Vattenfall issues 2021 results, reports low offshore wind availability

In: CorporateWindfarms
29/04/2021
Swedish energy company Vattenfall published its interim report, January-March 2021. The company recorded a decrease in Net sales by 5% (-1% excluding currency effects) to SEK 45,911 million. Underlying operating profit reached SEK 12,053 million, an increase from SEK 10 187 million in 2020. The company's operating profit of SEK 13,385 million, up from SEK 12,313 million a year prior.  Profit for the period of increased to SEK 10,423 million (SEK 6,900 million in 2020).

In its Wind segment, Vattenfall reported net sales decreased by 11% compared with 2020. The underlying operating profit decreased by 18% as a result of lower wind speeds and more maintenance work, and thereby lower availability of offshore wind. Sales of electricity in this segment reach 0.3 TWh a reduction on 0.4 TWh achieved in 2020.

This was partly offset by higher electricity prices and the sale of the Swedish onshore wind project Grönhult. The sale affects underlying operating profit for the Wind segment as it was a develop-to-sell project. Electricity generation decreased as a result of lower wind speeds and maintenance work, which was partly offset by new capacity from the Princess Ariane onshore wind farm in the Netherlands and the
Kriegers Flak offshore wind farm in Denmark,

At the end of January the first turbine was installed at the
Kriegers Flak (605 MW) offshore wind farm in the Danish part of the Baltic Sea. Vattenfall highlighted that despite Covid-19 restrictions, construction is proceeding according to plan. Half of the turbines are now installed and the wind farm is already generating electricity for Danish households. The wind farm is expected to be fully operational by the end of 2021 and will generate enough wind energy to cover the annual electricity consumption of approximately 600,000 Danish households.

Following a judicial review, in February the development consent for the
Norfolk Vanguard offshore wind farm in the UK was overturned. The UK government will now re-determine the consent application, and a process for this will be published during the first half of 2021, entailing a delay in the planning process. In addition to Norfolk Vanguard, Vattenfall is also planning for the sister project, Norfolk Boreas.

Helene Biström, who has been appointed as the new Head of Vattenfall’s Wind Business Area, will assume her position on 1 May


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