ScotPower’s £400m dollar hedging boon

The firm reaped the cash as a result of re-pricing a £4.9 billion portfolio of cable forwards at a rate of 1.84 last week. The forwards were initially taken out in March 2002, when the US dollar was trading at 1.42 to the pound.

The firm’s dollar exposure arises from its US subsidiary PacifiCorp, the Oregon-based electric utility it bought in 1999.

ScottishPower said it would use the money to reduce its year-end net debt, which was at £4.3 billion at the end of nine months of its financial ye