The results season is well under way, and FirstEnergy in the US and Iberdrola in Spain gives us the perfect opportunity to see that the energy business remains a rich business – but there are at least two very different ways, the right and wrong side of renewables, to go about taking your profits. First Energy operates in both distribution and transmission, and did have a specialist subsidiary in nuclear that has gone bankrupt, as has all of its electricity generation businesses. It has effectively decided to become a more regulated business, and not dabble in the world of electricity generation any more. Its earnings per share are about 20% of this time last year, at $315 million, on revenues…