In 2014 Vattenfall continued to consolidate its operations and shift its production towards more renewables. In a challenging market, earnings were weighed down by impairment losses, but were positively affected by lower costs through continued efficiency improvements.
An overhaul of Vattenfall's future strategy was initiated, and a new Group structure will take effect on 1 April. For the full year 2014, Vattenfall reported an underlying operating profit of SEK 24.1 billion, which is SEK 4 billion lower than in 2013. Consolidation of operations and the shift to more renewable production continued during the past year. Vattenfall divested assets – including fossil-based generation – for a combined net total of SEK 11.6 billion. At the same time, Vattenfall invested further in new wind power, which made up the single largest investment item in 2014. For the years 2015-2016 investments in lowCO2 emitting technologies account for 60% of total investments in electricity and heat production. Wind power investments account for 82% of total investments in electricity and heat production The company will invest a total of SEK 9.1 billion (€ 963 million) in wind power over the course of two years.