⁍ Swedish utility posts 34% rise in third-quarter underlying profit.
⁍ Vattenfall benefited from good results at trading activities and positive developments in sales.
⁍ Nordic power prices were 74% lower compared to a year ago.
– Despite lower power prices, Swedish utility Vattenfall reported a 34% rise in third-quarter underlying profit Tuesday, Reuters reports. The company says it was helped by “good results at its trading activities as well as positive developments in its sales business,” including higher business-to-business sales in France. But while Vattenfall says its price hedges “are moderating the negative effect of falling electricity prices,” it was still able to generate less electricity than it did a year ago, thanks in part to warm weather and higher-than-normal precipitation in the Nordics, where it does most of its business. “The electricity consumption has already gone down compared to last year,” outgoing CEO Magnus Hall tells Reuters. “So to expect that to continue to go down more, just for the fourth quarter, I’m not so sure.”
Source: https://www.reuters.com/article/vattenfall-results/update-2-swedens-vattenfall-posts-rise-in-q3-underlying-profit-idUSL8N2HI1OD