Vattenfall back to black in first six months of 2021

Higher electricity prices and lower wind speeds combine to produce slight increase in wind operating profit

Vattenfall CEO Anna Borg announced strong results for the first six months of the year
Vattenfall CEO Anna Borg announced strong results for the first six months of the year

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Swedish developer Vattenfall has recorded a profit of SEK 23.6 billion (€2.3 billion) for the period January to June 2021, marking a turnaround from the same period last year, when it recorded a SEK 1.6 billion loss.

The positive half-year results include compensation for Germany’s nuclear power phaseout and the impact of higher electricity prices, following recovery from a low point this time last year.

Underlying operating profit rose 4% year on year, from SEK 2.0 billion to SEK 2.08 billion. 

Electricity generation fell by 8% because of lower wind speeds, but new capacity, including from the 301MW Princess Ariane (formerly Wieringermeer) Princess Ariane (formerly Wieringermeer) (301MW) OnshoreNorth Holland, Netherlands, Europe Click to see full details project in the Netherlands, partly offset the reduction.

“Vattenfall reports a strong result for the first half of the year, with higher contributions from both production and sales of electricity and heat,” said Vattenfall’s president and chief executive Anna Borg.

She emphasised the importance of “strategic agreements” to drive the energy transition. The company announced last month that it was joining forces with Fred Olsen to bid for offshore wind leases in Scottish waters.

In line with a divestment strategy announced at the beginning of the year, Vattenfall announced in June 2021 that it had agreed to sell a 49.5% stake in its 1500MW Hollandse Kust Zuid Hollandse Kust Zuid (1500MW) OffshoreNetherlands, Europe Click to see full details offshore wind farm to chemicals giant BASF.

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