Magnus Corridor, chief govt of Swedish utility and renewables big Vattenfall, has resigned after six years on the helm.

Corridor will go away earlier than the top of January 2021, making him not less than the third high-profile CEO to resign in a month inside Europe’s clear vitality sector following current modifications at Ørsted and Siemens Gamesa.

Corridor instructed an analyst convention name that he was leaving for private causes after six “fairly intensive” years, and is now trying to decelerate. Throughout his tenure he instigated Vattenfall’s objective of enabling “fossil free residing” inside a era. By 2023, the state-owned firm expects to have 7 gigawatts of wind and photo voltaic in operation and a pipeline of Three-5 gigawatts in improvement.

The announcement got here in tandem with the discharge of a disappointing set of quarterly outcomes, with decrease energy costs and depressed era throughout Vattenfall’s fleet taking a toll on the corporate and requiring substantial asset write-downs.

Internet gross sales for April to June fell 10 p.c to SEK31.Three billion ($Three.5 billion) in comparison with the identical interval final 12 months. Vattenfall swallowed a quarterly lack of SEK 7 billion in comparison with a revenue of SEK 2.eight billion this time in 2019.

Vattenfall wrote down the worth of its Moorburg coal energy plant in Germany by SEK9.1 billion ($1.02 billion). The 1.6-gigawatt facility in Hamburg is the corporate’s final condensing coal energy plant in continental Europe. It additionally has 650 megawatts of district heating output.

Corridor mentioned Vattenfall does not know what the longer term held for Moorburg. “We’re wanting on the totally different choices. One possibility is to bid into Germany’s [capacity] auctions, one possibility is to promote it, one other is to transform it to different fuels.” The corporate might additionally proceed working it as common, he mentioned.

Vattenfall additionally wrote down the worth of a few of its wind property by SEK1.5 billion, primarily onshore initiatives in Sweden and Denmark, because of cheaper energy costs and decrease values for the renewable electrical energy certificates the initiatives generate.

The initiatives in query are usually older property with a a lot increased levelized value of electrical energy, mentioned CFO Anna Borg.

Electrical energy futures costs in 2020 are down greater than 30 p.c within the Nordics and 20 p.c in continental Europe in comparison with final 12 months, Vattenfall mentioned. The certificate-based subsidy program in Sweden is market-driven, in order costs for energy have fallen so too has the worth of these certificates.

Borg mentioned Vattenfall considers its adjustment for energy pricing to be a long-term one.

EDP’s CEO ‘suspended’ from duties

Europe’s clear vitality sector has seen appreciable administration upheaval in current weeks. Final month Henrik Poulsen introduced he’ll go away world offshore wind chief Ørsted, whereas a couple of days later wind turbine producer Siemens Gamesa changed Markus Tacke with Andreas Nauen because it seems to be to bolster its onshore enterprise.

Elsewhere, a long-winded corruption investigation in Portugal noticed the CEOs of EDP and EDPR eliminated by a Justice of the Peace. António Mexia and João Manso Neto stay suspended from their duties however haven’t been formally charged. The case was instigated in 2012 and in addition includes a former Portuguese vitality minister, Artur Trindade. It facilities round allegations that the businesses have been awarded hydropower concessions unfairly that finally benefitted the corporate to the tune of €1.2 billion.

EDP denies any wrongdoing and mentioned in an announcement that the allegations “lacked substance.”

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