Vattenfall has reported a 23% year-on-year increase in underlying operating profit in the first half of 2024.
Underlying profitability rose SEK3.3bn (€284.3m) to SEK17.9bn (€1.5bn) in the first six months of 2024.
Operating profit before depreciation, amortisation and impairment losses for the period was up from SEK27.1bn (€2.3bn) to SEK43.4bn (€3.7bn) over the period.
The Swedish company’s chief executive Anna Borg said the performance is a “satisfactory result” with increased generation across the group “contributing positively” despite falling electricity prices in Vattenfall’s markets.
She added a SEK19.3bn (€1.7bn) rise in overall profit for the period to SEK26.2bn (€2.3bn) was boosted by the sale of a 49% stake in the 980MW Nordlicht 1 and 630MW Nordlicht 2 wind farms to BASF earlier in the year, and of the 4.2GW Norfolk Offshore Wind Zone in the UK to RWE.
“While we are positive about our improved profit and key targets, the market trends show that joint efforts will be needed to safeguard profitability,” Borg added.
“That is why we are actively working on streamlining initiatives in all parts of our operations. This includes to review common processes and how we can secure more synergies between operations.”
In its wind business segment, Vattenfall said net sales decreased during the six months by 5% compared to a year earlier, while underlying profit was down 6% on the back of lower electricity prices, higher costs and depreciation.
This was partly offset by higher volumes from the new 1.5GW Hollandse Kust Zuid and 344MW Vesterhav projects, higher subsidies for German offshore wind farms and availability warranty payments for offshore wind in the Netherlands, the company said.
Electricity generation increased by around 34% driven by Hollandse Kust Zuid and Vesterhav, it added.