Despite a challenging year for the energy sector, Vattenfall presents a stable 2012 full year underlying operating profit for comparable units. Vattenfall will continue to streamline its operations, strengthen its financial position while maintaining its focus on sustainability.
Øystein Løseth, President and CEO, comments:
“2012 was a tough year for the entire European energy sector, and the industry is facing substantial challenges. Demand is still low as a result of the economic recession. At the same time, new capacity is being added, especially in renewable energy production, which has led to low electricity prices. I am therefore pleased to report a 2012 stable underlying operating profit for comparable units.
“During the year we continued to work according to the strategy that we launched at the end of 2010. The target of reducing our annual costs by SEK 6 billion has been achieved a year ahead of schedule. The availability in our plants improved and the power production was on a record level. We see continued difficult market conditions ahead, however, and are therefore continuing to further improve the efficiency of our operations and strengthen our financial position. In the current year we plan to carry out further cost savings.
“We are keeping our focus on reducing Vattenfall’s CO 2 exposure, and work is ongoing to free up sufficient capital to continue increasing the share of investments in renewable energy.”
[mappress] Press release, February 12, 2013; Image: Vattenfall