EnergyWatch

"Golf" will save Vattenfall SEK 2 billion

Revenue declined by close to a tenth in the third quarter at Swedish utility Vattenfall, which nevertheless maintained a profit. The wind business was hit by power cuts and cable errors.

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Vattenfall improved its margins for better and for worse. The profit margin in the third quarter of the year has increased to 2.9 percent from 2.6 percent in the same period last year, but this is mainly due to the fact that revenue of SEK 27.4 billion (EUR 2.8 billion) is 9.3 percent lower than the year prior as the SEK 789 million profit is only SEK 2 million higher.

However, the underlying result grew slightly to SEK 2.8 billion against SEK 2.6 billion for the third quarter of 2016.

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