Despite challenging market conditions Vattenfall grew its 2013 underlying operating profit. Electricity generation rose, with a high level of availability especially for nuclear power, and further reductions were made in operating expenses.
However, net profit for the year experienced a severe negative impact from impairment losses.
Report highlight:
Øystein Løseth, CEO of Vestas said “I am pleased to report a higher underlying operating profit for 2013, despite the challenging market conditions. The positive outcome from previous years’ forward hedges and successful cost-cutting measures have compensated for the negative effect of lower German wholesale electricity prices and higher costs for purchases of CO2 emission allowances, comments Øystein Løseth, President and CEO of Vattenfall.”
Løseth concluede by saying: “Vattenfall’s production portfolio, with a large share of hydro power, nuclear power and lignite-based power is very profitable, and through our efficiency improvement measures we have created a solid foundation for successfully continuing to carry out the shift to an environmentally sustainable energy production.”
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Press release, February 4, 2014; Image: vattenfall