Swedish power company Vattenfall has revealed a plan to save Skr2bn ($251m) by 2020.
As part of the plan, the company expects to increase staff efficiency and support services under its strategic transformation process.
The plan is also expected to help Vattenfall remain competitive in a fast-changing energy landscape.
Various ongoing efficiency programmes and previously announced outsourcing of certain functions are included in the new cost-saving plan.
Vattenfall president and CEO Magnus Hall said: “Vattenfall has a clear strategic direction and a path for transformation and we will include needed cost reductions to free up capital for future investments.
“A slim and cost-efficient organisation is a prerequisite for profitable growth in the company.
“Therefore, this kind of initiative is a continuing part of our strategic objective to secure high-performing operations.”
The company currently employs around 20,000 people. It is engaged in the production of heat and electricity from various energy sources such as wind, hydro, biomass, solar, nuclear, coal, and gas.
Image: Vattenfall’s administration building in Hamburg, Germany. Photo: courtesy of Vattenfall.