Fair wind blows for Vattenfall
Addition of over 500MW of renewables capacity drives profit
Underlying operating profit at Vattenfall’s wind power division more than doubled to Skr2.1bn in 2017, from Skr0.9bn in 2016.
The Swedish company’s annual results reveal net sales from the segment also increased to Skr9.4bn, from Skr6.7bn.
Vattenfall said this was mainly due to “further growth in operating assets”, including completion of the 288MW Sandbank offshore wind farm in Germany and the 228MW Pen y Cymoedd onshore project in Wales.
Production from the segment hit 7.6TWh, up from 5.8TWh in 2016, on availability of 97%.
Vattenfall said more than 700MW of new wind projects are under construction with a further near 6GW in development.
It also has a large-scale solar pipeline of 375MW with a 37MW battery storage business in development.
Overall, the company swung back into the black in 2017, notching a profit of Skr9.6bn for the 12-month period compared with a loss of Skr2.2bn for 2016.
It also revealed underlying EBIT of Skr23.3bn, up from Skr21.7bn.
Sales fell by almost 4% to Skr135.3bn but annual electricity generation stood at 127.3Twh, up 8.3% on the previous year.
Image: PyC (Vattenfall)