Scottish Power’s Spanish owner has reported a rise in profits after a strong performance from its foreign operations, including the UK.
Iberdrola said net group profit rose by 1.3% to 2.84bn euros last year, despite continued weakness in its home market.
Profits in Spain plummeted by 36% under the weight of reduced energy demand.
Its UK business, which is mainly Scottish Power, is now the biggest contributor to Iberdrola earnings outside Spain.
It accounted for 28% of earnings in 2012 – with Brazil making up 20% and the US 13%.
Spain contributed only 30% to group net profit.
Iberdrola said earnings in its Spanish networks and generation business had been hit by regulatory and tax measures, as well as lower production.
In the UK, earnings before interest and tax from its regulated networks business rose by 6% to £760m.