Horns Rev 3 Boosts Vattenfall’s Q1 Figures

The Horns Rev 3 offshore wind farm has driven up the figures in Vattenfall’s wind business unit’s results for the first quarter of 2020.

Namely, the company has reported an increase in net sales and underlying operating profit for its Wind Business Area. The significant Q1 earnings improvement is a result of strong winds and new capacity, mainly the Horns Rev 3 offshore wind farm, according to Vattenfall.

“In February a record high level of wind power generation was achieved despite difficulties in conducting maintenance work caused by the strong winds”, the company said.

Vattenfall’s wind business recorded some SEK 4.7 billion (approximately EUR 439 million) in net sales for the first quarter of this year. In the same period of 2019, the net sales was at SEK 3.7 billion (approx. EUR 345 million).

In Q1 2019, the underlying operating profit was SEK 1.5 billion (approx. EUR 140 million). For the first quarter of this year, Vattenfall reported the underlying operating profit of SEK 2.1 billion (approx. EUR 196 million).

Officially opened in August 2019, Horns Rev 3 brought a significant contribution to Vattenfall’s 2019 annual results, as well.

At the end of the last year, Vattenfall’s offshore wind farms generated 31 per cent more electricity, compared to 2018. The increase was mainly attributed to the full commissioning of the 407MW Horns Rev 3. The full-year 2019 net sales and underlying operating profit in the wind division also saw an increase primarily due to the new capacity.

Horns Rev 3, located in an area 25 to 40 kilometres off the west coast of Jutland, comprises 49 MHI Vestas 8.3 MW wind turbines.