Vattenfall’s wind business has reported underlying earnings before interest and tax of Skr1767m (€175m) in the first quarter of 2021, compared to Skr2146m in the same quarter last year.
Wind power was affected by unfavourable weather conditions and showed lower earnings despite new capacity.
During the first quarter Vattenfall signed a large corporate power purchase agreement for part of the volume from the Hollandse Kust Zuid wind farm in the Netherlands, which reduces the project risk.
Vattenfall also said, in connection with the first quarter interim report, it is reporting the sale of the Gronhult onshore wind farm, one of its first develop-to sell projects.
Overall, Vattenfall reported profit of Skr10,423m in the first quarter of 2021, up 51% on the Skr6900m posted in the same quarter in 2020.
Power generation in the Nordic countries benefited from higher electricity prices, where Vattenfall’s flexible hydro power plants adapted their volumes to higher demand, the company said.