Vattenfall has reported a surge in operating profit in its third quarter results for 2021, which the energy supplier attributed to “significant one-off effects”.
The company reported an operating profit of Skr23bn (€2.3bn) compared with Skr4.7bn for the third quarter of 2020.
Vattenfall’s wind division reported a 33% increase in underlying operating profit to Skr1.1bn owing to new capacity and higher electricity prices, which were partly countered by lower wind speeds.
Electricity generation increased by 9% as a result of new capacity, mainly from the Princess Ariane onshore wind farm in the Netherlands and the Kriegers Flak offshore wind farm in Denmark, which was largely countered by lower wind speeds.
Profit for the entire group totalled Skr18.3bn for the third quarter.
The sale of Stromnetz Berlin had a positive effect on profit for the quarter of Skr8.4bn before tax, Vattenfall said, in addition to the value created by its energy derivatives which grew by Skr10.5bn as a result of the “sharp upturn in the market”.
Vattenfall CEO Anna Borg said the market situation after the summer has been turbulent, and several European markets have seen exceptional fluctuations in electricity and gas prices with significant consequences for many customers.
“Vattenfall follows the development closely and is actively working with the company’s risk management.
“Our underlying operations remain stable, we continue to deliver on our strategy and during the quarter we concluded several important projects and transactions. At the same time, one-off effects had a large impact on profit for the period.”