Arab Today, arab today swedish energy group vattenfall reveals €39bn writedown
Last Updated : GMT 12:11:53
Arab Today, arab today
Arab Today, arab today

Swedish energy group Vattenfall reveals €3.9bn write-down

Arab Today, arab today

Arab Today, arab today Swedish energy group Vattenfall reveals €3.9bn write-down

Swedish energy group Vattenfall
Stockholm - AFP

Sweden's state-owned energy group Vattenfall announced a massive 36.3 billion krona ($4.2 billion, 3.9 billion euro) writedown Tuesday tied to looming closures of two nuclear reactors and slumping lignite activity in Germany.

Vattenfall said second quarter losses skyrocketed to 25 billion krona ($2.9 billion, 2.7 billion euros), while revenue fell 1.3 percent to 36.1 billion krona.

"Naturally, this is a very negative development which unfortunately reflects the world we live in," Vattenfall president Magnus Hall said in a statement.

"Very low electricity prices... are putting pressure on margins for conventional generation from gas, coal, hydro and nuclear power facilities."

Hall said energy demand that slumped after the economic crisis in 2009 had still not recovered, while capacity from both solar and wind power, with low marginal costs, has been added to the system.

Vattenfall said it had taken a 17 billion krona hit on the weak profitability of its Ringhals 1 and 2 nuclear reactors, whose shuttering the group in April decided to advance from 2025 to 2020 at latest.

It also wrote down an additional 19 billion krona on its lignite, or brown coal, assets and income in Germany.

Vattenfall has been looking to sell its German brown coal plant in Hamburg, and Hall said "activities to identify additional cost reductions are in progress in the entire organisation."

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today swedish energy group vattenfall reveals €39bn writedown Arab Today, arab today swedish energy group vattenfall reveals €39bn writedown

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday