Vattenfall, the Swedish energy giant, has announced a notable uptick in its wind business's underlying operating profit for the first quarter of 2024, marking a 9% increase compared to the same period in 2023.
The company reported an underlying operating profit of Skr2.6 billion (E224 million) for the first quarter of 2024, up from Skr2.3 billion in the corresponding period of the previous year. This growth trajectory has been primarily propelled by a surge in volumes and reduced costs.
The rise in electricity generation, a substantial 32% increase in the first quarter of 2024 compared to 2023, has been a significant contributing factor. This surge in generation stems from heightened volumes generated by newly operational wind farms such as Hollandse Kust Zuid and Vesterhav Syd, coupled with increased offshore wind volumes in Germany.
Furthermore, Vattenfall completed the sale of the Norfolk Offshore Wind Zone to RWE in March, resulting in a capital gain of Skr4.6 billion.
In a statement, Vattenfall highlighted the successful connection of all 21 turbines of the Vesterhav Nord Offshore wind farm to the electricity grid in February. Additionally, the installation of the final unit of the Windplan Blauw array, boasting a capacity of 123MW, was completed during March.
This robust performance underscores Vattenfall's commitment to expanding its renewable energy portfolio and further solidifies its position as a leading player in the wind energy sector.
