Vestas a victim of its own propaganda
Only those in complete self-denial would dispute that the wind power industry suffers from overcapacity, a legacy of the pre-crisis turbine construction boom when oil and gas prices were at near-record levels and few had yet appreciated the competitive challenge of shale gas.
In the fat years, wind and solar power companies were tempted into extravagant investments that exploited their soaring equity prices.
March 1, 2012
by Tony Barber
in Financial Times
For a world-beating renewable energy company to lose its chief financial officer may be regarded as a misfortune. For the company also to lose its chairman and two other board members, not to mention the heads of its divisions for research and development, offshore operations, control systems and investor relations, looks like carelessness.
If Oscar Wilde were alive today writing boardroom rather than drawing room comedies, he would find rich material in the comings and goings at Vestas, the Danish company that is the world's leading supplier of wind turbines. Understandably, investors nursing a 90 per cent nosedive... [continue via Web link]