Vattenfall has reported an increase in third quarter profits for 2024.
The Swedish wind developer and energy company posted third quarter profits of Skr2bn (€177m), compared with a loss of Skr2.2bn in the same period in 2023.
Underlying operating profit (EBIT) for the period was Skr1.4bn compared with Skr946m for Q3 in 2023.
Vattenfall’s wind division, which also includes solar and batteries, contributed Skr440m to overall results in Q3 2024, compared with Skr854m in Q4 2024.
The wind business’ net sales decreased by 47%, while underlying operating profit decreased by 46% as a result of lower electricity prices, lower income from divestment activities and higher depreciation, partly compensated by higher volumes.
Electricity generation increased by 29% driven by the new offshore wind farms Hollandse Kust Zuid and Vesterhav.
In Denmark, the two offshore wind farms Vesterhav Nord and Vesterhav Syd were inaugurated.
These wind farms have a total installed capacity of 344MW.
In August, the onshore wind farm Windplanblauw was inaugurated in the Netherlands.
Vattenfall owns 14 wind turbines with a capacity of 77MW.
In September, Vattenfall decided to pause the development of the offshore wind power project Swedish Kriegers Flak until further notice due to “unviable investment prerequisites”.
In the UK, Vattenfall was awarded a 15-year CfD for the onshore wind farm Clashindarroch 2 and the solar farm Kemberton.
The facilities will have a combined capacity of 100MW.