Vattenfall's wind power biz performs strong in H1 2022
Wind turbines. Image by: Vattenfall AB.
July 22 (Renewables Now) - The wind business of Swedish state-owned utility Vattenfall AB fared well in the first half of 2022 on higher electricity prices, particularly on the Continent, and new capacity.
Underlying operating profit jumped 224% to SEK 6.7 billion (USD 655m/EUR 643m), while net sales rose 84% to SEK 13 billion.
Electricity generation grew 21%, reflecting new capacity, especially the Kriegers Flak offshore wind farm in Denmark, and some increase in generation from existing assets.
Some details of the segment's showing in the second quarter and first half of the year:
in SEK million
Electricity generation (TWh)
The company’s total installed onshore and offshore wind capacity at the end of the period was 4,216 MW, compared to 4,044 MW a year ago.
Despite wind’s strong performance, the Vattenfall group’s first-half underlying operating profit was roughly flat year-over-year at SEK 17.6 billion, affected by continued negative effects from price area differences in the Nordics. There was also lower earnings contribution from the Heat operating segment due to higher gas prices.