Operating profit in Vattenfall’s wind business increased to Skr2041m (€189m) in the third quarter of 2019, up from Skr1400m in the same period last year, boosted by new capacity and higher production from stronger winds.
Generation from wind was 2.2 terrawatt-hours between 1 July and the end of September, up from 1.5TWh in 2018.
Vattenfall said two wind farms have been commissioned in the last 12 months – 373MW out of the 407MW planned for Horns Rev 3 and the 29MW Slufterdam project.
Net sales from wind grew to Skr3084m from Skr2270m in the latest period, the company said.
In the Netherlands, 11 turbines have been installed at the 185MW Wieringmeer wind farm, with first power delivered in September.
The wind farm is scheduled for completion next year, Vattenfall said.
Overall in the third quarter, Vattenfall made a net profit of Skr6,700m, up from Skr1,782m in the same period last year, boosted by higher power prices and generation in the wind business.
Earnings before depreciation, amortisation and impairment losses rose to Skr13,499m between 1 July and the end of September from Skr7854m in 2018.
In the first nine months of 2019, Vattenfall made a net profit of Skr14,373m, up from Skr8,907m in the same period last year.
EBITDA rose to Skr33,601m between 1 January and the end of September from Skr25,680m in 2018.
Vattenfall chief executive Magnus Hall said: “We saw positive development in the underlying operations with important contributions from higher achieved prices and a growing wind power portfolio.”
“Wind power is increasingly significant for Vattenfall’s earnings performance and makes up a growing share of the group’s total earnings.
“For the first nine months of the year we saw a Skr0.6bn increase in the underlying operating profit for wind, which totalled Skr2.5bn.
“More capacity and higher generation as a result of stronger winds made positive contributions.”