Energy Markets
Vattenfall CEO: Europe needs new power grid interconnection and output
The CEO of Swedish utility Vattenfall stated on Thursday that Europe must increase its capacity for electricity transmission and generate fossil-free energy to ensure security. This was in response to the sharp drop in earnings reported by the company during the fourth quarter. Vattenfall, a state-owned company, reported earnings before interest and taxes of 531 millions Swedish crowns (48.66 dollars), down from 4.5 milliards crowns the year prior. The net profit dropped to 5.1 billion crowns, down from 5.7 billion crowns one year earlier. CEO Anna Borg said that the drop in prices was due to lower spot electricity prices...