Swedish Minister: Vattenfall Considering Sale of Operations Outside Sweden

German news site Der Tagesspiegel is reporting that Swedish power generation company Vattenfall is seeking to sell its operations outside Sweden as early as next year.

The article quotes Swedish financial minister Peter Norman as a source for this story:

He pointed to the problems with the brown coal in Germany, the nuclear phase and the affair of the Dutch gas too expensive purchased Nuon. In retrospect, one could say it was therefore a mistake to enter these markets Norman said.

Apparently the comments have caused a stir with unions who have demanded clarification about the matter. A spokesperson from Vattenfall stated that there were ‘no concrete plans’ to sell Vattenfall’s operations outside Sweden.

Vattenfall announced in July that it would split itself into two units — one for Sweden, and one for the rest of Europe. Reuters reported last month that

Scandinavia’s biggest utility is under pressure at home to retrench to its better-performing Scandinavian markets after being wrong-footed by a prolonged economic downturn across much of Europe and a drive in Germany towards renewable energy.

Its European acquisitions have saddled it with 158 billion Swedish crowns ($24 billion) in debt and led to major writedowns.

Vattenfall has also stated that it will be selling an offshore wind park in the Irish sea.

Vattenfall is of interest to people following the E-Cat story because it is one power company that has publicly shown interest in the possibility of using the E-Cat for power generation. It is a member of the Elforsk group, and one of its employees co-wrote the recent Elforsk paper reviewing the status of LENR technology. There’s no evidence presented here that consideration of LENR as a power source has anything to do with this possible move to sell any of its operations outside Sweden, but I’m sure there’ll be some speculation about that.

  • Fortyniner

    Vattenfall (UK) are still upbeat about their wind farm off SE England (http://www.vattenfall.co.uk/en/thanet-offshore-wind-farm.htm), possibly due to the £60+ million a year they will collect in taxpayer subsidies relating to that installation, but my impression is that here in the UK, ‘renewables’ are taking a helluva beating, even as coal generation continues to be shut down. There also seems to be a problem with land based turbines (foundation failure) that will soon come home to roost.


    Recently two huge wind projects have been cancelled – the Atlantic Array (RWE) and the Argyll Array (Scottish Power Renewables), and other green-driven projects such as ‘carbon capture’ technology are also being quietly dumped (http://wattsupwiththat.com/2011/10/07/guardian-uk-carbon-capture-project-close-to-collapse/).

    The answer to our power needs in the UK was tidal power, specifically estuarine rock atolls and undersea ‘race’ turbines – but develpment has always been underfunded and was defunded completely by Cameron as soon as he came into office. This was probably to clear the way for his private agenda to build new nuclear fission plants, but there are still many wheels that can fall off this plan, even ignoring the decade or more that constucting these dangerous white elephants would take. If we continue with the idiot agenda of shutting down coal before we have any replacement power sources, the lights really will go out here quite soon, long before LENR can make any significant contribution.

  • CancunKurt

    This has nothing to do with LENR, it is a political issue. The formerly government owned Vattenfall started swimming in money when the prices in Sweden was forced up by the joint market for energy, and started expanding by buying Coal and nuclear stuff in Europe, most people objected by the government (that now owns half) did not interfere much, so in the end they had wasted a lot of money on buying crap, and after much media storm after big losses they are forced to act.

    I would not assume they will be fast to act on LENR either, since the people in charge have already been certified as morons, even if Elforsk was allowed to write a report. Don’t hope for anything here.

    • GreenWin

      Seems to me that people do not give many boards and senior management benefit. The advent of LENR and especially the Rossi E-Cat verification has shaken the electric utility industry worldwide. The US appears to be most open about this (aside from Vattnefall’s tacit endorsement of E-Cat.) With the US acceptance that the old central-based grid is an outdated behemoth – we open the doors to new business models typified by NRG Energy, who is selling off fission and fossil assets and reinvesting in renewables. Including paradigm change “renewables” like the NRG Beacon 10 “energy appliance’ – a 10 kWe CHP unit.

      With the explosion in Distributed Energy Resources, why should boards and big energy execs NOT sell off obsolescent assets – albeit in a low key way (to avoid sell off panic.) The fact is fossil/fission, solar and wind can never compete with an over-unity system. To date, all LENR commercial ventures claim (E-Cat is verified) COP 2+ or far better. Were I owner of an energy company, my focus would be to divest for as much as I can get before other people realize how devalued energy is going to become.