Cabling and grid issues hit Vattenfall wind profits in Q3
The wind unit of Vattenfall was hit by “grid outages and cable issues” at some of its offshore operations in the financial third quarter, the Swedish energy group said.
The unspecified issues have now been resolved and the causes identified, it said during a presentation of the July-September quarter.
Underlying quarterly operating loss in the wind division widened to SKr300m ($35.7m) from SKr117m at the same stage in 2016, on net sales up to SKr1.55bn from SKr1.26bn.
The nine-month picture was rosier for wind, however, with its January-September underlying operating profit well ahead at SKr752m from a year-earlier SKr480m.
Vattenfall also confirmed a more-than €200m investment to repower and expand the Wieringermeer onshore wind farm in the Netherlands, the company’s largest wind investment in that country so far.
Overall Vattenfall delivered a group net profit of SKr787m in the third quarter, flat against the same period last year.