Image caption Iberdrola says lower prices in the UK led to a drop in earnings at Scottish Power

Energy company Scottish Power has seen earnings fall by 7%, to £650m, in the first six months of this year.

Spanish firm Iberdrola, which owns Scottish Power, said the fall was down to lower prices in a liberalised market.

Overall Ibedrola announced a drop in net profits - down 2.6% to £1.3bn, due to one-off charges.

Scottish Power, which was taken over by Iberdrola in 2007, has its headquarters in Glasgow and employs 10,000.

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