Vattenfall News
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Updated 2 hours, 56 minutes ago
The German Federal Central Tax Office has found signs of possible fraud in Europe’s biggest power and natural gas market that may be similar to the value-added tax scam that roiled carbon permit markets.
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Vattenfall AB, the Nordic region’s biggest utility, delayed the start of any new Swedish nuclear reactors by at least five years after choosing to extend the lifespan of old atomic plants.
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The amount of time Sweden’s reactors will shut for overhauls this year will almost double, buoying power prices at a time they typically decline as water volumes for generation drop to near a two-year low.
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Germany’s first offshore wind farm generated more power than expected because of steady winds last year, operators of the Alpha Ventus park including EON SE said.
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Yellow&Blue Investment Management BV, a clean energy investor backed by Vattenfall AB, led a 4.8 million-euro ($6.2 million) investment in Romo Wind to benefit from its development of technology to boost wind-farm output.
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Investors holding Vattenfall AB’s bonds are set to benefit from a drop in supply as the Nordic region’s biggest utility redeems existing debt and refrains from selling more in an effort to burn through its surplus cash.
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Norway plans to grant state-owned grid operator Statnett SF ownership of cross-border electricity cables after companies including Vattenfall AB said the proposal would hamper the development of links.
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President Francois Hollande will set terms for bidding on French hydroelectric power plant operations, bowing to pressure from the European Union to open them up to competition, finance ministry documents show.
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A French proposal to allow GDF Suez SA and Electricite de France SA to extend their concessions to run hydropower plants by 25 years may contradict national laws on allotting contracts for public services, Vattenfall AB said.
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Vattenfall AB, the biggest Nordic utility, is looking at prolonging cost reductions beyond this year as power prices are expected to stay low through 2016.
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