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Friday, April 3, 2020

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February 5, 2020

Vattenfall Steps Up Offshore Wind Market

CEO Magnus Hall and CFO Anna Borg. Photo: Vattenfall

CEO Magnus Hall and CFO Anna Borg. Photo: Vattenfall

Swedish multinational power company Vattenfall said that it had reached a number of important milestones during the year 2019.

 In Denmark the Horns Rev 3 (407 MW) wind farm was inaugurated, and construction was started on Kriegers Flak (605 MW), said European energy company.

"In the Netherlands we had the winning tender for Hollandse Kust Zuid 3&4 (~750 MW). We will develop and operate this project together with the first stage, Hollandse Kust Zuid 1&2, entirely without subsidies," said a company statement.

The combined project, HKZ 1-4, will have capacity of approximately 1.5 GW and thereby annual electricity generation in the same size range as a nuclear power reactor.

Vattenfall signed an agreement with Siemens Gamesa in the last qarter on the supply of 140 turbines to the Hollandse Kust Zuid 1–4 offshore wind farm.

According to Vattenfall's CEO Magnus Hall and CFO Anna Borg, despite the storm Alfrida in Sweden in early 2019 and milder weather than normal, Vattenfall delivered excellent results.

Profit for the period rose from SEK 12 billion to almost SEK 15 billion, and the underlying operating profit rose to just over SEK 25 billion. Turnover also increased.

"Both profit and underlying operating profit for the period increased by around 25 per cent for the full year of 2019. Furthermore, we succeeded in achieving our financial targets. We have every reason to be proud of this," Magnus Hall says.