Vattenfall loss amid fossil write-off

Vattenfall has a five-year plan for wind investment

Wind power continues main part of Vattenfall's growth investments

Vattenfall turned from profits to a major loss last year, mostly due to write-downs of fossil-fuel assets, but the Swedish utility wants wind power to continue to account for the largest share of a hugely diminished pie of “growth investments.”

The company also said that it is following through with its previously announced split into a separate Nordic, and a UK and continental European unit that kicked in on Jan. 1, 2014.

“Apart from the fact that we have seen continued falling prices due to a surplus of generation capacity and weak demand for electricity, the entire traditional business model, based on large-scale electricity generation in conventional power plants, is now also being challenged,” says Vattenfall president and chief exectutive Øystein Løseth.

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