Editing ScottishPower (section)

== History ==
=== Foundation ===
[[File:Scottish Power 1990 Logo.gif|230px|thumb|Original ScottishPower logo]]

ScottishPower was formed in 1990, in preparation for the [[privatisation]] of the previously state-owned Scottish electricity industry the following year.<ref>[https://www.theguardian.com/business/2000/nov/22/thatcher.politics1 A whole world sold on sell-offs] Guardian, 22 November 2000</ref> Previously the UK government had privatised the English and Welsh electricity industry by splitting the market into 12 regional electricity companies (RECs) and two power generators. However, in Scotland, the industry was already organised on an integrated generation, distribution, and supply basis, and this integration survived the privatisation to become a model for the rest of the United Kingdom. ScottishPower was largely formed from the bigger of the two Scottish electricity boards, the [[South of Scotland Electricity Board]], whilst the smaller, the [[North of Scotland Hydro Board]], eventually became part of the [[SSE plc|Scottish & Southern Energy Group]] (the nuclear power stations in Scotland were spun off into a third company, [[Scottish Nuclear]], which was not sold off with ScottishPower and [[Scottish Hydro Electric]], but was sold later as part of [[British Energy]]).<ref>{{cite news|url=https://www.theguardian.com/business/2008/sep/24/britishenergygroup.edf|title=British Energy: Background|date=24 September 2008|newspaper=The Guardian|access-date=5 May 2024}}</ref>

=== MANWEB and Southern Water ===
ScottishPower was the larger of the two Scottish energy companies and benefited from being both a generator and supplier of power. In 1995 it acquired the [[regional electricity company]] [[MANWEB]], which supplied [[Merseyside]], North Wales and parts of [[Cheshire]].<ref>[http://findarticles.com/p/articles/mi_qn4158/is_/ai_n14008517 Manweb confirms bid talks] Independent, 26 September 1995</ref> In 1996 the company diversified into the [[water]] supply business with the purchase of [[Southern Water]]<ref>[https://query.nytimes.com/gst/fullpage.html?res=9E07E4DF1E39F93AA15756C0A960958260&sec=&spon= Scottish Water gets $2.35bn offer] New York Times, 29 May 1996</ref> (which was sold again in 2002).<ref>[http://news.bbc.co.uk/1/hi/business/1862160.stm Scottish Power to sell water firm for £2bn] BBC News, 8 March 2002</ref>

When the supply of energy into British homes was opened up to competition, ScottishPower entered this market, taking market share from the previous gas supply monopoly [[British Gas plc|British Gas]] and also gaining new market share in England and Wales.<ref>{{cite web|url=https://www.fitchratings.com/research/corporate-finance/dcr-reaffirms-rating-for-scottish-power-uk-plc-24-03-2000|title=DCR Reaffirms Rating for Scottish Power UK plc|date=24 March 2000|newspaper=Fitch Ratings|access-date=6 May 2024}}</ref>

=== Scottish Telecom ===
ScottishPower established the telecommunications company, [[Thus (company)|Thus]] (originally known as Scottish Telecom)<ref>[http://www.thus.net/aboutus/ Thus: About us]</ref> and then floated it on the [[London Stock Exchange]] in 2002.<ref>[https://web.archive.org/web/20090514101101/http://www.independent.co.uk/news/business/comment/outlook-and-thus-the-demerger-finally-came-to-pass-663799.html And thus the demerger finally canme to pass] Independent, 20 December 2001</ref>

