Scottish Power posts better than expected 2002 profits

Scottish Power said falling costs and rate increases in the US helped the UK's biggest electric utility post better-than-expected profit. Pre-tax profit before costs from selling its Southern Water unit fell 9.7% to £567m in the year through to March 2002, chief executive officer Ian Russell said. Analysts had expected a decline of 14%. The owner of Pacificorp, the Oregon-based utility that lost $300m last year on a wrong bet on power prices, benefited as prices fell in the second half, reducing the cost of buying supply on the spot market. It's focusing on lifting profit in the US, whe...