(Image: Getty)
The Scottish Government has been urged to take a public stake in future offshore projects after ScottishPower's parent company reported profits of more than £2 billion.
Iberdrola, which is based in Bibao, Spain reported an adjusted net profit of €5.1billion (£4.2bn) for the nine months to September 2026, including €2.7bn (£2.2bn) from its UK operations.
The Our Power campaign is urging the Scottish Government to commit to taking a stake in future renewable energy projects so that more of the nation's renewable wealth benefits Scottish communities.
Liam Hainey, spokesperson for the Our Power campaign, said:“It’s a good week for wealthy shareholders in the energy industry, but less so for Scottish communities who once again find themselves short-changed.
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“People will rightly ask how it can possibly be right that the bulk of ScottishPower’s profits line the pockets of investors in a Spanish multinational rather than benefiting our communities.
“Our energy system is unfair by design and will always prioritise delivering private profit over public benefit; that’s why we’re calling on the Scottish Government to take a stake in future offshore projects.
“These profits should serve as a wake up call for ministers; they need to be more ambitious and use the powers they have to make sure we all get a fair share of Scotland’s enormous renewable wealth.”
A Scottish Government spokesperson said: "Scotland’s energy transition will create jobs, investment, and long-term economic opportunities across the country.
“The Scottish Government’s commitment to community benefit and shared ownership opportunities will ensure more of Scotland’s renewable wealth stays with the communities helping to deliver it.
“We are committed to ensuring offshore wind delivers long-term benefits for people now and for future generations, including through a ScotWind Wealth Fund.”