Working for fossil freedom.

We are committed to building a future where everyone can choose fossil-free ways to move, make, and live. We call this fossil freedom. Working towards this goal is more than a responsibility, it is also a business opportunity – using fossil-free energy and technology not just to tackle climate change, but to benefit society, local communities and biodiversity. While we have taken significant steps towards fossil freedom, our society is still highly dependent on fossil fuels. At Vattenfall we are working to help society break free from this addiction.

Staying the course in a turbulent time

"While the transformation towards net zero is driven by climate goals, the price of CO2, and customer demand, it also comes with many business opportunities; something many industries realised a long time ago. The businesses of tomorrow will not run on fossil fuels," says Anna Borg, President and CEO of Vattenfall, in her CEO Message.

Anna Borg, President and CEO of Vattenfall

Important events during the year

The city of Bristol.

Vattenfall and Ameresco to develop extensive low and zero-carbon heat network in the City of Bristol

Vattenfall and Ameresco, a leading American energy services company, have been selected as partners in the Bristol City Leap project, a 20-year concession to decarbonise the city and attract...

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Science Based Targets logotype

Vattenfall first Swedish energy company to get net-zero target approved by SBTi

Vattenfall is the first Swedish energy company to have its target of net-zero emissions in 2040 verified by the Science Based Target initiative (SBTi).

Read the full article
Dutch king Willem-Alexander and executives from Vattenfall, BASF and Allianz at the inauguration of Hollandse Kust Zuid

Offshore windfarm Hollandse Kust Zuid inaugurated: Vattenfall, BASF and Allianz showcase innovation and biodiversity

Today, Dutch King Willem-Alexander officially inaugurated wind farm Hollandse Kust Zuid. To mark the occasion the king celebrated the completion of Vattenfall’s largest offshore windfarm to ...

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Fuel exchange at Ringhals nuclear power plant, reactor 4.

The revival of Swedish nuclear

Vattenfall is at the epicentre of an accelerating energy transition. Climate targets are high on the agenda in the EU and globally, as is the need for a transition of the industry and transport sectors. In Sweden this transition is based on the potential of replacing fossil fuels with fossil-free electricity and hydrogen.

Meeting future demand will require a mix of all fossil-free energy sources such as wind, solar, hydro, and nuclear, each offering unique qualities in terms of costs, construction timeframe, plannability, and scale.


In its 2023 Annual and sustainability report, Vattenfall presents its investment plan for the coming two years 2024-2025. It has continued focus on growth investments that account for 62% of the total CAPEX. Main projects include the offshore wind farm Hollandse Kust Zuid in the Netherlands, the offshore wind farm Vesterhav projects in Denmark as well as Bruzaholm onshore windfarm in Sweden.

Total capex, bn SEK 2024-2025

Growth, 41bn SEK 40.677
Maintenance, 18bn SEK 17.772
Replacement, 7bn SEK 7.021

Capex per technology, bn SEK 2024-2025

Wind, 21bn SEK 21
Distribution, 17bn SEK 17
Heat, 8bn SEK 8
Hydro, 3bn SEK 3
Nuclear, 3bn SEK 3
Other, 13bn SEK * 13

Capex per country, bn SEK 2024-2025

Sweden, 36bn SEK 36
Germany, 12bn SEK 12
United Kingdom, 6bn SEK 6
The Netherlands, 6bn SEK 6
Denmark, 5bn SEK 5

This is Vattenfall

Vattenfall is one of Europe’s largest producers and retailers of electricity and heat and has approximately 21,000 employees. Our main markets are Sweden, Germany, the Netherlands, Denmark, and the UK. The parent company, Vattenfall AB, is wholly owned by the Swedish state, and its headquarters are in Solna, Sweden. Vattenfall also has offices in Finland, France, Norway, Poland, and Belgium. 

Map highlighting our facilities in Sweden, Germany, the Netherlands, Denmark, and the UK.

Business model and value chain

As an integrated utility, Vattenfall is present throughout the full heat and electricity value chains. Here we outline the several steps for electricty and heat to reach the end consumers. Our business model is centred around creating economic, social and environmental value for our stakeholders.

Business model and value chain (PDF, page 7)

Value chain and activities

Here we describe our value chain and activities. The same information is described on page 7 in the annual and sustainability report 2023.


In our model for total value creation, we attempt to quantify, in monetary terms, our impacts – both positive and negative – from economic, social, and environmental perspectives.

SEK billion
Economic value
Vattenfall’s Articles of Association stipulate that the company is to generate a market rate of return by operating a commercial energy business that enables the company to be among the leaders in developing environmentally sustainable energy production.
SEK billion
Social value
Vattenfall is committed to having an engaged, safe and empowered workforce that are treated fairly and compensated well. And for people across our supply chain and in local communities to be justly treated.
SEK billion
Environmental value
Decarbonisation of power is imperative to reach fossil freedom and our climate impact decreased further in 2023. But our commitment does not stop here; biodiversity and other environmental aspects are also core to our business.

Our strategy in a nutshell

Vattenfall has formulated a strategy to reach our goal of enabling fossil freedom. The strategy steers our direction; the way we prioritise business opportunities, focus our efforts and engage our employees, so that we can create value for our stakeholders by remaining a leader in the decarbonisation of our sector and beyond.

Our strategy (PDF, page 15)

More important events during the year


Vattenfall sells its Berlin heat business to the State of Berlin and grants option to buy GASAG shares

Vattenfall has finalised the strategic review of its Berlin heat business and has decided to sell the entire district heating business to the State of Berlin.

Read the full article
Offshore wind farm

Vattenfall to divest Norfolk Offshore Wind Zone to RWE

Vattenfall has signed an agreement with RWE to divest the Norfolk Offshore Wind Zone. The agreed purchase price corresponds to an enterprise value of £963 million.

Read the full article
Children walking in urban neighborhood

Just transition

The concept of a just transition is important as the path to a fossil-free society will impact both society and individuals, affecting local communities, consumers, and employees throughout the value chain. These impacts will require trade-offs, which will not always be possible to resolve favourable for all stakeholders involved. This is why keeping people at the centre of the transition is so important. 

Wind turbine at offshore wind farm
Wind turbine at offshore wind farm

Stay updated with our newsletter THE EDIT

THE EDIT is your monthly briefing on the journey to fossil freedom. This month’s issue features our Annual and sustainability report as well as an outside view of some of the topic themes from the report.

The latest issue of THE EDIT

Climate related risk management

With accelerating climate change, understanding and mitigating climate risks are increasingly important – and climate aspects need to be factored in already in the systems design to ensure security of supply. Vattenfall believes that understanding and adapting corporate strategies to the changing business environment will be a prerequisite for remaining successful and resilient as a company. It will also provide a competitive edge to those who manage to capture the opportunities linked to the transition.

Iceland glacier

EV-charging in the Netherlands

A range of different elements are incorporated in making charging smarter when Vattenfall is working with local authorities and provinces to help achieve the Dutch target of 1.7 million charging points by 2030.

Read the case story to discover what is meant by data-driven rollout, smart charging, the car as part of the energy system and even charging stations in the cloud.

Woman charging white car by the canal
A female blue collar worker in hardhat in combined energy park.

Learn the full story

Download and read our Annual and sustainability report 2023.