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Vattenfall head Magnus Hall. Photo: Bertil Ericson/TT.
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Photo: Fredrik Sandberg/TT

Vattenfall reports large drop in 3Q profits

State owned energy company Vattenfall reported on Thursday a third quarter operating loss of nearly SEK 20 billion, dragged down by low demand and electricity prices.

The power company also took impairment charges of SEK 23.1 billion this quarter and will raise its cost-cutting target for next year, reports news agency TT.

"As we now present the results for the first nine months of the year I can comment that like other electric utilities, Vattenfall is experiencing difficult market conditions with weak demand, a surplus of generation capacity and historically low electricity prices," company president and CEO Magnus Hall said in a statement.

Vattenfall is a Swedish owned energy company with operations in Sweden, Germany, the Netherlands, Denmark, UK and Finland.

A proposed increased nuclear tax by the new government could also put pressure on the utility in the future as it decides whether to close its reactors down earlier than anticipated.

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