Vattenfall has reported a slight fall in underlying profit (underlying EBIT) from its wind business in 2024.
Underlying profit for the wind unit amounted to Skr5.8bn compared with Skr6.5bn in 2023.
The underlying operating profit decrease of 10% was due to lower electricity prices, higher costs and higher depreciation, mainly due to new assets.
This was partially offset by higher volumes, higher subsidies for German offshore wind farms and some availability warranty payments.
Electricity generation increased by 23% driven by Hollandse Kust Zuid and Vesterhav offshore wind farms.
Net sales decreased by 15% compared to 2023.
The underlying operating profit for the full year 2024 for Vattenfall group-wide was relatively unchanged compared to 2023 and amounted to Skr19.8bn.
Electricity prices in the Nordics were on average 36% lower for the full year of 2024 compared to 2023.
This was driven primarily by the strong hydrological balance, increased wind production and lower continental prices.
On the continent, electricity prices dropped by an average of 19% due to lower gas prices and higher wind and solar capacity, but the prices were almost double to those in the Nordics.
Vattenfall plans to invest a total of Skr170bn between 2025 and 2029.
The majority (61%) of the planned investments are growth investments with a focus on new fossil-free electricity generation.
Important projects include the offshore wind power project Nordlicht 1&2 in Germany and the Zeevonk project in the Netherlands, which combines wind and solar power with hydrogen.