=== PacifiCorp ===
In 2000, ScottishPower completed the acquisition of [[PacifiCorp]], which supplies electricity in the western United States, which operates as '''Pacific Power''' (in the regulated energy industries of the states of [[Oregon]], [[Washington (state)|Washington]], [[California]]), and as '''Rocky Mountain Power''' (in the regulated energy industries of the states of [[Idaho]] and [[Utah]] as well as both and central and eastern [[Wyoming]] (former Pacific Power territory), and southwestern [[Wyoming]]).<ref>[https://web.archive.org/web/20121022210839/http://www.highbeam.com/doc/1P2-4473440.html Scottish utility bids for PacificCorp] Chicago Sun-Times, 8 December 1998</ref> In May 2005, ScottishPower announced that it had agreed to sell Pacificorp to [[MidAmerican Energy Holdings Company]], a company controlled by [[Warren Buffett]]'s company, [[Berkshire Hathaway]], for US$5.1 billion in cash and US$4.3 billion in debt and preferred stock.<ref>[http://www.mindfully.org/Energy/2005/Buffet-Berkshire-PacifiCorp24may05.htm Berkshire Unit to acquire PacificCorp for $5.1bn]; {{Webarchive|url=https://web.archive.org/web/20160303190108/http://www.mindfully.org/Energy/2005/Buffet-Berkshire-PacifiCorp24may05.htm |date=3 March 2016 }} ''The Wall Street Journal'', 24 May 2005</ref> The successful completion of the deal was announced on 21 March 2006, after securing regulatory approvals. The deal did not include '''PPM Energy''' (which, as Pacificorp Power Marketing, was formerly the non-regulated subsidiary of Pacificorp).<ref>{{cite web|url=https://www.sec.gov/Archives/edgar/data/1045513/000119312506088980/dex99a16.htm|title=Scottish Power: Return of Cash: Questions and Answers for ADS Holders|publisher=SEC|access-date=5 May 2024}}</ref>

=== Takeover bids ===
Following the announcement of its acquisition of [[PacifiCorp]], the group's share price rose but the company was now widely seen as vulnerable to a takeover. It was soon revealed that the German energy group [[E.ON]], which also owns [[Powergen]], was interested in a takeover. On 22 November 2005, the board rejected an offer from E.ON of 570 pence per share, which would have valued the group at £10.7 billion.<ref>[http://news.bbc.co.uk/1/hi/business/4459472.stm Scottish Power rejects bid move] BBC News, 22 November 2005</ref>

On 28 November 2006, the board of directors of ScottishPower agreed to an £11.6 billion takeover bid by the Spanish energy firm [[Iberdrola]]. The offer was formally approved by shareholders at an [[Extraordinary General Meeting|EGM]] on 30 March 2007, effectively creating Europe's third largest utility company.<ref>[http://www.iht.com/articles/2006/11/28/business/web.1128power.php Iberdrola to buy Scottish Power for £11.6bn] International Herald Tribune, 28 November 2006</ref>

=== Recent history ===
[[File:St Vincent Street - geograph.org.uk - 5475833.jpg|thumb|right|180px|New HQ building on St Vincent Street in Glasgow]]
On 24 November 2018, the British government's energy regulator, the [[Office of Gas and Electricity Markets]] (Ofgem), appointed ScottishPower as Supplier of Last Resort for the failed domestic and business supplier Extra Energy. ScottishPower acquired all of Extra Energy's 108,000 domestic customers and 21,000 business customers.<ref>{{Cite web|url=https://www.ofgem.gov.uk/publications-and-updates/ofgem-appoints-scottish-power-take-customers-extra-energy|title=Ofgem appoints Scottish Power to take on customers of Extra Energy|date=24 November 2018 }}</ref>

On Friday 9 October 2020, Ofgem appointed ScottishPower as Supplier of Last Resort for the failed domestic supplier Tonik Energy. Scottish Power acquired all of Tonik Energy's 130,000 customers.<ref>{{Cite news|date=2020-10-09|title=Scottish Power to supply Tonik Energy customers – Ofgem|language=en|work=Reuters|url=https://uk.reuters.com/article/uk-tonik-energy-ofgem-supplier-idUKKBN26U1V0|archive-url=https://web.archive.org/web/20201014212610/https://uk.reuters.com/article/uk-tonik-energy-ofgem-supplier-idUKKBN26U1V0|url-status=dead|archive-date=14 October 2020|access-date=2020-10-16}}</ref>

On Friday 5 December 2020, Ofgem appointed ScottishPower as Supplier of Last Resort for the failed domestic supplier Yorkshire Energy (also known as Daisy Energy). ScottishPower acquired all 74,000 domestic customers and a small number of non-domestic customers.<ref>{{Cite web|url=https://www.ofgem.gov.uk/publications-and-updates/ofgem-appoints-scottish-power-take-customers-yorkshire-energy|title = Ofgem appoints Scottish Power to take on customers of Yorkshire Energy| date=5 December 2020 }}</ref>