Vattenfall has reported a small increase in underlying profit for its wind business in the fourth quarter of 2020, mainly as a result of lower depreciation.
The wind business recorded Skr1.72m (€167m) in underlying profit in the last three months of 2020, compared with Skr1.68m in the same period in 2019, according to results today.
Wind generation from Vattenfall’s portfolio reached 3.1 terawatt hours in the fourth quarter of last year slightly up on 2.9TWh in the same quarter of FY 2019.
Net sales were unchanged compared with the same quarter in 2019.
New capacity (Princess Ariane) made a positive contribution, said Vattenfall, which was countered by lower availability of offshore wind and lower electricity prices.
Underlying operating profit increased as a result of lower depreciation.
Highlights of the quarter include permission granted by the Danish Energy Agency in December for construction work to begin on the Vesterhav Syd and Nord offshore wind farms (350MW) off Denmark’s west coast.
The wind farms are expected to be fully operational in 2024.
In December the 25MW Moerdijk onshore wind farm in the Netherlands was commissioned.
The final investment decision was taken for the 28MW Kogel-Leizen solar park in Germany, which will be commissioned during the first half of 2021.