Significantly higher profit for energy group Vattenfall

Photo: ANP

Energy group Vattenfall closed 2021 with a much higher profit than a year earlier. According to the Swedish company, which is also active in the Netherlands, the comparison with a year earlier is partly flawed because it received a substantial compensation from the German government for closing nuclear power plants. In addition, Vattenfall sold its distribution activities in Berlin. Higher energy prices also contributed to the result, although Vattenfall itself speaks of a “limited effect” here.

This is because in many cases the company works with predetermined prices in order to largely cover the risks. Still, energy prices in Europe rose significantly, driving higher yields. According to Vattenfall, the average price was five times higher last year than a year earlier. This was mainly due to the higher gas price, but also due to the increased costs for CO2 emissions. According to Vattenfall, customers who do not have fixed price agreements are particularly affected by the price increases.

Vattenfall also benefited from the increased capacity in wind energy. For example, the Dutch wind farm Prinses Ariane was put into operation. Furthermore, the temperatures in, for example, the Netherlands and Germany were colder last year than a year earlier, which led to a greater demand for gas. Vattenfall also generated less steam than a year earlier, mainly due to the decrease in power generation from fossil power plants.

Vattenfall closed the year with a profit of 48 billion Swedish krona, converted about 4.6 billion euros. That was 7.7 billion krona a year earlier. Compensation for the phasing out of German nuclear energy and the sale of the Berlin distribution activities yielded 12.5 billion and 8.4 billion kronor respectively. Turnover rose by more than 21 billion kronor to more than 180 billion kronor. Vattenfall saw its customer base expand by 3.7 percent to 10.5 million contracts.

Vattenfall also announced its intention to start installing heat pump systems to replace gas-fired boilers. The first heat pumps are expected to be delivered to Dutch customers in the middle of this year. In the Netherlands, Vattenfall has also started the roll-out of charging infrastructure for electric cars. By 2024, the company wants to have realized at least 800 charging points in the provinces of North Brabant and Limburg.

Significantly higher profit for energy group Vattenfall
Source link Significantly higher profit for energy group Vattenfall

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