Vattenfall to Invest EUR 2.3 Billion in Wind Power by 2020

Vattenfall plans to invest SEK 24 billion (EUR 2.3 billion) in wind power in 2019 and 2020, the Swedish energy company said in its 2018 Year-End Report.

In December 2018, Vattenfall made the investment decision for the 605MW Kriegers Flak offshore wind farm in Denmark.  The investment decision for the Vesterhav Syd & Nord offshore wind farms, also in Denmark, is pending the outcome of a legal process, the company said.

Vattenfall’s wind division recorded an increase in net sales and the underlying operating profit in 2018 as a result of positive price and currency effects, and additional capacity, including the 97MW EOWDC wind farm offshore Aberdeen, Scotland.

The division’s net sales for 2018 stood at SEK 11.85 billion, a 25.5% increase compared to the 2017 net sales of SEK 9.44 billion.

The underlying operating profit for 2018 was SEK 3.75 billion, a 75% jump compared to the underlying operating profit of SEK 2.14 billion reported in 2017.

Vattenfall’s wind farms generated 7.8 TWh of power in 2018, compared to 7.6 TWh in 2017. Sales of electricity reached 1.1TWH in 2018, compared to 1TWh in 2017.

Lower generation at the Horns Rev 1 offshore wind farm, due to transformer problems, was offset by higher onshore generation, generally high availability, and additional offshore capacity in Scotland, Vattenfall said.