Vattenfall may sell off UK division
Swedish state-owned energy group Vattenfall could put its UK operations up for sale after unveiling a massive writedown in the value of its business.
The group, which directly employs nine people in Scotland out of a UK workforce of about 180, is splitting its operations into two divisions in a move that chief executive Øystein Løseth said could bring in outside investors for the first time.
The shake-up came as the firm wrote down the value of its gas- and coal-fired power plants in the Netherlands by 14.5 billion Swedish kroner (£1.5bn) and said it did not expect the “gloomy” energy market to recover in the foreseeable future.