Investment plan 2024–2025

Vattenfall’s investment strategy reflects our goal of achieving fossil freedom. 

Vattenfall has decided on an investment plan for 2024–2025 of net SEK 65 billion. The investment plan excludes investments in Heat Berlin, which is to be divested to the State of Berlin during 2024.

Gross investments amount to SEK 77 billion and the difference is due to partnerships for e.g. Nordlicht I wind power project, as well as assumption of income from the divestment of certain onshore solar and wind power projects developed for sale, such as Windplan Blauw. The amounts stated below refer to net investments.

Growth investments total SEK 41 billion with the largest share, SEK 18 billion corresponding to 45%, planned to be invested in new wind power. Vattenfall will also invest in the expansion of the electricity grid and district heating system. Other growth investments include charging infrastructure, solar and battery projects as well as heating and energy solutions.

Total capex, bn SEK 2024–2025

Growth, 41bn SEK 62
Maintenance, 18bn SEK 27
Replacement, 7bn SEK 11

Total capex per technology 2024–2025

Wind power, 21bn SEK 31.78
Electricity distribution, 17bn SEK 26.46
Heat supply, 8bn SEK 12.84
Hydro power, 3bn SEK 4.58
Nuclear power, 3bn SEK 3.94
Other, 13bn SEK 20,41

Total capex per country 2024–2025

Sweden, 36bn SEK 54.59
Germany, 12bn SEK 19.00
United Kingdom, 6bn SEK 9.29
The Netherlands, 6bn SEK 9.02
Denmark, 5bn SEK 7.87

Growth capex per technology 2024–2025

Wind power, 18bn SEK 45.45
Electricity distribution, 7bn SEK 16.17
Heat supply, 6bn SEK 15.02
Other, 10bn SEK 23.36

Growth capex per country 2024–2025

Sweden, 16bn SEK 40.32
Germany, 10bn SEK 24.94
United Kingdom, 6bn SEK 13.69
The Netherlands, 4bn SEK 10.61
Denmark, 4bn SEK 10.44

Major investment projects – decided on and in progress1

Project Country Type Capacity Completion Total investment
Hollandse Kust Zuid 1–42 Netherlands Wind offshore 1,509 MW 2024 2,600 MEUR
Vesterhav projects2 Denmark Wind offshore 344 MW 2024 657 MEUR
Bruzaholm2 Sweden Wind onshore 138 MW 2025 2,124 MSEK
Windplan Blauw2 Netherlands Wind onshore 77 MW 2024 213 MEUR
Tützpatz2 Germany Solar 76 MW 2024 57 MEUR
Battery Toledo2 Sweden Battery 55 MW 2024 43 MEUR
E-boiler Diemen Netherlands Electricity as fuel 150 MWth 2025 45 MEUR
E-mobility - Netto2 Germany E-mobility n/a 2025 68 MEUR
E-mobility - Bünting2 Germany E-mobility n/a 2024 50 MEUR

1 All numbers in the table reflect the status as per 31 December 2023.
2 The project is EU taxonomy eligible and aligned.

Related content

The offshore wind farm Krigers Flak

Learn about our operating segments and get the latest quarterly updates.

An aerial view of Kentish flats wind farm

Make comparisons and analyses with our financial analysis tool.

Vattenfall's head office in Solna

Price hedging – how we handle price fluctuations.

See also

Children on a mountain near Stockholm

Vattenfall has formulated a strategy to reach our goal of fossil freedom.

Girl with green jumper looking into the camera

We have decided to make the biggest leap yet to reduce the impact of climate change.

Two Vattenfall employees at Harsprånget power station

Vattenfall is an integrated energy company focused on our customers.