Sweden´s Vattenfall AB is accelerating the transition to renewables, as German newspaper F.A.Z. reports.
The large utility, which is 100 percent owned by the Swedish state, plans to quadruple the share of renewables by 2025. This includes the expansion of wind power capacities from 3 GW (end of 2018) to 11 GW (2025). Within „one generation“, the group as well as its customers and suppliers should be „fossil-free“. Currently, Vattenfall generates about 25 percent of its power from fossil fuels.
In Germany, Vattenfall has abandoned its lignite assets a few years ago and is abandoning its German nuclear assets. In Sweden, however, the company will continue to operate its large nuclear plant Ringhals.
Vattenfall is already one of the largest offshore wind power operators in Europe. Further wind farms are currently being built in the Baltic Sea. To finance these projects, the company intends to make greater use of external sources. Parts of wind farms could also be sold to investors.
Unlike E.ON (Innogy/RWE) or Ørsted, however, the company does not intend to become a global player, but continues to concentrate on Northern Europe and Great Britain.
In addition to wind farms, green hydrogen will play an important role in its corporate strategy. This includes a pilot plant in Luleå. Here, a steelworks replaces coke with hydrogen generated by green electricity (wind, hydro).
Additional RE activities are:
- Vattenfall´s electrolysis plants near Gothenburg are involved in the production of biofuels from cellulose.
- In Germany, a centralized power-to-heat project (Berlin) will provide district heating to consumers.
Find more on the latest utility strategies in the next edition of our Global Energy Briefing (German/English version available)