SWEDEN The energy transition leader. That's what Vattenfall must aim to be. This will be achieved through the new strategic vision outlined by CEO Magnus Hall at the company's Annual General Meeting, AGM.
AGMs are usually undramatic events where one owner's representative only has the authority to make decisions. This year's AGM was true to form with the exception of a brief incident involving two activists who ran through the room. The men were quickly removed by security officials.
The meeting appointed two new members to Vattenfall's Board of Directors: Viktoria Bergman, previously Director of Communications and Sustainability for E.ON Nordic, and Tomas Kåberger, Professor in Industrial Energy Policy at Chalmers University of Technology and previously Director General of the Swedish Energy Agency.
Seven members, including chairman of the board Lars G Nordström, were also re-elected at the AGM.
CEO Magnus Hall said that 2014 had been a challenging year, which had been characterised by weak demand, excess generation capacity and falling electricity prices.
"The challenges in the energy sector have been tough for several years now but we can't say that the worst is behind us yet. Like most of our major competitors, we still have some tough years ahead of us."
Hall highlighted four clear trends in the ongoing transformation of the energy landscape.
"Firstly, there has been a further increase in awareness and engagement among customers. Secondly, sustainable cities and infrastructure are now taken for granted. Thirdly, what people want is reliable, flexible electricity generated with low CO2 emissions. And, finally, more stringent requirements will be placed on electricity grids to ensure that we can utilise the ever increasing proportion of renewable, weather dependent electricity generation."
In the context of these four trends, a new strategic vision has been defined for the period up to 2025.
"This has three key features: a customer and business-oriented organisation, sustainable generation and sustainable consumption. I am certain that Vattenfall will continue to play a key role in the future in meeting the energy requirements of our customers and society as a whole in the best possible way," said Magnus Hall.