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Nuclear costs weigh on Vattenfall causes a loss

thumbs-downVattenfall slides to Q4 loss as German nuclear costs weigh, Nasdaq, 7 Feb 17 
Fourth-quarter operating loss 2.8 bln crowns * 5.6 bln provision for Germany nuclear waste storage costs * Proposes no dividend for 2016 for fourth year in a row (Adds detail, background) STOCKHOLM, Feb 7 (Reuters) – Swedish utility Vattenfall [VATN.UL] slumped to an operating loss of 2.8 billion crowns ($315 million) in the fourth quarter after booking provisions for nuclear waste storage in Germany and other one-off charges. Vattenfall had already taken a $3.5 billion charge in the second quarter, mainly for German lignite mines and power plants sold in September, and it ended 2016 with a record annual loss of 21.2 billion crowns. [nFWN1C60K7]
The company, which has struggled for years due to low energy prices and financially disastrous overseas expansion, said it would not pay an annual dividend to its owner, the Swedish government, for a fourth straight year……..
Vattenfall said higher provisions for future nuclear waste storage due to new legislation in Germany, which is phasing out nuclear power, accounted for 5.6 billion crowns of the 9.9 billion of net charges in the fourth quarter.
http://www.nasdaq.com/article/update-1vattenfall-slides-to-q4-loss-as-german-nuclear-costs-weigh-20170207-00586#ixzz4Y29RqzU7

February 8, 2017 - Posted by | business and costs, Sweden

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