The 51 year old Norwegian will take over "sometime before Summer 2010

New Vattenfall CEO Appointed

The state run Swedish power group Vattenfall has appointed 51 year old Öystein Löseth as its new chief executive. He replaces the outgoing CEO Lars G Josefsson who has received strong criticism from the government over a string of controversies, including reported plans to sell off part of the Swedish electricity grid and invest in the building of nuclear power plants in the UK. Vattenfall said Josefesson would retire next year, and Löseth will take over "sometime before Summer 2010.

Löseth, a Norwegian, was introduced to the media at a press conference on Monday. He is currently the CEO of Dutch power company Nuon Energy, in which the Swedish energy giant holds a 49-percent stake. He was asked what attracted him to the job " I think that it is a combination of the politics and commercialism which is exciting. Sometimes maybe too exciting! "

Working parallel with the current ceo Lars Josefsson over the next few months, the Norwegian said " I have a vision that the Swedish people, the owners, shall be proud of the company."

Lars Josefsson was a controversial figure at Vattenfall, inviting criticism over the company's investment in coal-fired power stations in Germany and safety issues at its nuclear power plants in Germany and Sweden. Then last week came media reports that the company was planning to sell off part of Sweden's electricity grid in order to invest in the building of nuclear power stations in Great Britain. The company then said that it wouldn't be selling off its electricity grid, but the damage had been done.

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