Vattenfall has announced a Skr 2 billion (€177 million) profit for Q3 2024, reversing a Skr 2.2 billion loss from the same period in 2023. The company's underlying operating profit for the quarter reached Skr 1.4 billion, up from Skr 946 million in Q3 2023, bolstered by substantial output from new offshore wind farms.
Vattenfall's wind division, including solar and battery storage, contributed Skr 440 million in Q3. However, net sales for the segment dropped by 47%, while operating profit declined 46% due to lower electricity prices, reduced income from divestments, and increased depreciation, partially offset by a 29% rise in electricity generation. This growth was largely driven by the offshore projects Hollandse Kust Zuid in the Netherlands and Vesterhav in Denmark, which includes the recently inaugurated Vesterhav Nord and Vesterhav Syd offshore wind farms with a combined capacity of 344 MW.
Additionally, Vattenfall inaugurated the 77 MW Windplanblauw onshore wind farm in the Netherlands in August. However, the company has paused its Swedish Kriegers Flak offshore wind development due to “unviable investment prerequisites.”
In the UK, Vattenfall was awarded a 15-year Contract for Difference (CfD) for the onshore wind project Clashindarroch 2 and the Kemberton solar farm, which together will contribute 100 MW to the grid.
