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Profitable first quarter for Vattenfall

By: Tom Russell 26/04/2018 Vattenfall

General Windfarms

Vattenfall reported an underlying operating profit of SEK 9.4 billion for Q1 2018. This is an improvement of SEK 1 billion compared to the same period a year ago.

Net sales in the company's wind business increased to SEK 2 963 million from SEK 2 543 million. Underlying operating profit also increased, from SEK 858 million to SEK 1041 million.Vattenfall attributed this mainly as a result of newly added capacity in 2017 and positive price effects. Electricity generation remained at the same level as the first quarter of 2017. However higher generation as a result of new capacity was offset by lower winds and curtailments.

During the first quarter Vattenfall announced that we had the winning bid for non-subsidised Hollandse Kust Zuid I&II offshore wind farm in the Netherlands. Vattenfall plans to continue developing the wind farm of 700 – 750 MW which it claims could produce renewable electricity for 1 to 1.5 million homes. It is anticipated to be operational in the next five years.

Vattenfall is currently constructing the European Offshore Wind Deployment Centre (EOWDC) off the coast of Aberdeen, Scotland. The project is a located in Aberdeen Bay, and is being used to test alternate offshore wind technology.

Recently the first 8.8 MW turbine from MHI Vestas was deployed at EOWDC, which is the highest capacity for a wind turbine at present. Vattenfall claims that a single blade rotation from this installation packs enough power to supply an average British household with electricity for a day.

The company is also deploying a new type of foundation that employs suction buckets instead of the more common method of driving foundations into the sea floor. The buckets have been designed to enable faster offshore installation, while keeping noise to a minimum, and allow easier decommissioning as the installation process can be reversed.

Also in the UK, Vattenfall is currently developing the Norfolk Vanguard and Norfolk Boreas offshore wind farms. The two wind farms combined could have a combined capacity of 3.6GW and produce enough power to meet the equivalent annual electricity demand of more than 2.61 million UK households. The company is also investigating an extension to its 300MW Thanet offshore wind farm off the Kentish coast.
In early March Vattenfall took a further step into the European wind energy market by forming an alliance for the bid preparation in an offshore wind tender in Dunkerque, France. Vattenfall is teaming up under the name of Eliade for the Dunkerque wind project with Caisse des Dépôts, a public French financial institution with many years’ experience in project financing including offshore wind, and WPD, a German wind power developer with a strong position in France.

For more information please follow the links provided.

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Profitable first quarter for Vattenfall

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