Vattenfall launches extensive study into tomorrow's electrical systems

Vattenfall launches extensive study into tomorrow's electrical systems Vattenfall will be investing SEK 20 million during the coming year into an extensive survey and pilot study of the conditions that tomorrow's electrical systems will be facing. This was revealed by Lars G Josefsson, Group CEO, at the Vattenfall Annual General Meeting on Thursday. In a broad system study, Vattenfall will review the design of future electrical systems, with the aim of achieving greater flexibility and closer matching to customer needs. For this study, Vattenfall will be using its broad base of expertise resources in four countries - Sweden, Germany, Finland and Poland. Lars Josefsson also underscored that Vattenfall is in a favourable position today for continued growth in Europe. "Growth is a long-term prerequisite for sustained profitability and continued value creation. The growth of Vattenfall creates the conditions necessary for the company being able to continue to act as a growth engine for Sweden," he declared. Dag Klackenberg, Chairman of the Vattenfall Board, stated that the growth development of Vattenfall in recent years has been remarkable, and the company is now a major Swedish conglomerate, with a turnover and total assets on a par with companies such as Ericsson, Volvo and TeliaSonera. He asserted that out of the ten or more independent power utilities that operated in Sweden in the early 1990s, only Vattenfall now remains as an independent company based in Sweden. "Vattenfall is a leader in renewable energy in Sweden, and stands for innovativeness in the European power industry," stated Dag Klackenberg. Member of Parliament Anders Sundström and Hans-Olov Olsson, President of Volvo Cars, were the new members elected to the Vattenfall Board of Directors. All existing members of the Board were re-elected. The members of the Board of Directors appointed by the Annual General Meeting are thus: Dag Klackenberg, Chairman, Lars G Josefsson, President and Group CEO, Peter Fallenius, Christer Bådholm, Peter Lindell, Jan Grönlund, Maarit Aarni, Lone Fønss Schrøder, Anders Sundström and Hans-Olov Olsson. The ordinary members of the Board of Directors also include personnel representatives Ronny Ekwall, SEKO, Carl-Gustaf Angelin, CF and Johnny Bernhardsson, SIF, and substitute members Lars Carlsson, SIF, Stig Lindberg, Ledarna, and Per-Ove Lööv, SEKO. The Annual General Meeting resolved to discharge the Members of the Board and the President from liability, and adopted the profit and loss statement and the balance sheet for Vattenfall AB and the Vattenfall Group, and authorized the distribution of the Company's profit. Out of the total earnings of SEK 12 017 750 655 at the disposal of the AGM, it was decided to allocate SEK 2 400 000 000 to shareholder dividends, and to carry SEK 9 617 750 655 forward. Ernst & Young AB were appointed to audit the Company's accounts and the management's administration. From Vattenfall's Press Office, telephone: +46 8 739 50 10. For more information, please contact: Knut Leman, Director of Communication, Vattenfall AB, telephone +46 8 739 50 31. Martin May, Press Manager, Vattenfall AB, telephone +46 8 739 52 70, +46 70 539 52 70. Vattenfall's vision is to be a leading European energy company. Vattenfall's main products are electricity and heat. Today, Vattenfall generates power and supplies energy to several million customers in the Nordic region and northern Europe. The largest electricity customers are industrial plants and energy companies. For more information, see www.vattenfall.com . Under NEWS & COMMENTS you will find media service, including Press Releases and Key Events. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/04/22/20040422BIT21120/wkr0001.pdf