Sep 19, 2012 - Swedish state-owned utility Vattenfall AB today said it would revamp its business structure to put an accent on renewables and nuclear operations.
In line with its aim to actively participate in the transformation of the European energy system, the company said it would focus its growth investments on renewables.
As part of the reorganisation, which will take effect on November 1, the renewables business will be integrated into Vattenfall's other energy sources. The new structure will have two segments compared to three now. The generation segment will include four divisions -- sustainable asset development, production, nuclear and asset optimisation, and trading. As currently, the distribution and sales segment will have one division with the same name. The current renewables segment will be discontinued and operations will be split into the sustainable asset development and production divisions under the generation segment.
Chief executive Oystein Loseth said the newly established nuclear division would have full responsibility across the whole chain, which would ensure high operational standard and safety. "Nuclear is not necessarily a pan-European issue and requires a different focus than our other areas," Loseth said.
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