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Sweden

Sweden

Vattenfall's wind revenues up by more than half

SWEDEN: State-owned utility Vattenfall's revenues from its wind farms were up by more than 50% in 2011, the company's annual results revealed today.

Vattenfall sold SEK 3,131 million (€354m) of wind-generated electricity last year from projects in Sweden, Denmark, Germany, the Netherlands and the UK, the majority of which are offshore wind farms. This was up 50.7% from wind revenues of SEK 2,078 million in 2010.

The utility's wind business's underlying profit for 2011 was SEK 460 million, up from a loss of SEK 601 million in 2010.

The strong financials came on the back of massive gains in wind generation in 2011. The company's wind portfolio generated and sold 3.4TWh of electricity last year, up 54.5% from 2.2TWh the previous year.

Vattenfall in its annual report attributed the substantial increase to "to high availability at all wind farms and favourable wind conditions".

Vattenfall is Sweden's largest operator of wind power (with approximately 10% of the wind-power market) and the world's second-largest operator of offshore wind power with 978MW installed offshore capacity, more than half of which (540MW) is in the UK.

New wind-power accounts for 33% of Vattenfall's investments in plant during the period 2012–16 and includes, among other things, construction of two large wind farms in the North Sea (DanTysk and Sandbank) and investments in co-operation with Scottish Power in the UK.

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