Vattenfall’s wind power generation increased during the first quarter supported by strong winds and new capacity from the Horns Rev 3 offshore wind farm in Denmark.
Underlying operating profit for the Wind segment grew by SEK 0.7 billion to SEK 2.1 billion. Vattenfall's CEO Magnus Hall comments on the results as follows:
Thus far we have not seen any significant impact from COVID-19 on our renewable energy investment projects. On the whole, however, today we have a very uncertain economic situation, which requires stricter prioritisation of projects. For example, we have decided to not participate in the Hollandse Kust Noord offshore wind tender in the Netherlands.
Results of the whole company in Q1 are as follows:
- Net sales decreased by 3% to SEK 48,160 million (49,552)
- Underlying operating profit1 increased by 5% to SEK 10,187 million (9,673)
- Operating profit1 increased by 51% to SEK 12,313 million (8,168)
- Profit for the period increased by 7% to SEK 6,900 million (6,420)
