Software error costs Scottish Power £10mgreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
Tuesday 14th August 2001 5:53pm Software error costs Scottish Power £10m Sometimes mistakes cost you...millions
Scottish Power is blaming a software error for a £10m whole in its finances.
Reporting quarterly results today, the utility group and owner of Demon Internet admitted that a software error in its power trading system cost an estimated £10m.
Scottish Power said the cock-up happened soon after automated trading began in the UK in March.
A spokesman for Scottish Power said: "It was the software that balances the accounts, basically it got the pluses and minuses round the wrong way. It was a purely internal problem."
Profits for the quarter, which ended 30 June, were down £105.2m from £137.6m for the same period last year.
-- Martin Thompson (email@example.com), August 15, 2001