Vattenfall’s nuclear, coal assets push company in the red

 Vattenfall’s nuclear, coal assets push company in the red

Swedish utility Vattenfall AB took a hit to its bottom line after a huge write-down on its nuclear and coal assets.
The company said in The Wall Street Journal that its net loss in the second quarter ended June 30 was 25 billion kronor ($3.04 billion), up from 1.83 billion kronor ($213.5 million). The utility said it booked a 36-billion-krona ($4.2 billion) write-down in the quarter, including 17 billion kronor ($2 billion) on two nuclear reactors in Sweden that will shut down sooner than planned, and 19 billion kronor ($2.2 billion) related to coal-fired power plants in Germany.
Vattenfall said in the article it completed the divestment of its Danish coal-fired power plants in the second quarter, and is still looking to sell its ownership shares in its German brown coal power plants and mines by early 2016. Selling those assets should help it reduce annual carbon emissions to 65 million tons, down from 82.3 million tons in 2014, the article said.
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