2019 was a good year for Vattenfall

by James Bernthal-Hooker in Corporate Windfarms 05/02/2020 Vattenfall

Swedish energy company Vattenfall has reported a strong year, with increased success in the offshore wind industry.

Vattenfall’s end of year report shows that net sales increased by 9% in 2019, with a 26% operating profit increase. Much of this is due to growth in offshore wind power. In 2019, the company inaugurated the 407 MW Horns Rev 3 offshore wind farm in Denmark and won the tender for Hollandse Kust Zuid 3&4, which will translate into a wind farm of approximately 750 MW, in the Netherlands.


CEO Magnus Hall described 2019 as ‘a positive year with tangible steps towards a fossil-free future’, explaining: ‘In offshore wind we reached a number of important milestones during the year. In Denmark the Horns Rev 3 (407 MW) wind farm was inaugurated, and construction was started on Kriegers Flak (605 MW). In the Netherlands we had the winning tender for Hollandse Kust Zuid 3&4 (~750 MW). We will develop and operate this project together with the first stage, Hollandse Kust Zuid 1&2, entirely without subsidies. The combined project, HKZ 1-4, will have capacity of approximately 1.5 GW and thereby annual electricity generation in the same size range as a nuclear power reactor.’


In November 2019, Vattenfall signed an agreement with Siemens Gamesa to supply 140 turbines to the HK1-4 projects, with a capacity of 11MW – a high nameplate capacity that will enable the use of fewer turbines and minimise operations and maintenance.


Net sales increased by 9% (7% excluding currency effects) to SEK 166,360 million (EUR 152,091 million). Underlying operating profit increased by 26% to SEK 25,095 million (EUR 19,883 million). Operating profit increased by 26% to SEK 22,141 million (EUR 17,619 million). Profit for the period increased by 24% to SEK 14,861 million (EUR 12,007 million).


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