Vattenfall’s wind business has seen its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fall in the first quarter of 2025.
Underlying EBITDA for January to March 2025 was SEK 4158m (€380m), down from SEK 4492m (€411m) recorded during the first quarter of 2024.
The wind business area is responsible for development, construction and operation of Vattenfall’s wind farms as well as solar power parks and batteries.
The company said that in Q1, net sales increased by 4% compared to 2024, while underlying operating profit decreased by 23%.
Vattenfall said this was mainly driven by positive one-time effects in the first quarter of 2024 related to availability warranty compensations for offshore wind.
Higher costs and higher depreciation, mainly due to new assets, also had a negative impact.
Electricity generation decreased by 15% due to lower wind, resulting in lower volumes both from offshore and onshore wind power.
In March, Vattenfall made the final investment decision on the Nordlicht 1 and 2 offshore wind farms in the German North Sea, with Nordlicht 1 set to become Germany’s largest offshore wind farm.
Vattenfall repurchased the shares in the Nordlicht cluster that BASF acquired in 2024. At the same time, BASF secured access to long-term supply of renewable electricity, continuing the collaboration.
Construction is planned to begin in 2026 and the wind farms are expected to be operational in 2028. The electricity production will total around 6TWh annually.
During the quarter, Vattenfall secured several permits for renewable energy projects.
In Sweden, Vattenfall received a permit for the Kattegat Syd offshore wind farm off the coast of Falkenberg, which is expected to generate around 5TWh per year.
In the UK, Vattenfall was granted permit for the 100MW Ourack onshore wind farm in the Scottish Highlands, with construction expected to start in 2028.
Vattenfall has also received a permit for the large-scale solar project Güstrow, in Germany, with a capacity of 68MW.
In the Netherlands, the development of the Eemshaven West onshore wind farm continued and a subsidy was granted.
Construction is expected to begin in 2026, with the first power expected in 2027.