Earnings for the first nine months of the year were negatively affected by large write-downs – mainly for coal-fired power generation – of more than SEK 10 billion during the second quarter.
Profit for the nine-month period of SEK 2 billion is thereby considerably lower than the SEK 14.4 billion posted for the same period a year ago. Profit for the third quarter was SEK 3.6 billion, which is SEK 3.1 billion lower than the same period in 2019. Profit for the third quarter a year ago included capital gains on the sales of the district heating operations in Hamburg (SEK 3.1 billion) and of the production rights for nuclear power in Germany (SEK 1.5 billion).
Operationally Vattenfall is delivering favourable earnings despite a turbulent market. Price hedges and a positive contribution from the sales operations and trading have counterbalanced the negative effect of lower electricity prices. Underlying operating profit for the nine-month period and third quarter totalled SEK 17.8 billion and SEK 4.8 billion, respectively, representing increases of SEK 0.9 billion and SEK 1.2 billion, respectively.
