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Vattenfall AB Feb 10 Product Image

Vattenfall AB Feb 10

  • Published: February 2010
  • Standard & Poors

Abstract
Strong position in the northern European electricity market. Large and diverse operations. Competitive generation portfolio. Prudent trading and hedging policies. Significant share of stable, regulated and monopoly-like operations. Weakened financial profile following a large debt-funded acquisition in a difficult market environment. Exposure to competitive markets and volatile electricity prices. Operating risk of nuclear operations. Significant capital expenditure program. The ratings on Swedish-based power utility Vattenfall AB reflect its strong position in the northern European electricity market, large and diverse operations, and competitive generation portfolio. In addition, Vattenfall generates relatively stable cash flow from electricity distribution and heating operations. These strengths are balanced by Vattenfall's exposure to competition and price volatility in power generation, risks related to nuclear and coal-fired generation,...

Companies mentioned in this report are: Vattenfall AB
Action: Review

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Vattenfall AB

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