Underlying earnings from Vattenfall’s wind business unit jumped 177% in the first quarter of the year, boosted by new capacity and higher electricity prices in continental Europe.
Wind underlying EBIT was Skr.4.9bn (€475m) in the first three months of 2022, compared with Skr1.8bn in the same period of 2021.
Net sales in the wind segment increased 89% compared with 2021 to over Skr7.9bn.
However, overall, the company’s operating profit dropped to just under Skr12.8bn from Skr13.4bn.
The fall in underlying EBIT was down to lower contributions from the power generation and heat segments, Vattenfall said.
Power generation had a lower realised trading result, lower achieved prices in the Nordic countries as well as lower generation from hydro power.
Heat was hit by higher gas prices, which led to lower clean spark spreads.
Overall profit from the period was almost Skr6.1bn, down from over Skr10.4bn in 2021.