Vattenfall reported a loss of Skr2bn (€169m) in the third quarter of 2023 and the underlying operating profit decreased to Skr900m.
During the first nine months of the year, electricity prices in Vattenfall’s markets fell by around 60% compared to the corresponding period last year.
“Profit for the period was in addition to the impact from lower electricity prices also negatively affected by valuation of electricity and fuel contracts, where we on the contrary had a large positive impact last year,” stated Vattenfall.
Earnings for the first nine months amounted to Skr4.7bn (Skr17bn).
The lower result is largely explained by effects from impairment of offshore wind power in the UK during the second quarter and the fact that valuation of electricity and fuel contracts had a large positive, albeit temporary, effect on the profit for the period in 2022.
The underlying operating profit amounted to Skr15.5bn (Skr22.5bn).
Vattenfall’s president and chief executive Anna Borg said: “We report a higher contribution from both the heat and customer business.
“More customers are choosing Vattenfall and we are glad to see that the majority of them are opting for fossil-free electricity contracts.
“However, earnings were mainly affected by lower electricity prices and by lower generation from hydro and nuclear power.”