Investment plan 2023-2024

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

Vattenfall has decided on an investment plan for 2023-2024 of net SEK 77 billion. Gross investments amount to SEK 87 billion and the difference is attributable to partnership for the wind power project Hollandse Kust Zuid 1-4 as well as assumptions related to income derived from divestment of certain onshore wind and solar projects, which are being developed for sale. The amounts stated below refer to net investments.

Growth investments total SEK 50 billion with the largest share, SEK 38 billion, corresponding to 76%, planned to be invested in wind power. Vattenfall will also invest in electricity grids and expansion of district heating operations. Other growth investments include charging infrastructure, solar and battery projects as well as heating and energy solutions.

Total capex, bn SEK 2023-2024

Growth, 50bn SEK 50
Maintenance, 16bn SEK 16
Replacement, 11bn SEK 11

Growth capex per technology, bn SEK 2023-2024

Wind power, 38bn SEK 37.8
Heat supply, 6bn SEK 5.6
Electricity distribution, 3bn SEK 2.9
Other, 4bn SEK 3.6

Major investment projects – decided on and in progress1

Project Country Type Capacity Completion Total investment
Hollandse Kust Zuid 1–42 Netherlands Wind offshore 1,500 MW 2023/24 2,600 MEUR
Vesterhav projects2 Denmark Wind offshore 344 MW 2023 770 MEUR
South Kyle2 United Kingdom Wind onshore 240 MW 2023 255 MGBP
Windplan Blauw2 Netherlands Wind onshore 77 MW 2023 185 MEUR
Heat storage Reuter2 Germany Heat storage 2,750 MWh 2023 50 MEUR
A16 Klaverspoor2 Netherlands Wind onshore 34 MW 2023 45 MEUR
E-boiler Diemen Netherlands Power-to-Heat 150 MWth 2024 45 MEUR
E-mobility - Netto Germany E-mobility n/a 2025 85 MEUR

1 All numbers in the table reflect the status as per 31 December 2022.
2 The project is EU taxonomy-eligible and aligned.

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