Vattenfall’s wind division reported a 67% rise in underlying EBITDA in 2022.
The increase from SEK13,451 (€1.2bn) in 2021 to SEK22,508 was due to a 39% rise in sales compared to the previous year.
Underlying operating profit increased by 109% as a result of higher electricity prices on the Continent and new capacity, the board said.
Electricity generation increased by 9% as a result of new capacity and higher wind speeds in the first half of the year, especially in Germany and Denmark, it added.
However in the final quarter of 2022, net sales decreased by 22% and underlying operating profit decreased by 3%.
A lower contribution from divestment of onshore assets had a negative impact, Vattenfall explained.
Higher electricity prices in all markets, except for UK, had a positive impact on the underlying operating profit.
Electricity generation remained unchanged compared with the fourth quarter 2021, the directors added.
In December, Vattenfall entered a joint venture with the state owned enterprise Metsähallitus to build and operate Finland’s first major offshore wind farm.
The project, located at Korsnäs off the Finnish west coast, will have a capacity of 1.3GW, which corresponds to the annual electricity consumption for over 600,000 Finnish households.
The wind farm is planned to be operational in the early 2030s.
In addition, Vattenfall took the final investment decision for three solar farms in the Netherlands.
The total capacity amounts to 47MW and commissioning is expected at the end of 2023.
Vattenfall also decided to invest in two battery projects in Sweden that will be co-located at the two wind farms Hjuleberg and Höge Väg.
The batteries will have a total capacity of 55MW and are planned to be operational in the first quarter of 2024.
In November, Vattenfall submitted a bid together with Skyborn (formerly wpd) and CDC for a 1GW offshore wind tender in France. A decision is expected in the first quarter of 2023.