Vattenfall committed despite losses

State-owned energy firm Vattenfall continued to post major losses in its Q2 report, with losses after tax for the first half of 2016 on a par with last year’s major losses. The company has also had to write down a further SKr 30 billion of the value of the company’s assets, of which the German lignite assets account for SKr 21 billion.

The losses would have been SKr 20 billion higher if Vattenfall had not sold the controversial assets in Germany, says chief executive Magnus Hall.

Vattenfall has also announced it will invest SKr 3 billion in a wind farm off the coast of Aberdeen, which US presidential candidate Donald Trump battled unsuccessfully in court to stop.

Despite not being Vattenfall’s largest facility, it will be very important in testing and demonstrating new technology for offshore wind power, said Hall.