Vattenfall benefits in H1 from dry summer and high consumption

Swedish Vattenfall has delivered its best bottom line in five years in H1, thanks to its wind energy division and revenue from distribution.

Photo: Vattenfall

Swedish utility Vattenfall has released its interim report for the first half of 2018, and higher prices as well as growth in sales made this year's H1 bottom line the best in five years. CEO Magnus Hall describes the period as "stable".

The company's top line grew by SEK 6.9 billion (EUR 665 million) to SEK 76 billion in total. That is partially attributed to commercial clients in the Netherlands, Germany, France and the UK having purchased larger volumes of electricity as well as a historically dry summer in Scandinavia. Low levels of precipitation in the region usually correlate to higher electricity prices because of low water levels in the reservoirs feeding Norwegian and Swedish hydroelectric plants. However, Vattenfall has not been affected by this yet, and the Swedish reservoirs are described as "satisfactory".

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