Vattenfall profit from its renewables business grew by almost 11% in 2019, boosted mainly by new capacity.
Underlying operating profit reached almost Skr4.16bn (€394m) last year, up from just under Skr3.75bn in 2018, while net sales grew to about Skr13.5bn from over Skr11.85bn.
Two wind farms were commissioned during the year – the 407MW Horns Rev 3 and 29MW Slufterdam projects.
Generation from the wind segment, which also includes solar and energy storage, increased to 9.7 terrawatt-hours in 2019 from 7.8TWh in 2018.
Net sales and underlying operating profit would have been higher, but for lower power prices, the company said.
In the fourth quarter, Vattenfall was also hit by lower wind speeds as well as prices, with underlying operating profit and net sales both falling compared with the same period of 2018.
In Q4, net sales stood at just under Skr4bn, from just over that figure in 2018, while underlying operating profit was Skr1.68bn down from over Skr1.84bn.
Vattenfall wind power, together with price hedges and trading, were behind the company’s overall increase in underlying operating profit by Skr5.2bn to Skr25.1bn, the company said.