Earnings at Vattenfall’s wind division soared in the third quarter thanks to high electricity price.
The Swedish developer posted an underlying EBITDA of Skr6.7 billion (c€600m) for the three months to end-September, up from Skr2.6 billion in the same period last year.
Net sales jumped to Skr8.2 billion from Skr3.6 billion while electricity generation fell slightly to 2.3 terawatt-hours.
The latter was driven by lower onshore production due to the partial divestment of the wind farm Princess Ariane, which was offset in part by higher offshore production.
Chief executive Anna Borg said the third quarter was overall characterised by “turbulent markets and there is major uncertainty ahead of the winter”.
Underlying group-wide operating profit increased by Skr1.5 billion to Skr6.3 billion mainly due to positive contributions from wind and customers & solutions units.
“Vattenfall’s financial position is however strong and the underlying results for the period were stable. Positive contributions from the wind and sales segments’ continued to be offset by negative effects from price differences between Nordic price areas,” she said.
“It is imperative to continue investing in new energy. In the quarter, we utilised our option to continue developing a wind power project corresponding to the electricity consumption of a million households.”