Scottish Power owners, Iberdrola have reported a rise in profits in the first quarter of 2026, claiming growth is driven substantially by its regulated network operations in the United Kingdom.
The total profits made by the firm in the UK amount to just under £1 billion in the first three months of the year alone, up from £0.8 billion in the first quarter of 2025 – a 19% increase year on year [pdf, p59 & 66].
TotalEnergies, which via its NEO NEXT+ arm calls itself the largest producer on the UK Continental Shelf, has also posted improved results. Adjusted net income (a profit measure) for the firm’s first quarter came in at $5.4 billion (£4bn), up from $4.2bn (£3.1bn) in Q1 last year and it has now launched a share buyback plan and increased dividends for shareholders.
Questions are also being asked about TotalEnergies’ broader role in UK energy supply, including a government gas contract worth up to £8 billion to supply public sector buildings, from Downing Street to schools and hospitals.
The announcements come after BP’s 2026 Q1 results prompted anger among the public. A spokesperson for the End Fuel Poverty commented:
“Another good day for the energy industry means another kick in the teeth for consumers.
“Energy network infrastructure is generating strong and growing returns for shareholders, yet these returns ultimately mean higher bills for households.
“Meanwhile, the consolidation of North Sea assets into ever-larger corporate entities reveals where this industry is heading, companies positioning themselves to extract maximum profit from a dying basin while bills remain high.
“As well as taxing profits to ensure Ministers can provide help to those in fuel poverty, the Government must focus on reforms that will actually bring energy bills down. That means breaking the link between electricity prices and volatile gas markets and accelerating insulation and clean heat programmes.”