Vattenfall is in the midst of a restructuring after being hit by massive write-downs in the value of its traditional generation business as well as a fall in energy prices. The utility, which is wholly owned by the Swedish state, was affected by £3billion write-downs on its coal and gas-fired assets in Europe in 2013.
Vattenfall last night vowed to press ahead with their £230million offshore wind project, and welcomed the Supreme Court's ruling. Andy Payne, project director for Vatenfall's Aberdeen Offshore Wind Farm (AOWF), said the Swedish energy giant was looking at ways it will fund the European Offshore Wind Deployment Centre (EOWDC) - and that a decision will be made by mid-next year.
US presidential candidate Donald Trump is waiting for a ruling on the latest round of his legal fight against an offshore wind farm project near his Scottish golf resort.
Vattenfall has place a hybrid bond issue of $400million which will be used for general corporate purposes. The company said the move will be its first ever hybrid bond denominated in US dollars.
The benefits of offshore windfarms to the UK economy will be highlighted at an event next week.
Swedish utility Vattenfall has agreed to phase out two lignite coal plants in Germany as part of government plans to cut greenhouse gas emissions.
The £2billion NorthConnect project to connect Aberdeenshire to the Scandinavian electricity network has been approved by Aberdeenshire Council.
A defiant pensioner has vowed to “sit in front of a bulldozer” to prevent a key piece of infrastructure for Aberdeen Bay windfarm from being built on a former landfill site.
Swedish energy firm Vattenfall said Friday it is set to appoint a liquidator to wind up its failed wave power company, but vowed to dip its toes back into Scottish waters if conditions improve. Aegir Wave Power (AWP) was set up in 2009 as part of a joint venture between Vattenfall and renewable energy company Pelamis with the aim of developing commercial wave farms off Shetland. But the plan was pulled in November when Pelamis, whose generators were to be used by AWP, went into administration after failing to secure enough funding to develop its devices.