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Swedish power energy Vattenfall swings to third-quarter revenue

Swedish utility Vattenfall swung to a thirdquarter net earnings of 2.1 billion Swedish crowns ($ 196.58 million) from a 2.61 billion crown loss a year previously, it stated on Thursday, pointing out greater prices and increased power generation.

Hidden incomes before interest and tax at the state-owned energy group increased to 1.4 billion Swedish crowns from 946 million a year previously.

In spite of a year of falling wholesale electrical power rates, Vattenfall's operating earnings increased thanks mainly to higher attained prices in the Nordics and increased generation, stated CEO Anna Borg.

The benchmark Nordic system cost for wholesale power averaged 19.86 euros per megawatt hour (MWh) for the quarter, below 27.77 euros/MWh a year back.

Nevertheless, Vattenfall offered 56% of its 2024 production in advance at greater costs, assisting to raise accomplished rates in the quarter to 35 euros/MWh, up from 28 euros/MWh for the corresponding period last year.

Vattenfall has actually currently hedged 52% of its 2025 Nordic generation at an average of 48 euros/MWh.

(source: Reuters)