A strong and diverse position in northern European electricity and heat markets. Competitive electricity generation portfolio in Sweden and, to some extent, central Europe. Moderate share of cash flows from relatively stable and low-risk electricity distribution and district heating operations. Exposure to the competitive and increasingly difficult northern European power markets and volatile wholesale power prices. Exposure to regulatory uncertainty and political intervention. High investment levels in past years, and increasing asset-retirement and pension obligations, which have led to fairly high adjusted debt relative to cash flow generation. Willingness to reduce debt, demonstrated by asset disposals over the past few years, cost reductions, and gradually reducing investment levels. The negative outlook on Nordic electricity and heat provider Vattenfall AB indicates
