Vattenfall's Annual and Sustainability Report 2020: “Climate progress. It's happening.”
Vattenfall's Annual and Sustainability Report 2020 has now been published. The report describes a year marked by a faster pace in the energy transition despite a tough and exceptional market situation. For Vattenfall the trend has been clear. That we talk about climate progress is no coincidence.
"I feel secure that Vattenfall's strategic direction – to enable fossil-free living within one generation – is right. This is not our sustainability strategy, it is our business strategy. And it is sustainable," says Vattenfall's CEO and President Anna Borg in her statement.
The company's full-year turnover for 2020 decreased by 5 per cent to SEK 158.8 billion (166.4) with a net profit of SEK 7.7 billion, a decrease from SEK 14.9 billion mainly attributable to write-downs connected to the German coal-fired heat plant Moorburg. The Board of Directors proposes a dividend of SEK 4.0 billion. The underlying operating profit increased somewhat to SEK 25.8 billion, from SEK 25.1 billion.
Major investments
Vattenfall has adopted an investment plan for 2021-2022 of SEK 57 billion. Growth investments amount to SEK 32 billion, where the lion share is planned to be invested in wind power. Vattenfall will also invest in the electricity grid and in the expansion of district heating operations. Other growth investments include charging infrastructure, solar and battery projects, decentralised energy solutions and the HYBRIT project.
New targets for 2025
Vattenfall has set new strategic targets for the company's financial and sustainability commitments until 2025. The targets are concerning driving decarbonisation with its customers and partners, securing fossil-free energy supply, delivering high-performing operations as well as empowering its people.
Vattenfall continues to phase out remaining fossil-based production according to its roadmap. Furthermore, heavy investments are made in renewable energy as well as developing new technology to aid the energy transition. The collaboration with our partners to phase out fossil fuels in sectors like industry and transport by using fossil-free electricity has intensified.
Read more about Vattenfall’s activity during 2020 and how the company’s strategy could contribute to UN’s global goals for sustainable development here
For further information, please contact:
Vattenfall’s Press Office, telephone: +46 (0)8 739 50 10
email: press@vattenfall.com
See also
First quarter 2024: Good result development despite lower electricity prices
Vattenfall has had a solid start to 2024 with a good result development despite lower electricity prices. During the quarter, we completed the sale of three wind power projects off the coast...
Full-year report: Strategic divestments strengthen Vattenfall's preparedness for the future
Electricity prices dropped significantly during 2023, which had a major impact on Vattenfall's earnings. Through strategic divestments of the heating operations in Berlin and our wind power ...
Third quarter 2023: Low electricity prices have a major impact on earnings
Lower electricity prices had a negative impact on earnings during the first nine months of the year. The heat and customer operations contributed positively and we continue to see good profi...