Swedish utility Vattenfall (VTF.YY) Wednesday said its new strategy is developing according to plan and that the current economic climate hasn't hit its plans to divest parts of its assets.

"Of course everybody is worried right now, we don't know either what's going to happen, but what is an advantage for us is that we have a solid platform in countries that are relatively stable where the economy is relatively good," Chief Executive Oystein Loseth told Dow Jones Newswires on the sidelines of the company's capital markets day in Stockholm.

The Swedish state-owned company in 2010 set a new strategy which focuses on three main markets-- Sweden , Germany and the Netherlands-- with the U.K. as a growth market. The company has divested parts of its business in other countries and more divestments are to follow. Loseth said the current uncertainties on global markets haven't affected its divestment plans. "It's going according to plan," he said.

The Vattenfall executive also said that wind power will be an important area for the company going forward. "Wind is a focus area for us," Loseth said and added that offshore wind will be particularly important.

"There will be some onshore investments, but offshore will be very important, that's where we will invest the most," he said.

Vattenfall's chief executive said at a capital markets day in Stockholm that the company is on track with cost cuts and that costs of SEK6 billion will have been removed by the end of 2013. The executive said that costs are expected to decrease SEK2 billion this year.

Vattenfall also plans to make further reductions to its investments. The company has already reduced its capital expenditures programme for 2011-2015 to SEK165 billion, from SEK201 billion for the period 2010-2014.

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