Swedish state energy company, Vattenfall infuses more money into its German business

Thursday, 12 July 2012
Swedish State-owned energy company, Vattenfall confirmed media reports that it will build a new gas and steam turbine power plant in Hamburg, Germany as it work up to gain from the energy sector which is one of the fastest growing business sector globally.

Looking and the US magazine, Forbs classification of the strongest and biggest companies as well as the fastest growing ones, energy companies are holding pole position. This signal to analysts that the energy sector is a sector that players are not encouraged to leave but instead to seek means of expanding it.

This is why the cost Vattenfall will put in construction will reach up to €500 million, almost Skr4.3billion and work is planned to start in 2016 to stretch to 2017 according to various Swedish media sources, which are also quoting the German newspaper, Hamburg's Abendblatt as the source of the original report.

Vattenfall has previously indicated that it plans a new power plant in Hamburg so according to Vattenfall officials, they have not yet decided where to build the facility. They have identify two locations in Hamburg that are relevant and but have not yet decided on it.

Vattenfall is Germany's third largest producer of electricity, accounting for approximately 13 percent of the electricity consumed in the country. Over 90 percent of Vattenfall energy in Germany is currently based on fossil fuels, particularly from Vattenfall's lignite mines.
By Scancomark.se Team

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