Vattenfall’s wind business recorded a 2015 pre-tax profit of Skr4.6bn (€492m), compared with Skr3.7bn in 2014, bucking the wider group’s financial troubles.
The Swedish outfit’s annual report revealed a jump in annual wind generation to 5.8TWh from 4.1TWh in 2014.
This came on the back of an increase of 445MW in installed renewable capacity during the year, mainly in wind and including the commissioning of projects in Sweden and Denmark, and the 49.5MW extension of the 90MW Kentish Flats wind farm in the UK.
The company said it would spend almost Skr14bn on wind in 2016-17 as it looks to reach a 2.3GW renewables target by 2020. The annual report shows it spent Skr8.6bn during 2015 in the sector.
Chief executive Magnus Hall said: “The ongoing change of our energy system is dramatic – but also very exciting, and is giving rise to entirely new business opportunities for Vattenfall.
“I am confident that our strategy and the adaptations we have made and must continue to make will leave us well prepared to secure our position as a reliable partner to our customers and society.”
However, Hall also warned that the company’s hydro division was under pressure. “Hydro power, which is the foundation of our long-term power generation, is now being hurt by the combination of low prices and very high taxes,” he said.
The overall Vattenfall business recorded a Skr19.8bn (€2.1bn) loss for last year, according to the accounts, blaming low electricity prices and impairment costs largely from nuclear.
Image: new turbines at Kentish Flats helped to boost the wind business (Vattenfall)
