Vattenfall results show continuing shift to renewables

SWEDEN: Vattenfall has announced an underlying operating profit of SEK 24.1 billion (€254 million) for 2014, SEK 4 billion less than in 2013.

The company said wind investment in 2014 amounted to SEK 6.5 billion, making it Vattenfall’s largest outlay of the year. In 2013 its invested SKK 4.095 billion.

In terms of offshore wind, the utility is planning to bring the 288MW Dan Tysk project in Germany and the 48MW Kentish Flat extension in UK waters online later this year.

Looking ahead, Vattenfall said the biggest share of growth investments, SEK 9.1 billion or 82%, is planned for investment in renewable energy generation, with most of it going to wind.

Speaking about the results, Magnus Hall, president and CEO of Vattenfall said: "2014 was an eventful and challenging year that was characterised by weak demand, a surplus of production capacity and falling electricity prices. Demand was further dampened by warm weather."

In January, Vattenfall announced plans to create a new wind arm as part of a major restructuring.

Wind has been picked as one of the six new business areas key to the company's future. The new structure will replace Vattenfall's regional setup.

Gunnar Groebler, currently head of the renewables business for Vattenfall's continental/UK region, will head the new wind division from 1 April, when the new structure will be put in place.

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