STOCKHOLM (dpa-AFX) - After a profitable year, the Swedish utility Vattenfall intends to continue investing heavily in the energy transition. With strategic sales such as the Berlin district heating network, Vattenfall is strengthening its willingness to invest, explained Group CEO Anna Borg on Tuesday at the presentation of the annual report. The energy transition brings with it great investment opportunities and Vattenfall's investment plan for the next two years amounts to 65 billion kronor (5.7 billion euros).

The Swedes ended 2023 clearly in the black despite lower electricity prices and a continued turbulent market. The adjusted operating result fell year-on-year from around 35 billion to 20 billion kronor, which was mainly due to the average 60 percent lower electricity prices in Vattenfall's markets. Nevertheless, the bottom line was a profit of just under 10.4 billion kronor (915 million euros). The annual turnover rose by 21 percent to around 290 billion kronor.

Borg spoke of a good result. "It also shows the financial stability that we need to maintain in order to keep up our high rate of investment," she told the German Press Agency.

In December, Vattenfall reached an agreement with the state of Berlin on the sale of the district heating network in the German capital. The state is buying the network for around 1.6 billion euros. The energy group RWE also announced in December that it was taking over three wind projects off the east coast of England from Vattenfall for the equivalent of around 1.1 billion euros.

In addition, Vattenfall has signed a letter of intent for a partnership with the German chemical giant BASF regarding the Nordlicht 1 and 2 wind projects north of Borkum. BASF intends to supply its Ludwigshafen site in particular with almost half of the electricity generated there.

Even after the sale of the Berlin heating network, Germany remains a core market for Vattenfall, especially in wind and solar power production, Borg told dpa. The Group has a large and growing customer base of more than five million private customers in Germany and sees many investment opportunities in view of the growing demand for electricity. In the annual report, Borg stated: "Vattenfall will continue to be an important player in the German energy transition."/trs/DP/jha