Profits at Swedish utility Vattenfall have risen during the first quarter of 2020 as stronger winds and new capacity that boosted wind power earnings, as well as hedging were able to compensate for a decline in power prices triggered by the coronavirus pandemic.
“We have seen a substantial drop in prices in the electricity markets … In pace with the spread of Covid-19 around the world, the trend strengthened with a decline in electricity consumption resulting from the shutdown of society and poorer economic outlook,” chief executive Magnus Hall said.
