Sweden

Sweden

Vattenfall's wind operating profit more than doubles

Higher electricity prices and increased capacity helped boost operating profit within Vattenfall's wind power segment in 2018, the utility-developer stated.

Vattenfall's 93.2MW European Offshore Wind Deployment Centre (EOWDC) was commissioned off the north-east coast of Scotland in 2018
Vattenfall's 93.2MW European Offshore Wind Deployment Centre (EOWDC) was commissioned off the north-east coast of Scotland in 2018

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The Swedish company’s wind power business made an operating profit of SEK 3.7 billion (€354 million) in 2018, up 114% from the previous year.

It increased its wind power fleet by 451MW in 2017 and 2018, Vattenfall stated.

However, this increase in capacity was offset by "less favourable wind conditions" in 2018 meaning electricity generation was "stable" compared to the previous year.

Its wind fleet generated 7.6TWh in 2017 and 7.8TWh last year.

Nevertheless, the company stated that average spot prices were 55% higher year on year in the Nordics, 58% higher in Germany, and up 36% in the Netherlands.

This helped Vattenfall’s wind business increase its external net sales by 20% year on year to SEK 8.0 billion.

Wind’s SEK 3.7 billion accounted for 20% of the whole company’s operating profit last year (SEK 17.6 billion).

Vattenfall stated that it plans to invest SEK 24 billion in wind power in 2019 and 2010 – 75% of total growth investments planned for this period.

More than half (54%) of the planned SEK 32 billion investments over the next two years are due to be in Denmark, 24% in the Netherlands, 10% in Germany, 7% in Sweden and 5% in the UK

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