Scottish Power's 47% profit surge revealed today is by definition a windfall gain, writes Patrick Collinson.
Are the hundreds of extra millions pouring into the company's coffers the result of brilliant management decisions? No. New North Sea gas finds? No. Massive capital expenditure and investment? No. Profits are up largely because the oil price has shot up, dragging gas prices up with it.
Management had almost nothing to do with it. Even the most hopeless, bungling chief executive of a utility company could not help but report extraordinary profits in such a climate of price rises.
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