Vattenfall cuts five-year wind investment by 46%

SWEDEN: Vattenfall is to cut spending on wind energy by 46%, even though wind is set to take the largest share of the company's growth investment across 2014-2018.

Vattenfall CEO Oystein Loseth
Vattenfall CEO Oystein Loseth

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The Swedish utility is cutting back on such "growth" investment against the background of "fundamental structural change in the entire European energy industry," as noted by Vattenfall CEO Oystein Loseth. Wind also took the biggest slice of investment in the 2013-2017 plan.

Vattenfall's total investments over the period are set at SEK 105 billion (EUR 11.89 billion), of which 17% or SEK 17.9 billion (EUR 2.03 billion) pertains to growth.

The remainder will go on maintenance and replacement investments or on non-production related assets such as electricity and heating networks. Of the growth investment,  wind energy is to account for 58% or SEK 10.38 billion (EUR 1.18 billion) over the five-year period, considerably more than the total 19% allocated to lignite and coal or 5% in gas.

But growth investment in wind energy over the 2014-2018period is 46% lower than the allocation had been for 2013-2017. This was SEK 19.29 billion (EUR 2.19 billion) or 56% of overall growth investment of SEK 35 billion (EUR 3.97 billion).

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