Swedish Vattenfall to boost renewables business as part of new strategy
(ADPnews) - Sep 22, 2010 - Swedish state-run utility Vattenfall AB said on Tuesday it planned to boost its renewable energy operations as part of a new strategy to raise earnings, cut debt and reduce carbon dioxide footprint.
"Expansion and growth is foreseen in low carbon dioxide-emitting power production, such as wind, nuclear, biomass, hydro and in gas power," the company said.
At the same time, Vattenfall began the construction of a wind farm in southern UK, worth some SEK 10 billion (USD 1.46bn/EUR 1.1bn). The facility will have 100 turbines installed to bring 300 MW capacity. With the new wind farm included, Vattenfall will generate 25% of the total offshore wind power globally.
As part of its new strategy, the company would focus on its business in Sweden, Germany and the Netherlands and possibly divest some geographic positions and assets. It also announced it would limit its investment programme for the next five years to SEK 165 billion, compared to SEK 201 billion in an earlier 2010-2014 investment plan. The strategy will also feature measures aiming to trim costs by SEK 6 billion, lay-offs included.