Profit for the period increased by SEK 3.5 billion to SEK 10.4 billion. In addition to improved earnings from operating activities, the return from the Swedish Nuclear Waste Fund also made a positive contribution owing to a stronger stock market.
Underlying operating profit increased by SEK 1.9 billion to SEK 12.1 billion. Power generation in the Nordic countries benefited from higher electricity prices, where flexible hydro power plants adapted their volumes to higher demand. This also compensated for lower nuclear power volumes following the closure of Ringhals 1.
Wind power was affected by unfavourable weather conditions and showed lower earnings despite new capacity. During the quarter Vattenfall signed a large Corporate PPA (Power Purchase Agreement) for part of the volume from the Hollandse Kust Zuid wind farm in the Netherlands, which reduces the project risk. Part of its wind power business in the future will be focused on value creation in the development process. In connection with the first quarter interim report, Vattenfal has reported the sale of the Grönhult onshore wind farm, one of its first develop-to sell projects.
Financial highlights, January–March 2021 are:
- Net sales decreased by 5% (-1% excluding currency effects) to SEK 45,911 million (Q1 2020: 48,160)
- Underlying operating profit of SEK 12,053 million (Q1 2020: 10,187)
- Operating profit of SEK 13,385 million (Q1 2020: 12,313)
- Profit for the period of SEK 10,423 million (Q1 2020: 6,900)