Sweden

Sweden

Wind leads Vattenfall investment

SWEDEN: Vattenfall's investment in wind reached SEK1.96 billion (€209 million) in the first quarter of 2015, up from SEK 1.18 billion a year earlier.

DanTysk was completed in the first quarter
DanTysk was completed in the first quarter

However, the group's first quarter post tax profits fell 39.2%.

In February, Vattenfall was handed the license to develop Denmark's 400MW Horns Rev 3 project in the North Sea.

This was the company's sole investment in the sector during Q1, but it was also the group's largest outlay in the period.

According to Vattenfall's first quarter financial results, over the last 12 months, SEK 7.3 billion had been invested in wind projects – more than any other of its sectors.  

It is also supported by the reorganisation within the group, which sees the creation of six business areas, including one for wind.

Wind production remained the same year-on-year standing at 1.4TWh in the first quarter. This is despite the 288MW DanTysk offshore site in Germany and the 36.9MW Clashindarroch onshore project in Scotland beginning to generate electricity in the quarter.

Group profit for the first quarter was SEK 4.99 billion, down from SEK 8.2 billion a year earlier. Vattenfall CEO Magnus Hall blamed weak demand for electricity and low prices for the fall in earnings.

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