Sweden's Vattenfall cuts dividend payout to government amid pandemic uncertainty

Swedish state-owned energy company Vattenfall said on Tuesday it was reducing its proposed dividend for 2019, citing the economic impact of the coronavirus on electricity markets.

The proposed payout, due to its owner the Swedish government, was cut from 7.2 billion Swedish crowns ($715 million) to 3.6 billion, the company said in a statement.

“Given current uncertainties around the economic effects of the Covid-19 pandemic and the continuing weak market for electricity in the Nordics, the Board has decided to reduce the proposal to SEK 3.6 billion as a precautionary measure,” Vattenfall said.