Vattenfall posted reduced revenues in its wind business in the third quarter of 2016 due to lower prices and “less favourable conditions”.
The Swedish utility’s wind unit posted sales of Skr1.26bn in the three months, compared with Skr1.39bn in the year-ago quarter, although nine month numbers were slightly up.
Underlying operating profit before depreciation, amortisation and impairments was Skr697m, down from Skr887m in the corresponding period of 2015.
Vattenfall’s wind business made an overall net operating loss of Skr117m in the three months, compared with a gain of Skr88m in the year-ago period. Generation from the segment was flat year on year at 1.1 TWh.
“The underlying operating profit decreased, mainly owing to lower production revenue, higher depreciation associated with the commissioning of new wind farms, and higher project planning and repair costs,” said Vattenfall.
Overall results for the third quarter were an operating profit of Skr2.25bn, compared with Skr2.34bn in the year ago period.
Image: Vattenfall’s Clashindarroch wind farm in Scotland (reNEWS)
