Underlying EBIT at Vattenfall’s wind phase doubles in Q1

April 29 (Renewables Now) – Swedish state-owned utility Vattenfall AB greater than doubled the underlying working revenue of its wind energy phase within the first quarter of 2022, helped by elevated energy output and better costs.

The unit develops, builds and operates wind farms, in addition to large-scale and decentralised solar energy and batteries.

The segments’ underlying earnings earlier than curiosity and tax (EBIT) in January-March got here at SEK 4.9 billion (USD 10.3bn/EUR 9.6bn), rising from SEK 1.77 billion a 12 months earlier, the Swedish agency’s interim report confirmed on Friday. Vattenfall attributed the advance to an increase in electrical energy costs, largely in Continental Europe, and the commissioning of recent energy era capability.

Main monetary metrics of the wind energy enterprise are given within the desk.

Quantities in SEK million Q1 2022 Q1 2021
Internet gross sales 7.96 4.21
Exterior web gross sales 1.77 1.8
Underlying EBITDA 6.36 3.06
Underlying EBIT 4 1.77
Electrical energy era – wind energy TWh 4.0 3.1
Gross sales of electrical energy, TWh 0.3 0.3

Electrical energy era elevated by 29% as excessive wind speeds boosted the output of the corporate’s wind farms. Тhe 605-MW Kriegers Flak park in Danish waters, inaugurated in September 2021, additionally helped increase the phase’s energy manufacturing in year-on-year phrases.

Throughout the first quarter, Vattenfall secured planning permission for the Norfolk Vanguard offshore wind undertaking within the UK and received a allow to construct an over-798-MW wind farm in Scottish waters along with Fred Olsen Seawind.

Total, Vattenfall’s efficiency was affected by transmission bottlenecks and the impression the conflict in Ukraine has on vitality markets. The corporate noticed its first-quarter web revenue drop to SEK 6.1 billion from SEK 10.4 billion a 12 months earlier regardless of rising gross sales.

Whole electrical energy era declined by 6.1% to 30.9 TWh.

(SEK 1.0 = USD 0.103/EUR 0.0962)

Join Renewables Now’s free daily newsletter now!


Leave a Reply