Investment plan

Vattenfall continues to invest heavily in growth with a clear focus on renewable production, enabled by our successful efforts to reduce costs and achieve a stable capital structure.

Total investments in 2019 and 2020 are planned to SEK 56 billion, with growth investments accounting for nearly 58% (SEK 32 billion). The investment strategy reflects our commitment to drive the transition to a fossil-free society.

Growth investments

Around SEK 24 billion of investments are planned for new wind farms, whereof almost SEK 18 billion are dedicated to offshore wind, mainly the Danish projects Kriegers Flak (605 MW), Vesterhav Syd and Vesterhav Nord (350 MW) and Horns Rev 3 (407 MW). The biggest onshore projects are Wieringermeer (180 MW) and Wieringermeer Extension (118 MW) in the Netherlands, NK II (119 MW) in Denmark and South Kyle (212 MW) in the UK.

Vattenfall is also investing more than SEK 1 billion in solar and battery projects, including a large scale solar plant at Haringvliet with 39 MW capacity. In addition, approximately SEK 1.7 billion of investments will be made in new energy solutions, mainly distribution network solutions and decentralised heat solutions, but also a large power-to-heat storage plant in Germany (120 MWth) and E-mobility.

Maintenance and replacement

Vattenfall is also heavily investing in maintenance and replacement of the existing assets, with planned investments of close to SEK 24 billion in 2019 and 2020. We are modernising the heat portfolio in line with our strategy to be fossil free within one generation. This entails building a new waste wood-fired steam heat-only boiler in Uppsala (112 MWvärme) and investing in two highly efficient gas-fired CHP plants in Berlin (in total 560 MWel, 452 MWth).

We continue to invest in the infrastructure of the new energy landscape by improving the quality and flexibility of our electricity networks in Sweden and Berlin (SEK 10 billion, included in maintenance and replacement investments). Further, we are securing the safe operation of our Swedish nuclear and hydro power plants (SEK 5 billion included in maintenance and replacement investments) by completing nuclear safety measures at Ringhals and Forsmark and upgrading our hydro power plants to maintain availability and dam safety.

Pie charts. For details see the document "Explanation pie charts Total capex 2019-2020  and Growth capex per technology 2019-2020"

Details in the pie charts above (XLSX  11 kB)

Major investment projects – decided on and in progress

Project Country Type Capacity Completion
Horns Rev 3 Denmark Wind, offshore 407 MW 2019
Kriegers Flak Denmark Wind, offshore 605 MW 2022
Vesterhav Syd and Nord Denmark Wind, offshore 350 MW 2020
Uppsala Carpe Futurum  Sweden Biofuel 112 MWth 2022
Wieringermeer The Netherlands Wind, onshore 180 MW 2020
Wieringermeer Extension The Netherlands  Wind, onshore 118 MW 2021
Slufterdam The Netherlands  Wind, onshore 29 MW 2019
Lichterfelde CHP Germany Gas 300 MWel, 222 MWth 2019
Marzahn CHP Germany Gas 260 MWel, 230 MWth 2020
Replacement Reuter C Germany Gas/electric 240 MWth 2019

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