Energy giant Vattenfall loses Skr10 billion blamed on German decommissioning


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Wednesday, 22 June 2011
Vattenfall's operating profit for the second quarter will be loaded with more than ten billion looses incurred in the Germany nuclear plants closure.

The company said in a press release on Wednesday that the decision by the German Government on 6th of June 2011 that all 17 German nuclear plants will be taken out of service by 2022 will affect its operations and profitability

The German government's decision means that nuclear power plants Brunsb�ttel and Kr�mmel, which Vattenfall owns 66.7 and 50 percent, will not restart again. Calls in Germany are expected to enforce the government's decision on June 30. It is then expected to take effect in mid-July.

"Vaterfalls are forced to take account of it to write down the carrying value of the two plants, and increase provisioning for dismantling and disposal of nuclear fuel," according to the press release.
The Swedish state energy giant expects to be replaced if settlement is achieved, according to previous notice.

Two weeks ago, Vattenfall’s CEO, said that “We expect compensation from the German government.” Furthermore Vattenfall expects that other activities, such as coal power, will be considerably more valuable. “There is no doubt that it will be worth more,” he had said by Team.

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