• Sweden edition
 
Vattenfall profits rise despite low energy price

Vattenfall profits rise despite low energy price

Published: 12 Feb 2013 11:48 GMT+01:00
Updated: 12 Feb 2013 11:48 GMT+01:00

"Demand is still low as a result of the economic recession. At the same time, new capacity is being added, especially in renewable energy production, which has led to low electricity prices," chief executive Øystein Løseth said in a statement.

"Previous market forecasts have been overturned, and what used to be considered 'normal' no longer applies. This is the new normal," he added.

The report stated that low demand and competition from renewable energy sources pushing down prices had spelled “a tough year” for the energy market.

After making a loss in the third quarter, the state-owned utility returned to profit in the fourth quarter, reporting a 16-percent rise in net profit to 6.5 billion kronor ($1.01 billion), on revenue that was 5 percent lower.

Annual net profit rose 53 percent to 16.9 billion kronor, despite an 8-percent slide in revenue to 167.3 billion kronor.

The rise in profit was partly due to a weak result in 2011 when Germany decided to shutter some nuclear reactors.

Vattenfall said it had completed a three-year, 6 billion kronor cost cutting plan one year ahead of schedule, and announced another 3 billion kronor in cost reductions for 2013.

The board proposed a dividend payout of 6.9 billion kronor or 40 percent of the annual profit after tax.

Last year, the payout landed on 4.4 billion kronor.

AFP/The Local/at

Follow The Local on Twitter

Don't miss...X
Left Right

Your comments about this article

Today's headlines
Zlatan scores hat trick in PSG thrashing
Photo: AP

Zlatan scores hat trick in PSG thrashing

Champions Paris Saint-Germain thumped Saint-Etienne 5-0 as Bordeaux saw their 100 percent record at the start of the Ligue 1 season ended on Sunday with a 1-1 draw against Bastia. READ  

Sweden reports suspected case of Ebola
Photo: Fredrik Sandberg/TT

Sweden reports suspected case of Ebola

Officials at a Stockholm hospital reported that they had found a suspected case of the Ebola virus on Sunday night. READ  

Flash floods cause chaos in southern Sweden
A car in Malmö on Sunday. Photo: Stig-Åke Jönsson/TT

Flash floods cause chaos in southern Sweden

The Skåne region of southern Sweden was hit suddenly by extreme rains on Sunday morning, with houses flooded, buses evacuated, and people having to swim to safety from their cars. READ  

Fit-again Ibrahimovic set for PSG return
Photo: TT

Fit-again Ibrahimovic set for PSG return

Zlatan Ibrahimovic is set to make his comeback for Paris Saint-Germain against Saint-Etienne in Ligue 1 on Sunday after two weeks on the sidelines with an abdominal muscle injury. READ  

Military raises readiness level over Ukraine
Swedish soldiers in Afghanistan. File photo: Magnus Lindstedt/Armed Forces

Military raises readiness level over Ukraine

The Swedish military said Saturday it had increased intelligence gathering and called in extra staff to its headquarters over the crisis in Ukraine, as the prime minister compared Russia's current behaviour with the Cold War. READ  

Police injured in anti-Nazi protest in Stockholm
Police and demonstrators on Saturday. Photo: Fredrik Persson/TT

Police injured in anti-Nazi protest in Stockholm

Swedish police said three officers were injured Saturday as they faced a crowd of thousands protesting against a neo-Nazi rally in central Stockholm. READ  

Boy receives cancer vaccine by mistake
Photo: Hasse Holmberg/TT

Boy receives cancer vaccine by mistake

A boy scheduled to be vaccinated against mumps, measles, and rubella instead received a vaccine against cervical cancer. His family has now reported the blunder for inspection. READ  

Sweden grants additional funds to jobs agency
Photo: Bertil Enevåg Ericson/TT

Sweden grants additional funds to jobs agency

The Swedish government has announced that it will increase funding to the jobs agency (Arbetsförmedlingen) in 2015, primarily to cover personnel costs but also to prevent long-term unemployment. READ  

Police 'powerless' against street racers
Police on E4 highway. Photo: Johan Nilsson/TT

Police 'powerless' against street racers

Stockholm police said they were powerless to react when streetracers took over at "insane speeds" on a large highway on Friday night. READ  

Saab carmaker wins receivership
Photo: Björn Larsson Rosvall/TT

Saab carmaker wins receivership

After initial rejection, a Chinese-owned company set up to take over Saab's assets after the troubled Swedish carmaker's bankruptcy said on Friday it had succeeded in being placed in receivership. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Tech
Sweden's highest peak to lose title next year
Politics
How immigration became a key election issue
Society
Brit's life in Sweden becomes BBC radio show
Gallery
People-watching August 27
Gallery
Top ten false friends in Swedish
Blog updates

25 August

Hit och dit, här och där (The Swedish Teacher) »

" Hej igen! A common challenge for Swedish language students are the location adverbs hit/här, dit/där, hem/hemma etc. Some of the location adverbs come in two versions. We should use one type of location adverb when we use a verb describes where we are, and we should use the other type of location adverb when we the verb..." READ »

 

25 August

The Dollar Store (Blogweiser) »

"A dollar store in Sweden. Blog post: http://t.co/tNuuvcP1q0 #USD #greenbacks #sweden #sverige pic.twitter.com/RHFAYf7U1k — Joel Sherwood (@joeldsherwood) August 23, 2014 There’s a chain here in Sweden called The DollarStore. This name always stood out to me in a country where they don’t use dollars. I went there for the first time this weekend. They actually accepted greenbacks..." READ »

 
 
 
National
Roma advocate scoops Wallenberg prize
Society
Meet the man who made a Swedish store recall its high heels for kids
Business & Money
'How I came to run my own business in Sweden'
Politics
Expert explains why Sweden's election oozes uncertainty
National
City plays Schindler's List theme at Nazi rally
Society
For Stockholm Fashion Week, here's the A-Z of Swedish fashion
National
'Amnesiac' man avoids deportation for ten years
Gallery
Princess Estelle through the years
Business & Money
Swedish city all set for six-hour workday trial
Business & Money
Five golden rules for the Swedish job hunt
Sponsored Article
Graduates: Insure your income in Sweden with AEA
Gallery
People-watching August 22-24
National
Armed royal guards caught (very) drunk on the job
National
Sweden orders textbook on Roma discrimination
Gallery
Violent anti-Nazi demonstrations in Malmö
Society
A closer look at Sweden's five official minority languages
Gallery
See the destruction from the southern Sweden floods
Politics
'Sweden Democrats hold the key to elections'
Society
Swedes celebrate first day of smelly fish season
Sponsored Article
Find out what gives this Swedish school executive appeal
Sponsored Article
Introducing...Your finances in Stockholm
Sponsored Article
Introducing...Housing in Stockholm
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

732
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se