The state-owned energy company Vattenfall made an operating profit of SEK 5.0 billion for the fourth quarter, down from SEK 6.1 billion for the same period in 2023. The underlying profit fell even more, to half a billion kronor.
The lower profit is also due to increased provisions for nuclear power, says Anna Borg.
This is partly due to updated higher future costs for decommissioning nuclear power plants and handling spent fuel, according to the Vattenfall CEO.
But for the full year, the lower electricity prices are a concern. And the investment climate for new electricity production in Sweden is challenging.
In the Nordic region, it has been 36 percent lower and in Continental Europe 19 percent lower. And the reason we still show such a good result is that we have hedged our production and sold it in advance at a higher price, says Anna Borg.
Vattenfall has also adopted a new longer-term investment plan. SEK 170 billion will be invested over the next five years, distributed across a range of things such as increased electricity distribution but also more wind power, and most of it abroad.
In Sweden, Vattenfall also has some wind projects ready to get started.
But so far, the calculations don't add up, says Anna Borg.
For the full year, the underlying profit is at roughly the same level as last year, around SEK 20 billion. There is therefore money to distribute, SEK 7 billion, to the owner, the state.
