Swedish energy company Vattenfall is closing its project office in Paris, a decision affecting less than ten employees. France remains an important supply market for Vattenfall, which in addition to electricity now also delivers gas.
The Paris office was established three years ago to participate in upcoming tenders for French hydropower concessions. However due to overall difficult market conditions and political uncertainty about the French hydropower concessions Vattenfall will close the office in September.
“Our French team has made very good progress, but the project is now terminated in order to focus on investments in existing assets, and already authorized projects”, says Mikael Kramer, Head of Mergers, Acquisitions & New Markets.
As a result the Vattenfall-led Force Hydro consortium, which includes ArcelorMittal, SNCF and Solvay will also be terminated.
France remains an important supply market as Vattenfall since 2000 has been selling electricity to large customers. Vattenfall Energies SA is thus not affected by the decision and the company, based in Thann, will continue to supply electricity and now also gas.