Sweden's Vattenfall results nuked by atomic energy tax

Vattenfall posts a record loss for 2015, blaming a tax on nuclear energy and sliding electricity prices
Vattenfall posts a record loss for 2015, blaming a tax on nuclear energy and sliding electricity prices

Swedish state-owned energy group Vattenfall on Wednesday reported a record loss for 2015, blaming a tax on nuclear energy and sliding electricity prices.

The company's came in at 19.8 billion kronor (2.1 billion euros, $2.3 billion), compared to an 8.3-billion-kronor loss the previous year, while sales eased one percent to 165 billion kronor.

"The major challenge in 2015 continued to be the impact that today's very low have on Vattenfall's profitability and on the valuation of our assets," Vattenfall chief Magnus Hall said in a statement.

"Continued falling prices and a nuclear tax corresponding to SEK 0.07 per kilowatt-hour have put Swedish nuclear power in a critical situation," he said.

Vattenfall has had to write down over 36 billion kronor due to the early closure of two nuclear reactors in Sweden, which became unprofitable because of stringent safety requirements, and the depreciation of coal assets in Germany as a consequence of the German government's target to curtail energy production with high CO2 emissions.


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Feb 03, 2016
Sweden makes roughly 50% of its energy with hydroelectric power, and 35% with nuclear power. The rest is either imported or fossil fuel assets for load following and backup.

and the depreciation of coal assets in Germany as a consequence of the German government's target to curtail energy production with high CO2 emissions.


Read: coal is now cheap because suppliers are looking for more customers. Ironically, Germany is one of the suppliers.

The falling energy prices in the nordics is also caused by the influx of cheap subsidy-paid renewable electricity from Denmark and Germany, which they are dumping on the nordic grid to get rid of it, basically.

This results in CO2 free nuclear power being replaced by coal, because the coal that the Germans aren't using is now cheap enough to be burned in Sweden.

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