Swedish energy firm Vattenfall have enjoyed a healthy pre-tax profit in 2017 with a £1.1billion return.
With strong investments in wind and heat energy, and more to come in 2018, the renewables firm have seen a strong recovery from a pre-tax deficit of £453million in 2016.
Vattenfall have seen profit from wind rise by £114million from £78million in 2016 to £192 million in 2017.
Net sales however, remained somewhat stagnant, with no significant rise from the previous year.
Magnus Hall, CEO of Vattenfall, said: “Wind power made a major contribution in 2017, more than doubling its earnings in pace with the commissioning of new assets. Planned growth investments in renewable energy generation amount to SEK 14 billion in the new plan for 2018-2019.
“Both the wind and solar power industries have matured considerably, with rapidly falling costs and improved competitiveness as a result. Vattenfall’s portfolio shift and increased renewables growth have contributed to a changed risk profile, which is also reflected in our new financial targets.
Recommended for you
