Scottish Power to Pay £1.5 Million for Overcharging Customers [BNN Bloomberg (Canada)]
IBERDROLA SA S/ADR (IBDRY)
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Source: BNN Bloomberg
Regulator Ofgem said Scottish Power Ltd. overcharged 1,699 customers from 2015 to last year. That included the period when a Europe-wide energy crunch sent gas and electricity prices soaring, fueling a jump in profits for several major suppliers. “The last few years have been challenging enough for energy customers facing increasing cost-of-living pressures, without the additional hardship of being overcharged,” Ofgem Deputy Director for Price Protection Dan Norton said. “The price cap is there to protect consumers.” Scottish Power has distributed £500,000 in compensation to affected customers and will pay a £1 million fine. The company itself reported the matter last year, which helped secure a lower penalty. ©2024 Bloomberg L.P.
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