Vattenfall has announced a 23% increase in its underlying operating profit for the first half of 2024, reaching SEK 17.9 billion (€1.5 billion), up from SEK 14.6 billion (€1.2 billion) in the same period last year.
The company reported an increase in operating profit before depreciation, amortisation, and impairment losses to SEK 43.4 billion (€3.7 billion), from SEK 27.1 billion (€2.3 billion) in the previous year.
Vattenfall's CEO, Anna Borg, described the results as “satisfactory,” noting that increased generation across the group had a positive impact despite lower electricity prices in its markets. The overall profit rose by SEK 19.3 billion (€1.7 billion) to SEK 26.2 billion (€2.3 billion), aided by the sale of a 49% stake in the Nordlicht 1 and Nordlicht 2 wind farms to BASF and the sale of the Norfolk Offshore Wind Zone in the UK to RWE.
Borg commented, “While we are positive about our improved profit and key targets, the market trends show that joint efforts will be needed to safeguard profitability. That is why we are actively working on streamlining initiatives in all parts of our operations. This includes reviewing common processes and securing more synergies between operations.”
In its wind business segment, Vattenfall reported a 5% decrease in net sales and a 6% decline in underlying profit due to lower electricity prices, increased costs, and higher depreciation. This decline was partially offset by higher volumes from the new 1.5 GW Hollandse Kust Zuid and 344 MW Vesterhav projects, increased subsidies for German offshore wind farms, and availability warranty payments for offshore wind in the Netherlands.
Electricity generation increased by approximately 34%, driven by the new projects.
