Vattenfall has reported a near doubling in underlying profit at its wind business in 2021.
The Swedish energy company’s wind division reported underlying profit of Skr7.9bn (€757m) in 2021 up from Skr4bn in 2020, a 98% increase.
Net sales for the wind unit increased by 54% compared to 2020.
Highlights for the year included the inauguration of Scandinavia’s largest offshore wind farm, Kriegers Flak in Denmark, and final investment decision for the Vesterhav Syd and Nord wind farms.
Underlying operating profit increased by 98% due to higher electricity prices and new capacity, partly offset by lower wind speeds and lower availability due to maintenance work.
Electricity generation increased by 5% as a result of new capacity.
The Vattenfall Group reported an underlying operating profit of Skr31bn in 2021, compared with Skr25.8bn in 2020 and an operating profit of Skr60bn for last year, compared with Skr15bn in 2020.