Magnus Hall, currenlty CEO of forest group Holmen, will on 1 October take the top job at Vattenfall from Øystein Løseth, who remains in post until then.

Separately, Vattenfall announced a reduction in R&D in several areas, including offshore wind.

Vattenfall said: “Tough market conditions are expected to continue for another few years, and we are restructuring our research and development operations as it is becoming increasingly important to have the right knowledge at the right time to meet the ever-changing needs of business.”

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