Throughout the year, Vattenfall observed a trend of lower electricity prices both in the Nordics and on the Continent, accompanied by a noteworthy reduction in price area differences compared to the preceding year. This shift in market dynamics underscores the evolving energy landscape and its impact on pricing structures.
In line with its strategic objectives, Vattenfall executed key divestments during the year. One notable transaction involved the sale of its Berlin heat business to the State of Berlin, a move aimed at streamlining operations and focusing resources on core priorities. Additionally, Vattenfall divested the Norfolk Offshore Wind Zone, aligning its portfolio with evolving market dynamics and strategic imperatives.
A memorandum of understanding between Vattenfall and BASF was signed in 2023 for the development of the German offshore wind projects Nordlicht I and II. By inaugurating the Hollandse Kust Zuid offshore wind farm in the Netherlands and the South Kyle onshore wind farm in the UK, Vattenfall expanded its renewable energy footprint.
From a financial perspective, Vattenfall delivered positive results in 2023. Net sales increased by 21% (14% excluding currency effects) to SEK 290,168 million. Despite market challenges, Vattenfall reported an underlying operating profit of SEK 20,005 million and an operating profit of SEK 16,991 million. Additionally, the company achieved a profit for the period of SEK 10,395 million.
