Very high depreciation and low market prices for electricity have Vattenfall pressed deep into the red. In the second quarter of 2015, the Swedish energy group made around 3.1 billion euro loss. Revenues declined compared to the previous quarter slightly to around 3.8 billion euros.
“Of course this is a very negative development and reflects the environment in which we operate,” said Vattenfall CEO Magnus Hall. The Group will pursue its transformation with “emphasis on renewable energy” on, he announced. The job cuts, the Vattenfall 
announced last quarter, is in motion, Hall said. Currently’ll also checked where “costs can be further reduced.” Vattenfall wants to get away from conventional power plants and toward renewable energy.
His German lignite mining in Lausitz Vattenfall wants to sell by year end. The Group operates five coal mines and three power plants in Saxony and Brandenburg. Amid the crisis, Vattenfall will also continue to reduce staff. “The jobs open pit will sooner or later disappear,” Vattenfall CEO Hall SPIEGEL ONLINE had said in May with a view to the future of the German coal energy.
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