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Sweden

Vattenfall posts "mixed bag" of results

SWEDEN: State-backed utility Vattenfall said results in the first half of 2018 were on par with the same period in 2017, as renewables "continued to grow in importance" for the company's earnings.

Vattenfall's wind unit benefitted from higher electricity prices, despite lower wind speeds in H1
Vattenfall's wind unit benefitted from higher electricity prices, despite lower wind speeds in H1

The group as a whole saw operating profit reach SEK 9.75 billion (€941 million), slightly down on the SEK 10.49 billion in last year’s corresponding period.

This was hampered by a quieter second quarter, which witnessed a 37% fall in operating profit this year, totalling SEK 2.78 billion.

The fall was blamed on a struggling heat business in the first half of 2018, which included a loss in Q2.

Underlying profit in Vattenfall’s wind business more than doubled from SEK 0.6 billion to SEK 1.6 billion the company said.

The increase was aided by new capacity and higher prices counterbalancing the fall in wind speeds during the period.

"We will definitely continue to invest in wind as it is one of our main growth areas. So for the next two years, 60% of our growth investments will go into our wind business," said Vattenfall CFO Anna Borg.

"We believe that electrification gives us a vital opportunity to become fossil-free within one generation," Vattenfall CEO Magnus Hall added.

Vattenfall’s customer business was also buoyed by the corporate PPAs signed with social media giant Facebook in the first half of the year.

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