The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.1 - Electric power generation, transmission and distribution
1,000 jobs Number of planned job losses
Announcement Date
28 April 2015
Employment effect (start)
28 April 2015
Foreseen end date
Description
Swedish power company Vattenfall has announced plans to cut 1,000 full-time equivalent jobs. Half of the cuts will affect administrative positions. The cuts come in response to a fall in the company’s first quarter earnings, which Vattenfall has linked to falling electricity prices and increasing production costs.
The company also announced plans to close two Swedish nuclear reactors earlier than planned, between 2018 and 2020 instead of, as previously announced, around 2025.
Vattenfall continues the process of divesting its German lignite operations, which employ approximately 8,000 staff. However, the process faces delays due to concerns over the proposed coal levy in Germany.
Vattenfall operates in Sweden, Finland, Denmark, the Netherlands and Germany and Britain. More than 11,000 of the company’s 31,000 staff are located in Germany. The cuts continue a downward trend in Vattenfall’s workforce, which stood at 40,000 in 2010.
Sources
28 April 2015: Rbb Online
28 April 2015: Reuters
28 April 2015: DW (online)
28 April 2015: Expressen
Citation
Eurofound (2015), Vattenfall, Internal restructuring in European Union, factsheet number 83087, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/83087.
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