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ENERGY

Vattenfall blows life into Europe wind projects

Swedish power group Vattenfall said Thursday it was moving ahead with four new European wind farm projects and would invest €4.2 billion ($5.2 billion) in the field over the next five years.

Published: 14 June 2012 12:13 CEST
Vattenfall blows life into Europe wind projects

“During 2012, Vattenfall has received permission to go ahead with planning for four new wind farms,” the company said in a statement — in Germany, Wales, Denmark and the Netherlands.

The company said it had received approval for the Forst Briesnig project in Germany; a 250-megawatt wind farm called Pen y Cymoedd in southern Wales; a wind farm at Tamholt in Jutland, Denmark; and a 340-megawatt project in the Netherlands.

“Wind power is a prioritized investment area for Vattenfall,” Anders Dahl, the head of Vattenfall Renewables, said in the statement.

Between 2012 and 2016 the company would invest an additional €4.2 billion and hire another 200 people to develop that side of its business, the statement added.

It already operates some 40 different wind farms with 900 wind power turbines, generating a total of 3.7 terawatt/hours, or enough electricity to supply about one million households, it said.

The company claims to be the world’s second-largest player in terms of offshore wind farms.

AFP/The Local

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BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

Published: 16 February 2024 10:45 CET
France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

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