The state-owned Swedish power company, Vattenfall, has announced a rise in underlying operating profits in the first quarter of 2018, compared to the previous year.
The company noted its profits from operating reached SEK1.04bn (US$120mn), a 20% rise from SEK858mn ($99mn) in 2016.
The firm’s net sales grew by 18% year on year, from SEK2.54bn ($293mn) to SEK3bn ($346mn).
It is anticipated the increase in sales and profits is due to new capacity added in 2017, especially hydropower, and higher electricity prices in Sweden.
In total, Vattenfall’s underlying operating profits have reached almost SEK9.4bn ($1.1bn), an 11% rise from the recorded SEK8.4bn ($970mn) last year.
Last year the company’s total net sales were SEK40bn ($4.6bn), but have now hit SEK 44.3bn ($5.1bn), a 10.7% increase.
“Renewable energy is today the most cost-effective newbuild alternative,” commented Magnus Hall, Chief Executive Officer of Vattenfall.
“We are showing that we are a leader in driving development forward.”