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In the face of difficult market conditions, Swedish state-owned utility Vattenfall is to shut its two oldest nuclear reactors earlier than planned. The company says it will also slash 1000 jobs.
Asia Pacific Nuclear Energy (APNE) 2025
Vattenfall, which operates seven reactors, said it would close the 881 MW Ringhals-1 and 865 MW Ringhals-2 nuclear reactors between 2018 and 2020 instead of around 2025, as previously announced.
Torbjorn Wahlborg, head of generation at Vattenfall explained: “Unfortunately, we see market conditions with continued low electricity prices in the coming years. At the same time, we are facing increasing production costs.”
Its first-quarter earnings published earlier this week showed a fall in adjusted operating earnings to 7.7 billion Swedish crowns ($892 million) from 9.1 billion a year earlier.
Vattenfall said its results were hurt by lower production and a continued fall in power prices.
The company now plans to cut about 1000 jobs across the group, which employs more than 30 000, to help deliver savings of 2.5 billion crowns in 2015-2016.