The Swedish energy company, Vattenfall, will invest a total of SEK 9.1 billion (EUR 963 million) in wind power over the course of two years.
According to the company’s full year report, Vattenfall is planning to spend SEK 41 billion (EUR 4.34 billion) for the same period, out of which SEK 11.1 billion (EUR 1.18 billion) will be invested in electricity and heat production.
The last year was “eventful and challenging year that was characterised by weak demand, a surplus of production capacity and falling electricity prices,” said Magnus Hall, President and CEO of Vattenfall.
However, the company’s last year’s spending on new wind power amounted to SEK 6.5 (EUR 688 million) making it the largest investment item in their books.
Underlying operating profit was down SEK 4 million and reached SEK 24,133 million (EUR 2,554 million). Profit after tax was better than last year but was still negative SEK 8,284 million (EUR 877 million).