Renewables giant Vattenfall sees profits squeezed in first nine months of 2022

Swedish utility Vattenfall’s profits were squeezed to SEK 17 billion (€1.5 billion) in the first nine months of 2022, down from SEK 24.9 billion one year earlier.

This was primarily due to the sale of its electricity distribution business in Berlin and receiving compensation for early closure of a German nuclear power plant during the same period in 2021, CEO Anna Borg explained. 

Meanwhile, wind boosted Vattenfall’s underlying operating profit 8% to SEK 23.8 billion for the first nine months of 2022, while net sales increased 38% to SEK 160.8 billion.

In the third quarter, Vattenfall delivered first electricity from its Hollandse kust Zuid wind farm off the coast of the Netherlands

It also swooped to secure the 980MW N-7.2 wind farm in German waters that had previously been won at auction by RWE.

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