Vattenfall plans to cut costs by Skr2bn (€211m) by 2020, including possible job losses, in order to “make room for investments”.
The Swedish energy company said it has identified a need to increase efficiency in staff and support services in “light of a rapidly changing energy landscape”.
The savings have so far only been set in monetary terms but it is “very likely that a reduction in workforce will be an essential part of the solution”, Vattenfall said.
The company added that no target has been set for job cuts at this stage.
“Vattenfall will handle implications for employees in a socially responsible manner and in consultation with workers’ councils and unions,” it added.
The company said some efficiency programmes are already ongoing and will be included in the new plans.
Vattenfall president and chief executive Magnus Hall said: “Vattenfall has a clear strategic direction and a path for transformation in which we include needed cost reductions to free up capital for future investments.
“A slim and cost efficient organisation is a prerequisite for profitable growth in the company. Therefore, this kind of initiative is a continuing part of our strategic objective to secure high-performing operations.”
Image: Vattenfall
