Higher electricity prices brought billion-dollar bonuses to state-owned Vattenfall

Almost SEK 1 billion in bonuses and performance-based payments were paid out at state-owned Vattenfall last year. At the same time, profits soared following higher electricity prices and increased network charges, and the state is expected to receive billions in dividends. There is now growing criticism of what is described as a closed compensation system without sufficient transparency.

In 2025 Vattenfall paid out SEK 907 million in variable remuneration, i.e. bonuses, profit sharing and performance-based programs to employees. This was an increase of 80% compared to the previous year. Since the schemes were introduced in 2016, a total of SEK 5.8 billion has been paid out, reports Industry Today.

At the same time, the company reported an underlying operating profit of SEK 17.2 billion in the first quarter of the year, compared to SEK 8.5 billion in the same period last year.

According to TT earnings were boosted by higher electricity prices in the Nordic region, which strengthened the hydro and nuclear power business by SEK 4.4 billion. In addition, higher electricity network charges contributed a further SEK 1.3 billion in increased profit.

It is in this context that criticism has gained momentum. Rising electricity prices are described as having contributed to the profits that made it possible to finance growing bonus payments, while parts of the bonus program are explicitly based on profit sharing.

For critics, it is precisely the link between higher costs for electricity customers, growing profits and record-breaking compensation that has made the issue explosive.

The contrast has become central to the debate: while households are squeezed by rising costs, bonus payments have reached record levels, while the government is also expected to receive SEK 8 billion in dividends from the company.

Secrecy drives the scandal

However, it is not only the sums that have aroused anger. At least as much is about Vattenfall's refusal to disclose which parts of the staff are covered, how the bonuses are distributed and what performance measures trigger the payments.

The company's information department will answer questions about this:

- We do not comment on this information in detail but refer to the information contained in the annual report.

That answer has become the fuel for criticism. For many, it is precisely the lack of transparency that makes the issue scandalous: a wholly-owned state-owned company handles billions of dollars but does not provide clear information on how the money is allocated.

Anger boils online

Reactions on social media have been strong. Posts about ”bonus parties”, ”corruption” and a lack of accountability have been widespread, while many link the issue to a wider frustration with public institutions that are perceived to be distant from citizens.

A recurring criticism is that profits, partly boosted by higher electricity prices, are being converted into internal bonuses while cost pressures remain with electricity customers. This is also where demands for greater transparency are gaining momentum.

This is seen as something that could cause Swedish anger to boil over. In a commentary article writes DI: ”Swedes” patience is not infinite".

CEO's annual salary: SEK 19.3 million

Also the CEO of Vattenfall Anna Borg has been at the center of the debate. As the person ultimately responsible for the company's operations, she leads the group where bonus payments have reached record levels, while the company has defended increased fees and refused to provide further details on the remuneration system. Although Vattenfall's senior management is reportedly not covered by variable pay, the responsibility for transparency, governance and remuneration models ultimately lies with the company's management.

Anna Borg herself, meanwhile, has a fixed annual salary of SEK 19.3 million (SEK 1.6 million on Monday) and received a salary increase of SEK 65,000 a month, according to The work. That makes her the best paid top government executive.

In review by Freedom News in 2024 shows that she has strong links to globalist power structures, such as the family Wallenberg and the World Economic Forum (WEF).

Demands grow - reforms highlighted

Several proposals are now being put forward: that bonus programs in state-owned companies should be subject to full public disclosure, that the parliament should tighten scrutiny and that surpluses should benefit electricity customers to a greater extent through reduced fees or lower energy taxes.

The issue has thus grown far beyond compensation. It is now about control over government resources, about transparency in practice - and about who is ultimately responsible when billions of dollars are handled behind closed doors.

That's where the scandal, according to critics, lies. Not just in the bonus billion - but in the fact that higher electricity prices, rising profits and a closed bonus system are now woven together in a conflict of confidence.