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Swedish energy company Vattenfall reported a decrease in its underlying operating profit for the fourth quarter due to lower power prices. The CEO, Anna Borg, mentioned that the decline in prices was significant, with a 60% drop in power prices across the Nordics and continental Europe compared to the previous year. This decrease was attributed to factors such as increased rainfall, warmer weather, and a sharp decline in gas and coal prices.
The average wholesale power price in the Nordic system for the quarter was 56.98 euros per megawatt-hour (MWh), down from 136 euros/MWh a year earlier. Vattenfall's Nordic power production achieved a price of 42 euros/MWh, compared to 55 euros/MWh the previous year. Despite these challenges, Borg cautioned that market uncertainty and volatility persist due to the limited addition of new energy production in Europe.
Borg highlighted potential factors that could exacerbate market volatility, such as disruptions in liquefied natural gas (LNG) supply or spikes in energy prices during cold spells or geopolitical events. To address these challenges and invest in the future, Vattenfall plans to allocate 65 billion crowns over the next two years, primarily focusing on wind power and distribution power grid improvements.
Offshore wind remains a key focus for Vattenfall, although it faces obstacles such as increased inflation, higher interest rates, and supply chain bottlenecks. Despite these challenges, in December, Vattenfall finalised the sale of three offshore wind projects off the English coast to Germany's RWE for 963 million pounds ($1 billion), emphasising the company's commitment to its core business.
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