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Low wind speeds hamper utilities in Q2

EUROPE: Lower wind speeds in the last three months have caused earnings for utilities to fall in the most recent financial quarter.

Vattenfall's Kentish Flats offshore project — lower wind speeds in the UK and northern Europe are hampering utilities
Vattenfall's Kentish Flats offshore project — lower wind speeds in the UK and northern Europe are hampering utilities

In its financial report, Vattenfall said net sales from its wind business in Q2 decreased by SEK 0.1 billion (€10.5 million), which it blamed on "less favourable" wind conditions.

This impacted on Vattenfall's wind unit underlying profit, which fell from SEK 152 million (€16 million) in Q2 2015 to a loss of SEK 108 million (€11.4 million), which Vattenfall blamed on "lower production revenues, higher depreciation associated with the commissioning of new wind farms, and higher project planning and repair costs,"

Scottish utility, SSE reported a fall from 2.2TWh to 1.51TWh in the quarter from its renewable electricity projects was due to the weather.

And Norwegian utility Statkraft's wind business also suffered a fall in earnings due to low wind speeds. Statkraft said its underlying operating profit fell from a loss of NOK 117 million (€12.5 million) to a loss of NOK 164 million (€17.5 million)

Yesterday, Spanish group Iberdrola said its earnings fell in its second quarter was due to lower production in the UK after particularly strong 2015 wind speeds.

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