Vattenfall exits Q2 with a loss

The Swedish utility company has gone from black to red figures in the past three months. Abandoned development of Norfolk project results in a major impairment.

A quarter in the red is nothing more than a minor bump in the road for the Swedish energy company, which still turned a profit in the first half of the year. | Photo: Vattenfall

by ANNE FILBERT

Although electricity prices are once again on the way down, 2023 has still offered levels that have been felt by energy companies.

This applies not least to Swedish Vattenfall, which, despite a drop in electricity prices, can still see its revenue at the high end after the second quarter of the year.

Vattenfall closed Q2 with revenue of SEK 61.7bn, compared with SEK 48.2bn for the corresponding period last year. The increase of SEK 13.6bn is mainly attributable to elevated prices and, to some extent, higher sales volumes in France.

In operations, Vattenfall also took a hit in the second quarter. The operating profit (EBITDA) lands at SEK 5.8bn, down from SEK 15.4bn. This was mainly due to negative contributions from the two segments Power Generation and Wind, which were offset by positive contributions from Customer & Solutions and Heat.

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