Vattenfall grows wind power output but UK issues hit profits

Swedish utility Vattenfall’s renewables revenues rose by 238% to SKr838m ($122.8m) year-on-year in the second quarter of 2012, but the division suffered from issues in the UK.

Wind power generation rose 30% to 0.9TWh, mainly due to favourable wind conditions in Denmark and Sweden.

However, the utility's renewables operation fell to an operating loss of SKr18m, compared to a profit of SKr68m in the same quarter the year before.

Vattenfall said that excluding special items, underlying operating profits decreased by SKr100m to –SKr24m due to lower average selling prices, poorer British wind conditions and “temporary technical problems at one of the offshore wind farms in the UK”.

Vattenfall completed its Ormonde offshore project in the first quarter and is building the Log in to read complete article.

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