The Swedish energy producer Vattenfall achieved a lower turnover in the first nine months of this year, under pressure from lower electricity prices and lower energy demand. The net profit was much lower than a year earlier. This was mainly because Vattenfall, the owner of the former Nuon, made large depreciation on coal-fired power stations.
Revenues fell by 4% between now and the end of September to almost 115 billion Swedish kroner. That is over EUR 11 billion. Because it was relatively sunny and windy in countries like the Netherlands and Germany, electricity and gas prices were under pressure. In addition, the relatively warm weather caused less demand for energy. The coronacrisis came back on top of that.
The net profit was 2 billion kroner. That was 14.4 billion kroner in the first nine months of 2019. It is the last grade publication of Vattenfall under the leadership of CEO Magnus Hall. He was succeeded on 1 november in the highest position at the energy choice by Anna Borg. She’s the CFO now.
Maurice Esma, a co-founder of EconomicInform is a freelance journalist with the expertise in international finance and corporate rights. The author can be reached by email maurice.eisma@economicinform.com
