Vattenfall’s CEO: “I am very relieved” – Swedish Dagbladet

Photo: Daniella Backlund

today Saturday came the decision the whole environmental movement waiting for months – and Vattenfall’s CEO Magnus Hall. The government has decided to say yes to the controversial sale that the State has proposed. Vattenfall wants to sell its German brown coal operations and the deal is controversial because it risks leading to emissions in the order of the entire Swedish release times 20th

It’s a relieved and happy CEO who SvD reached after the announcement Vattenfall may sell its German brown coal operations to the Czech energy company EPH. EPH has been heavily criticized in the media for a lack of any climate ambitions.

– I’m not surprised, but very relieved, says Magnus Hall to SvD.

What does this mean for transaction time aspect?

– Actually, this means practically nothing, we can complete the process begun. The new owner is informed and will take over on September 1, provided that the German authorities give their approval.

The deal will involve impairment of between 22 and 27 billion when the company reports its second quarter.

How do you see any criticism of the deal?

– basically we have the same objective as the critics. Our view is that the emissions system is very important and that we should invest in renewable energy.

Do you see a risk that your reputation is damaged?

– We will to use our resources to invest in solar for individual producers. We also have nuclear power, we will continue and our investments in offshore wind. We want to be a modern player in the energy and I think that is even clearer now, he says, adding:

– The key is to see what we can do in the future and where we are with and take responsibility.

When the government approved the deal was also out with a proposal to buy and cancel carbon credits. The proposal means that the government agrees to buy up and cancel the allowances from the EU ETS for SEK 300 million per year between 2018 and 2040, a total of a purchase of over six billion. This corresponds with today’s release price about ten percent of Sweden’s total emissions per year. However equivalent lignite operations today more than Sweden’s entire emissions. If EPH open new mines, emissions will increase even more.