Grid, Cable Issues Leave Mark on Vattenfall’s Q3 Results

Vattenfall’s wind energy unit reported an underlying operating profit of SEK -0.3 billion (approx. EUR 31 million) for the third quarter, due to lower availability resulting from grid outages and cable issues in some offshore wind farms. 

Underlying operating profit for the period from January to September 2017 saw an increase, which is a result of new capacity that has been added, Vettenfall stated.

Still, the company’s wind business posted an increase in EBITDA, which went from approx. EUR 71 million reported for Q3 2016 to approx. EUR 74 million in Q3 2017.

Profit for the entire company in the third quarter amounted to SEK 6.7 billion (approx. EUR 688 million).

The underlying operating profit increased by SEK 0.2 billion (more that EUR 20 million), mainly contributed by positive results from the power generation and heat units, offset by a negative contribution from the wind unit.

Vattenfall operates over 1,000 wind turbines in Sweden, Denmark, Germany, the Netherlands and the UK.

The company just recently started building its Horns Rev 3 offshore wind farm in Denmark, and won tenders last year to build the country’s two nearshore wind farms and the Kriegers Flak offshore wind farm. Its Aberdeen offshore wind farm in Scotland is under construction and is expected to be operational next year.

The developer recently commenced the planning process for two of its offshore wind farms in the UK, Norfolk Vanguard and Norfolk Boreas. Vattenfall has also acquired the Global Tech II project in Germany.