Moody's shifts Vattenfall outlook to negative

Moody's takes a negative outlook on Vattenfall due to the utility's forfeited heat concession in Hamburg, a lowered cap on Swedish returns and the postponement of Danish coastal offshore wind projects.

Vattenfall has spent years trying to become to green utility. But the Swedish company still fires with coal, for instance, here at the Moorburg plant in Germany. | Photo: Ritzau Scanpix/AFP/Patrik Stollarz

Vattenfall's clean energy transition is experiencing technical difficulties, assesses major credit rating bureau Moody's, which has thus downgraded its outlook on the Swedish utility from 'stable' to 'negative', the bureau informs in a statement.

"Vattenfall's strategy targets a transition to clean energy with a major focus on expansion in contracted renewables and regulated activities but the pace of change has been slower than anticipated," Moody's writes, noting that conventional power generation comprised 35 percent of Vattenfall's earnings before interest, taxes, depreciations and amortizations in 2018.

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