Vattenfall wind division reports loss in Q3 due to grid failings
Swedish state power company Vattenfall has reported a loss of $39.9m in its wind power division for the third quarter of this year. The company blamed the poor financial performance on cable issues at some of its wind farms and wider grid failings. Despite the losses, the overall performance of the wind division for the first nine months of the year was strong, with profits up nearly 57% on the previous year. The company also announced it will invest $233m in the expansion of its Wieringermeer onshore wind farm in the Netherlands, taking its capacity to 295 MW.
Swedish state-owned utility Vattenfall AB today reported a significantly widened underlying operating loss at its wind power segment for the third quarter of 2017.

The particular division recorded a loss of SEK 300 million (USD 35.9m/EUR 30.8m) in July-September 2017 compared to SEK 117 million a year earlier. Vattenfall blamed the negative result on lower availability resulting from grid outages and cable issues at certain offshore wind farms.

Still, the division demonstrated strong results for the first nine months of the year, with underlying operating profit jumping nearly 57% on the year thanks to the addition of new capacity during the period.

Also today, the company announced that it has made a decision to invest over EUR 200 million (USD 233m) in the repowering and expansion of the Wieringermeer onshore wind farm in the Netherlands to 295 MW by 2020.

The table below gives more details about the performance of the wind segment. Early in July the company changed the structure of the division, splitting it into three business units -- Offshore, Onshore and Photovoltaic & Battery.

Amounts in SEK million 9-mo 2017 9-mo 2016 Q3 2017 Q3 2016 Underlying operating profit (loss) 752 480 (300) (117) Underlying operating profit before depreciation, amortisation and impairment losses 3,913 2,919 729 697 External net sales 4,285 2,975 1,051 795 Net sales 6,140 4,519 1,546 1,263 Electricity generation - wind power (TWh) 5.1 3.9 1.4 1.1

The next table contains Vattenfall’s consolidated results for the quarter and nine months through September 30, 2017.

Amounts in SEK million 9-mo 2017 9-mo 2016 Q3 2017 Q3 2016 Profit (loss) for the period 6,690 1,790 789 787 Underlying operating profit 16,012 14,602 2,815 2,602 Net sales 96,839 101,412 27,426 29,746 Electricity generation (TWh) 92.2 86.3 27.3 25.2

(SEK 1.0 = USD 0.120/EUR 0.103)

(EUR 1.0 = USD 1.163)

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