Vattenfall has announced up to 1500 job losses as part of a Skr2bn (€200m) cost reduction programme to be implemented by 2020.
The utility said about 600 jobs each will be lost in Sweden and Germany, a further 275 in the Netherlands and 25 in other countries where it operates.
The majority of the impacted people work in Stockholm, Berlin, Hamburg and Amsterdam, Vattenfall said.
“Vattenfall will handle implications for employees in a socially responsible manner and in consultation with the workers’ councils and unions,” the company said.
Vattenfall chief executive Magnus Hall said: “It’s natural, and an important part of our strategy to constantly review our costs in order to be efficient and increase the room for new investments.
“The fact that we now show a positive financial result doesn’t mean that we can rest on our laurels. On the contrary, we need to constantly improve in order to continue to be profitable and to grow.”
The company said that in recent years Vattenfall had reduced “considerably in size”, mainly because of the sale of its German lignite operations, however, staff functions had not been reduced to the same extent.
Vattenfall employs about 20,000 people, mainly in Sweden, Germany, the Netherlands, Denmark, Finland and the UK.
The cost saving plan was announced in September last year.
Image: Vattenfall
Swedes to cut 1500 jobs
By EBS