To make fossil free living a reality, we are transforming our own production portfolio and helping our customers to power their lives in climate smarter ways. We are phasing out fossil production, investing in renewables and innovating with new ways of energy storage.
Vattenfall produces electricity and heat from many types of energy sources, including hydro, wind, solar, biomass, waste, nuclear, coal and natural gas. Vattenfall is one of the largest providers of fossil free electricity in Europe. We will phase out coal as fuel in all our heat plants by 2030.
Hydro power provides large-scale, stable renewable electricity and helps balance intermittent generation. As well as producing almost no emissions, it has no fuel costs and power plants have a long economic life. We own and operate more than 100 hydro power plants, most of which are located in Sweden with some in Finland and Germany. Hydro power accounts for roughly 30 per cent of Vattenfall's total electricity generation and is the most significant renewable energy source both in terms of Vattenfall's production and the European energy system.
Nuclear power emits low levels of CO2 across its life cycle and provides stable and large-scale electricity generation. The costs of fuel, operation and maintenance are normally low. We are constantly intensifying our efforts to achieve impeccable safety and availability levels. Vattenfall aims to maintain a leading position in nuclear safety as it is our responsibility to protect the general public, the people working at our nuclear power plants, and the environment.
Wind power is a renewable energy source which emits essentially no CO2 across its life cycle and has no fuel costs. Vattenfall wants be a leader in the development, construction and operation of wind power, and we have set a target to operate 4 GW of wind power by 2020. Vattenfall today operates 1,070 wind turbines with a total installed capacity of 2.75 GW at 46 onshore and 11 offshore wind farms in Sweden, Denmark, Germany, the Netherlands and the United Kingdom, which makes us one of the world leaders in offshore wind.
Our energy sources
Vattenfall produces electricity and heat from many types of energy sources. We are actively phasing out fossil-based production.
Solar energy is a renewable energy source that is easy to install, requires little operation and maintenance work and systems have a long operational life. We continue to explore new opportunities in solar energy technology and battery storage. For example, by integrating solar energy with wind farms we can keep costs down and minimise the environmental impact by taking advantage of existing infrastructure. We plan to build additional solar farms in our efforts to further diversify our portfolio.
Biomass is also a renewable energy source and can be anything from energy crops to agricultural or forestry residues and biogenic waste. By using biomass in power production instead of fossil fuels, CO2 emissions are significantly reduced and properly managed biomass is carbon neutral over time. Biomass resources are geographically diversified and political risk is limited. We often use locally sourced fuels like wood chips, forest residues and sawmill by-products, landscape conservation material and compost residues.