Third quarter 2026: Vattenfall's CEO Anna Borg comments on the report

Continued high electricity prices

“Nordic electricity prices more than doubled during the first nine months of 2026 compared with the same period last year. This development was primarily driven by weaker hydrology and high electricity consumption at the beginning of the year, as well as higher electricity prices on the Continent during the third quarter, mainly impacting the closely interlinked southern Nordic price areas. At the same time, the electricity prices in the northern Swedish price areas, where the majority of Vattenfall’s hydro power assets are located, were much lower compared to the Nordic system price. Electricity prices in Germany and the Netherlands increased by more than 20% compared with the first nine months of 2025, driven by higher gas prices due to the conflict in the Middle East and concerns about storage levels ahead of the winter.

Good financial performance despite weaker third quarter

Underlying operating profit for the first nine months of 2026 increased by SEK 4.5 billion compared with the same period in 2025. The increase was mainly driven by higher Nordic electricity prices, as well as increased earnings contributions from Vattenfall’s wind, customer sales and distribution businesses. This was partly offset by lower volumes from nuclear power mainly due to outages of Ringhals 3 and 4, as well as lower hydro power volumes due to weaker hydrological balance. This especially weighed down the underlying operating profit for the third quarter, which declined by SEK 2.3 billion. The profit for the first nine months increased by SEK 11.7 billion to SEK 24.8 billion.

Progress across the value chain

I am proud of our progress in projects and investments across the entire value chain this quarter. In August, Vattenfall won the tenders for two Danish offshore wind projects, with a combined capacity of 1.8 GW. Ultimately, Vattenfall’s long-term strategy and the strong position built in Denmark over many years were important factors for the outcomes in the tender processes. The Hesselø and North Sea I Mid wind farms will provide a significant contribution to Denmark’s fossil-free electricity generation and to Vattenfall’s portfolio.

In Luleå, Sweden, Vattenfall secured the permit for building new power lines to the Svartön industrial area, strengthening the regional grid and creating conditions for additional industrial decarbonisation. The energy transition does not only require investments in fossil-free generation and electricity grids, but also storage and flexibility. In Germany, Vattenfall took the final investment decision for its largest battery project to date, with output of 254 MW and storage capacity of 1,070 MWh. The battery storage, located at the former Brunsbüttel nuclear power plant, will support grid stability and integration of renewable electricity.

As a result of Europe’s dependence on fossil fuels, customers are experiencing increased pressure from high energy prices. Accelerating electrification and expanding fossil-free energy supply is essential to enable the phase-out of fossil fuels. As an integrated utility with a strong local presence in our markets, Vattenfall has the strength and stability to continue enabling fossil freedom, even in volatile times. While our solid financial position enables us to invest across the value chain, we stay focused on operational excellence and efficiency. This is essential to continue building our resilience and competitiveness long-term.”