Vattenfall back in profit, CEO off

Loseth won't be at Vattenfall after next March

Loseth won't be at Vattenfall after next March

The hunt is on for a new CEO at Vattenfall – the Swedish utility that is a significant investor in European wind power – after incumbent Oystein Loseth said he will not renew his contract.

Loseth told Vattenfall’s board he will not seek to extend his current contract beyond its March 2015 expiry, citing personal reasons.

The board said it will start seeking a successor to Loseth, who has held the job since 2010.

The news of Loseth’s impending departure came as Vattenfall announced third-quarter financial results.

Its wind output was 0.7TWh in the July to September period, unchanged on the equivalent quarter last year.

Vattenfall’s net profit was SKr1.54bn, turning around a loss of SKr3.97bn in Q3 2012.

Loseth said low power prices were putting pressure on all producers, Log in to read complete article.

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