The Swedish energy group Vattenfall has released its 2019 results, posting a stable power generation in 2019. Vattenfall generated 130 TWh of electricity in 2019 (stable on 2018) and sold 89.5 TWh of electricity in 2019 (+1.3%), mainly to business customers (55 TWh), and 54 TWh of gas (-2.3%). Vattenfall's Power Generation business unit (conventional production) posted a 1.7% decrease in power generation in 2019 to 89 TWh, due to a 3% decline in nuclear power generation. Its electricity sales dropped by 5.9% to 27 TWh (7% decrease in sales to resellers to 23 TWh), while sales of gas dipped by 3.8% to 5 TWh.
Vattenfall's wind power generation rose by 24% to 9.7 TWh. The group commissioned two wind parks in 2019, namely the 407 MW Horns Rev 3 project in the United Kingdom and the 29 MW Slufterdam project in the Netherlands. At the end of 2019, the group operated more than 3.3 GW of renewable power capacity, including 2,081 MW of offshore wind, 1,200 MW of onshore wind and 30 MW of solar; most of the renewable capacity was located in the UK (1,083 MW, of which 687 MW were offshore and 391 MW were onshore), followed by Denmark (783 MW), Germany (658 MW), the Netherlands (433 MW) and Sweden (355 MW).
The group plans to invest SEK 58bn (€5.5bn) in capital expenditure in 2020-2021, of which 61% will be dedicated to growth investments (SEK 35bn, or €3.3bn): of this amount, 70% will be directed to wind power (SEK 25bn, or €2.4bn), 11% to heat networks, 8% each to distribution grid and new businesses and 3% to solar and electricity storage. Most of these growth investments will be directed to the Netherlands (37%) and Denmark (31%).