Total capex, bn SEK 2026–2030
| Growth, 92bn SEK | 92 |
| Maintenance, 52bn SEK | 52 |
| Replacement, 21bn SEK | 21 |
Annual and sustainability report 2025
Committed to fossil-free competitiveness.
At Vattenfall, we are certain that the future is fossil free. It is the only sustainable way forward for both the economy and the environment. By reducing climate impact and accelerating the energy transition, societies and businesses can secure long-term competitiveness and profitability.
This work is well under way and requires continued determination and ingenuity. We are committed to the transition, because we know there is a way to a fossil-free future.
Let us show you how we are getting there.
We deliver and stay the course in a complex world
"2025 was a year of sudden shifts. The energy market was characterised by turbulence and geopolitical unrest. Though ambitious climate goals remain steadfast, the pace of the transition varies. When things change, it is important to find a way forward, together with customers and partners. Vattenfall is determined to continue driving the transition to a fossil-free society – for our customers, for Europe’s competitiveness and for future generations," says Anna Borg, President and CEO.
Important events during the year
Flexibility enables a fossil-free energy system
In today’s evolving energy landscape, renewable sources play an increasingly prominent role. While this shift is essential for achieving fossil freedom, it also introduces greater volatility. To ensure a resilient and robust energy system, flexibility is becoming more critical than ever.
Investments
Total planned net investments for 2026 until 2030 amount to SEK 165 billion. Gross investments amount to SEK 239 billion, with the difference mainly attributable to planned partnering related to offshore wind projects as well as develop-to-sell assumptions for onshore wind and solar projects.
Capex per technology, bn SEK 2026-2030
| Wind, 62bn SEK | 61.9 |
| Distribution, 47bn SEK | 47 |
| Hydro, 14bn SEK | 13.5 |
| Heat, 11bn SEK | 10.6 |
| Nuclear, 10bn SEK | 10.4 |
| Other, 22bn SEK | 21.6 |
Capex per country, bn SEK 2026-2030
| Sweden, 89bn SEK | 89 |
| The Netherlands, 39bn SEK | 39 |
| Germany, 30bn SEK | 30 |
| Finland, 3bn SEK | 3 |
| Denmark, 2bn SEK | 2 |
| United Kingdom, 2bn SEK | 2 |
This is Vattenfall
Vattenfall is one of Europe’s largest producers and retailers of electricity and heat, employing around 21,000 people. Our main markets are Sweden, Germany, the Netherlands, Denmark and the United Kingdom. The parent company, Vattenfall AB, is wholly owned by the Swedish state and headquartered in Solna, Sweden. In addition, Vattenfall has offices in Finland, Norway, Poland and Belgium.
Business model and value chain
Our integrated utility business model, where we are active in the entire energy value chain – from production, via flexibility and distribution all the way to the end-customer – enables us to capture business opportunities across the value chain and to spread our risks.
Business model and value chain
Value chain and activities
Outputs
20,869
employees79,700
charging points102.1
TWh of electricity generated7.8
billion SEK in paid taxes8.0
billion SEK dividend proposedOur strategy in a nutshell
Fossil-free electricity is our core, and we believe that it will be the main energy carrier of the future, where everyone can choose affordable, fossil-free ways to move, make and live. We have set out to be a leader in the energy transition. That is both a responsibility and a business opportunity.
AI & Robotics – from smart tools to smarter ways of working
AI has become a prerequisite for staying competitive. The technology is advancing rapidly and contributes to increased efficiency across all operational areas. Through innovative solutions, there is significant business value to be gained – an area where Vattenfall is investing broadly.
More important events during the year
Hydro power expansion in synergy with biodiversity
Hydro power is the backbone of the Swedish electricity system and plays a crucial role in the transition to a fossil‑free society. Vattenfall is investing billions in existing hydro power stations, alongside extensive efforts to protect natural values along regulated rivers.
Stay updated with THE EDIT
THE EDIT is your monthly briefing on the journey to fossil freedom. Each issue of the newsletter highlights a new burning issue from the world of sustainable energy and fossil freedom.
From waste to value: circular innovation in wind energy
As the energy sector is transitioning to fossil freedom, circularity is becoming a key driver. Vattenfall is championing this evolution by embedding circular principles throughout the whole wind farm lifecycle.
Learn the full story
Download and read our Annual and sustainability report 2025.