The wind power business of Swedish state-owned utility Vattenfall AB was impacted in the first quarter of 2023 by lower electricity prices, the company’s quarterly report showed on Thursday.
The division, which also encompasses the company’s solar activities, saw its net sales fall 21% year-on-year to SEK 6.29 billion (USD 610m/EUR 553m).
Electricity generation declined slightly by 2% as new generation from Hollandse Kust Zuid was offset by lower production in continental Europe.
Underlying operating profit at the segment was down 51% to EUR 2.39 billion, additionally reflecting the divestment of onshore wind farms.
The company ended the period with 4,841 MW of installed wind capacity, split between 2,971 MW onshore and 1,870 offshore. It installed 630 MW in the last 12 months, including 369 MW out of 1,520 MW at Hollandse Kust Zuid.
Overall, Vattenfall’s underlying operating profit was relatively stable at SEK 9.55 billion.
(SEK 1 = USD 0.097/EUR 0.088)