The energy conglomerate Vattenfall posted a rise in full-year profit on Tuesday, but lower fourth quarter profits compared to 2011. The Swedish state-owned utility reported an SEK 3.8 billion profit in the fourth quarter, compared to SEK 7.5 billion for the same period last year. Vatenfall has come under criticism for making an expensive investment in the Dutch energy company Nuon and for investing too little in renewable energy.
"Demand is still low as a result of the economic recession. At the same time, new capacity is being added, especially in renewable energy production, which has led to low electricity prices," said CEO Oeystein Loeseth in a statement.
During the past year, around half of the company's total investments in electricity have gone to fossil fuel facilities, including coal power plants in Germany
The profits come amid lower revenues from the year before.