Swedish company Vattenfall, reported an annual profit for the first time in five years of SEK9.57 billion (€970 million), thanks in large part to new wind energy capacity additions completed in 2017.
Vattenfall is not a renewable energy company, but rather one of Europe’s major retailers and producers of electricity and heat generated by a variety of sources including hydro, fossil fuels, biomass, nuclear, and wind energy. The company, however, is working hard to transition away from fossil fuel sources and as can be seen below it has significantly decreased its reliance on fossil fuels over the last few years.
The company published its full-year 2017 financial report on Wednesday in which it reported its first annual profit in five years — SEK9.57 billion (€970 million), compared to a loss of SEK2.17 billion in 2016. Part of the reason for the company’s profit is thanks to the completion and commissioning of the 288 megawatt (MW) Sandbank offshore wind farm and the 228 MW Pen y Cymoedd onshore wind farm. In its report, Vattenfall ascribed “Improved financial performance as a result of new capacity added in 2017” and explained that “Vattenfall is prepared for competitive bids in tenders for wind power projects.”