Vattenfall's Annual and Sustainability Report 2018 has now been published. The report describes Vattenfall's continued investments in sustainable energy solutions and growth within renewable production.
"Vattenfall is committed to making fossil-free living possible within one generation. In 2018 we followed our plan, with continued expansion within fossil-free energy sources, continued cooperation to tackle climate changes and investments in areas where electrification is replacing fossil fuels," says Vattenfall's CEO and President Magnus Hall in his statement.
The company's full-year turnover for 2018 increased by 16 per cent to SEK 156.8 billion (135.1) with a net profit of SEK 12.0 billion, an increase of SEK 2.5 billion. Lower corporate tax had a positive effect. The Board of Directors proposes a dividend of SEK 2 billion. Overall, the underlying operating profit decreased by SEK 3.3 billion to SEK 19.9 billion. Price hedges that Vattenfall does in order to secure price stability over time caused that the increasing electricity price was not fully reflected in the result.
Vattenfall has adopted an investment plan for 2019-2020 of SEK 56 billion. The lion share of the growth investments will be in wind power. Vattenfall will also invest in solar power and in new business areas such as decentralised energy solutions, energy storage and e-mobility.
Vattenfall made record investments in the Swedish electricity grids during 2018 but new legislation is affecting future investments. Vattenfall's nuclear power achieved a new generation record and major progress was made within renewable energy in the form new capacity put into operation and investment projects. For example the offshore based wind farm Aberdeen Bay (97 MW) in Scotland, which has the world's largest turbine capacity in commercial operation (8,8 MW). Furthermore Vattenfall emerged victorious in the bidding process for Hollandse Kust Zuid 1 & 2 (approx. 700 MW) in the Netherlands, which will be the first offshore based wind farm without government aid.
At the same time, Vattenfall is continuing its work on reducing CO2 emissions. In Berlin, for example, the target of halving CO2 emissions by 2020 was met three years early. Also, Vattenfall decided to invest in a new heating plant in the city of Uppsala and all in all SEK 3.5 billion is about to be invested in production facilities and net infrastructure in Uppsala. Together with the city, Vattenfall has undertaken to halve emissions of CO2 by 2020 and to be completely carbon neutral by 2030.
Read more about Vattenfall’s activity during 2018 and how the company’s strategy could contribute to UN’s global goals for sustainable development:
Vattenfall's Annual and Sustainability Report
For further information, please contact:
Vattenfall’s Press Office, telephone: +46 (0)8 739 50 10