Lars G. Josefsson, CEO at Vattenfall

Vattenfall CEO "Humbled" by Criticism

After the fierce criticism against Sweden's state-owned power company Vattenfall, the CEO of the company Lars G Josefsson, says he is "aware" that the company has got itself into a "crisis of confidence".

In an apologetic opinion piece in the daily Dagens Nyheter, CEO Lars G Josefsson admits that they have failed to "explain and describe the change of a wholly Swedish, carbon neutral Vattenfall to what it is today - one of Europe's leading energy businesses". He says that the company is "humbled" by the criticism over the past few days and that they want to regain the confidence of "our ultimate employers, the Swedish people."

On Wednesday, the Minister of Enterprise and Energy, Maud Olofsson did not pull any punches when commenting on the state of Vattenfall. The news that the company's management has considered selling off its entire Swedish power network in order to invest in nuclear power plants in Britain has further damaged the Vattenfall brand, the Minister said. She also criticised the managements record on profitability and on safety, and said that it has not handled the change-over into renewable energies as it ought to.

Olofsson refused to answer any questions regarding Josefssons future at the company, but said that she had confidence in the Vattenfall Board. The Chairman of the Board at Vattenfall told Swedish Radio News on Wednesday that Josefsson still has their confidence and support.

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