Taxes weigh on ScottishPower parent's profits ScottishPower's Spanish parent company has reported a dip in first-half profits as growth in its renewables business was offset by higher taxes in Spain and costs related to energy-efficiency programmes in the UK. Iberdrola said net profits for the six months to June fell 2 per cent to €1.7 billion (£1.5bn), as taxes and levies surged to €863 million, an increase of 79 per cent on a year earlier. Iberdrola said earnings before tax and interest at ScottishPower's generation and supply business fell 17.7 per cent to €74.9m (£64.6m), because of higher energy-efficiency levies imposed by industry regulator Ofgem. Production at the business rose 4.9 per cent despite the closure of the Cockenzie coal-fired plant in March. The group said electricity demand in the UK had risen by 0.2 per cent, while the prolonged cold weather at the start of the year saw gas demand grow by 5.9 per cent. As of 30 June, ScottishPower had 3.4 million electricity customers and 2.2 million gas customers, up 7.7 per cent on a year ago.