The company’s wind assets performed strongly with net sales increasing from SEK 5.2 billion (€558 million) in 2014 to SEK 6.7 billion (718 million) last year. The Swedish outfit’s annual report revealed a jump in annual wind generation to 5.8TWh from 4.1TWh in 2014.

Underlying operating profit before depreciation, amortisation and impairment losses (EBITDA) increased 22.5% to SEK 4.6 billion (€491m).

The company said it would spend almost Skr14bn on wind in 2016-17 (€1.5bn) as it looks to reach a 2.3GW renewables target by 2020. The annual report shows it spent Skr8.6bn during 2015 in the sector.

Chief executive Magnus Hall said:

“The ongoing change of our energy system is dramatic, but also very exciting, and is giving rise to entirely new business opportunities for Vattenfall.”

The overall Vattenfall business recorded a Skr19.8bn (€2.1bn) loss for last year, according to the accounts, blaming low electricity prices and impairment costs largely from nuclear.