Vestas shares plummet following huge second-quarter losses
The unexpectedly poor financial results come amid recent warnings from the American Wind Energy Association (AWEA) that the previously buoyant US wind market was in precipitous decline and desperately needed positive new policies from the White House.
The global renewable energy sector has become increasingly fearful that governments are now more concerned about cutting public spending than keeping the green energy revolution on track.
August 18, 2010
by Terry Macalister
in Guardian News
Poor results at Vestas damage wind energy sector already hit by Barack Obama's inability to introduce green policies
Vestas, the world's biggest wind turbine manufacturer, has spread a dark cloud over the renewable energy sector by turning a sizeable second-quarter profit last year into a €120m (£99m) loss over the past three months.
Shares in the company plunged more than 20% on the Copenhagen stock market as analysts took fright, despite claims by Vestas that the financial turnaround was just a delayed reaction to the credit crunch, which had led to delayed orders.
Vestas, which closed down its Isle of... [continue via Web link]