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Rabbalshede Kraft posts 2018 profit and names new CEO

Rabbalshede Kraft's Hud wind farm in Sweden. Credit: Rabbalshede Kraft AB.

February 28 (Renewables Now) - Swedish wind power company Rabbalshede Kraft AB today reported its return to profits in 2018 and announced the appointment of a new CEO.

Peter Wesslau will assume the chief executive officer position as from April 1, 2019, succeeding Mads Miltersen, whose term ends today. Mikael Kowal will act as interim managing director over the next month.

Wesslau joins Rabbalshede Kraft after being part of Swedish utility Vattenfall for 23 years, holding various senior executive positions including across onshore and offshore wind development.

In 2018, Rabbalshede Kraft booked a profit of SEK 19.5 million (USD 2.1m/EUR 1.9m) versus a loss of SEK 100.1 million a year back. Earnings before interest and tax (EBIT) surged to SEK 75.2 million from SEK 3.1 million as total operating revenue rose to SEK 331.2 million from SEK 257.3 million.

During the 12-month period the company produced 465 GWh of electricity, excluding from co-owned wind farms, down from 509.5 GWh in 2017. It noted that this was lower than expected due to less wind than an average wind year and explained that it managed to sell more electricity in 2018 despite the lower production by capturing the market’s higher power and certificate prices.

Over the past year the company has increased the number of own wind turbines by 10% and grew the management of external turbines by 30%, Miltersen says in the report.

(SEK 10 = USD 1.089/EUR 0.954)

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