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Vattenfall Bemoans Sweden's Nuclear Tax

by Ulrika Lomas, Tax-News.com, Brussels

11 February 2016


A tax on nuclear power in combination with falling electricity prices have put the Swedish nuclear power industry in a "critical position," according to state-owned power company Vattenfall.

The warning by Vattenfall's President and Chief Executive Officer, Magnus Hall, follows the announcement that the company made a record net loss of SEK19.8bn (USD2.3bn) in 2015, which the company has blamed on regulatory changes and the nuclear tax.

"The major challenge in 2015 continued to be the impact that today's very low electricity prices have on Vattenfall's profitability and on the valuation of our assets. Unfortunately, combined with new regulatory requirements this led to the recognition of further impairment losses during the summer," Hall explained in a company statement.

"Continued falling electricity prices and a nuclear tax corresponding to SEK0.07 per kilowatt-hour have put Swedish nuclear power in a critical situation," he added.

Hall also warned that the combination of low prices and "very high taxes" is now affecting hydro-power "which is the foundation of [Sweden's] long-term power generation."

TAGS: environment | tax | energy | environmental tax | Sweden

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