Vattenfall losses mount

Vattenfall has reported a third consecutive year of losses.Magnus Hall

The Swedish company announced a record net losses of à‚£1.6bn last year, compared with losses of à‚£672m in 2014, after low power prices and impairments hurt Scandinavia‘s biggest power generator.

Pre-tax losses for 2015 came in at à‚£2.29bn, against losses of à‚£668m previously.

Chief executive Magnus Hall said: “Continued falling electricity prices and a nuclear tax ࢀ¦ have put Swedish nuclear power in a critical situation.”

Half of the à‚£2.17bn in impairments come from Vattenfall’s decision to close two nuclear reactors, while it has also been hit by the depreciation of coal assets in Germany.

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