Total capex, bn SEK 2025-2029
| Growth, 104bn SEK | 104 |
| Maintenance, 49bn SEK | 49 |
| Replacement, 17bn SEK | 17 |
Annual and sustainability report 2024
Breaking society free from fossil fuels.
Our world needs to change. Fast. Although we’ve taken big steps towards fossil-free living, society is still deeply dependent on fossil fuels, and this dependency endangers the environment, energy security and our way of life. At Vattenfall, our promise is clear. We have a net-zero target for 2040 and every day, we’re working for a future where we can all move, make and live fossil free. This is not only our sustainability strategy, it’s our business strategy. Let us show you our work for fossil freedom.
Direction is clear, the pace is not
"Our resilience was tested amid global challenges in 2024. Even so, Vattenfall delivered a stable financial result, advanced our key projects and sustainability goals. By prioritising profitable investments, operational excellence and collaboration, we continue to enable the fossil freedom that drives society forward as a profitable energy company. Our focus to provide value to our customers while leveraging the energy transition to shape the energy system of tomorrow remains," says Anna Borg, President and CEO of Vattenfall.
Important events during the year
Extended nuclear operating time secures future energy supply
Fossil-free electricity generation secured right into the 2060s. This will become reality if the directional decision made during the year is confirmed. This favours transition in the industry, as well as Swedish consumers’ access to efficient electricity supply.
Investments
Total planned net investments for 2025 until 2029 amount to SEK 170 billion. Gross investments amount to SEK 236 billion, the difference is mainly due to partnering related to offshore projects, namely the Nordlicht projects and Zeevonk, as well as develop-to-sell assumptions for onshore wind, mainly Windplan-Blauw and Clashindarroch II, and solar projects.
Capex per technology, bn SEK 2025-2029
| Wind, 77bn SEK | 77 |
| Distribution, 41bn SEK | 41 |
| Other, 19bn SEK | 19 |
| Heat, 16bn SEK | 16 |
| Hydro, 11bn SEK | 11 |
| Nuclear, 6bn SEK | 6 |
Capex per country, bn SEK 2025-2029
| Sweden, 80bn SEK | 80 |
| The Netherlands, 44bn SEK | 44 |
| Germany, 37bn SEK | 37 |
| United Kingdom, 6bn SEK | 6 |
| Denmark, 2bn SEK | 2 |
| Other, 1bn SEK | 1 |
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.
Business model and value chain
It takes several steps for electricity and heat to reach the end consumers, and Vattenfall is present throughout the full value chain in accordance with our strategy as an integrated utility. Our business model is centred around creating value for our stakeholders.
Business model and value chain
Value chain and activities
Outputs
20,665
employed66,000
charging points99.6
TWh of fossil-free electricity generated9.5
billion SEK in paid taxes7.0
billion SEK dividend proposedOur strategy in a nutshell
Vattenfall has formulated a strategy to reach our goal of enabling fossil freedom that drives society forward. 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.
The power of partnerships
The energy transition is one of the greatest challenges of our time. No one can tackle this on their own and the benefits of collaborations have never been more evident. By joining forces, Vattenfall is elevating its competitive position and paving the way for a fossil-free future.
More important events during the year
Sustainable procurement helps achieve emission targets
As emissions from our activities decline, the emissions from supply chain and customers become increasingly important in Vattenfall’s goal to achieve net-zero CO2 emission across the whole value chain by 2040.
Stay updated with our newsletter THE EDIT
THE EDIT is your monthly briefing on the journey to fossil freedom. Each issue highlights a new burning issue from the world of sustainable energy and fossil freedom.
Food and energy production co-existing in Vattenfall parks
Land and ocean space are valuable resources in Europe, sometimes claimed to be in competition for their use when different purposes aspire to the same areas. Vattenfall is now ensuring that production of food and energy that are essential for our living can co-exist.
Learn the full story
Download and read our Annual and sustainability report 2024.