Swedish power company Vattenfall has put its past financial woes behind it with pre-tax profits of 8.3billion Swedish krona (£775million) for the first half of 2017.
It made a pre-tax loss of £45million a year earlier.
The organisation’s interim report for January to June 2017 shows net sales of £6.5billion, down 3% year-on-year.
Growth in renewable energy has been credited as one of the major factors for this growth in profit as windfarms Pen y Cymoedd (228 MW) and Ray (54 MW) became operational this year.
In stark contrast to today’s news, in 2015 the energy firm was on the brink of financial disaster due to a stiff £2.3billion writedown related to its brown coal operations in Germany and decision to shut down two nuclear reactors.
Strengthening of UK operations has also been cited as a contributor to the company’s rapid growth.
President and CEO, Magnus Hall, said: “We continue to grow in customers and renewables. Again we can report customer growth with more than 110,000 new customers signing contracts during the first half of 2017 with Vattenfall as their supplier of electricity, gas, heat, services or grid connection.
“On top of customer growth we are looking to selective acquisitions of retail businesses and have established a presence in the UK market with the acquisition of iSupplyEnergy.”
Just last year Vattenfell signed leases totaling almost 25 years with Aberdeen Harbour Board (AHB) supporting construction on Scotland’s largest test and demonstration centre.
The group is probably best known for their high profile legal battle with, now US President, Donald Trump concerning the building of a controversial windfarm off his north-east golf course.