Rabbalshede Kraft shrinks loss in 9-mo 2019

Swedish wind power company Rabbalshede Kraft AB today posted a net loss of SEK 16.6 million (USD 1.72m /EUR 1.55m) for the period from January till September 2019, narrowed from SEK 25.7 for the same period a year earlier.

Excluding co-owned farms, electricity generation for the first three quarters of this year came in at 379,992 MWh, slightly up from the 325,951 MWh reported for the 9-month period in 2018.

"The wind resource during the first three quarters of the year remained at a normal level as a whole, however we have seen a greater variation of individual months relative to average winds compared to recent years. Production has been 2.6% above the expected level during the period and we have continued to maintain a very high efficiency in the parks, with an energy-based availability of over 98.3%," CEO Peter Wesslau highlighted in a statement.

Technology development is moving fast, as higher, larger and more efficient wind turbines make it possible to establish wind farms with profitability at ever lower electricity prices, he added, noting that this year, Rabbalshede Kraft continued to develop its project portfolio, in line with its business strategy to focus on ongoing projects and allow investment decisions to mature at a steady pace during the coming years. At the end of September, the Swedish company had some 250 MW of projects in various phases of development. In Q3 final investment decisions were made for the Skollunga and Hogen projects (a total of six wind turbines with a combined capacity of 21 MW). Commissioning is slated for March 2021. Roads and surfaces at the 20 MW Gardshyttan project (5 turbines), which is under construction, have been completed. Towers and turbines will begin to be erected during Q4 2019.

We are also continuously working to find good opportunities to be able to acquire existing turbines to increase the number of turbines under our own control, the company said in the statement.

More details about the company’s financial performance throughout the nine-month period are available in the table below.

(SEK 10 = USD 1.03/ EUR 0.93 )

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