Vattenfall notes rise in operating profit from wind generation
The state-owned Swedish power company, Vattenfall, has announced a rise in underlying operating profits in the first quarter of 2018, compared to the previous year.
The company noted its profits from operating reached SEK1.04bn (US$120mn), a 20% rise from SEK858mn ($99mn) in 2016.
The firm’s net sales grew by 18% year on year, from SEK2.54bn ($293mn) to SEK3bn ($346mn).
It is anticipated the increase in sales and profits is due to new capacity added in 2017, especially hydropower, and higher electricity prices in Sweden.
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In total, Vattenfall’s underlying operating profits have reached almost SEK9.4bn ($1.1bn), an 11% rise from the recorded SEK8.4bn ($970mn) last year.
Last year the company’s total net sales were SEK40bn ($4.6bn), but have now hit SEK 44.3bn ($5.1bn), a 10.7% increase.
“Renewable energy is today the most cost-effective newbuild alternative,” commented Magnus Hall, Chief Executive Officer of Vattenfall.
“We are showing that we are a leader in driving development forward.”