Articles filed under General from Asia
Coimbatore:Wind power production plunged to near nil on Tuesday in Coimbatore region as the industrial hub stares at yet another power crisis. The 5,300 windmills in Udumalpet produced just 2 mega watt of power on Tuesday, according to officials of Tangedco, the state power distribution agency.
After six years, a federally funded wind turbine tower is months away from being built. The plan is to build one 233-foot-tall windmill tower in Yona, which will require a zoning variance to allow for the structure's height.
Sinovel Wind Group Co. (601558)’s bonds were suspended from trading today after the wind-turbine maker said losses widened almost sixfold. The company reported a loss of 3.45 billion yuan ($551 million) in 2013 versus 582.7 million yuan the previous year, according to a statement to the Shanghai stock exchange yesterday.
“Even as the current wind power market rebounds slowly, industry competition is still very intense” so that manufacturing companies don’t have sufficient profitability, Ma Jinru, a Goldwind spokeswoman, said by email. ... “Companies with less competitive technology and quality will die and their market share will be carved up by several rivals.”
Sinovel Wind Group Co., a Chinese wind-turbine maker, plans to save as much as 2.63 billion yuan ($430 million) after canceling plans to build four wind manufacturing plants and scaling back three others. ...Sinovel is cutting spending as orders decline.
Suzlon has been trying to recoup $208 million from Big Sky for machines sold in 2009 and wrote down the value by Rs.400 crore last year. Big Sky was formerly owned by Edison Mission Group ...NRG Energy Inc. agreed in October to buy most assets of bankrupt Edison Mission. The Pune-based manufacturer sued Big Sky for payment in September 2012 in New York.
Loss-making Suzlon Energy's auditors have raised red flagged issues like the wind turbine maker's ability to generate adequate cash flow to support operations. Suzlon, grappling with tough business conditions, posted a consolidated net loss of Rs 1,075.25 crore in the three months ended December 2013.
Sinovel's shares on Monday fell 9.9% to 3.54 yuan (about 59 U.S. cents) on the Shanghai Stock Exchange. The company's shares have fallen 41% since it disclosed accounting irregularities in March. Sinovel said in March that it overstated its revenue by 10% and profits by 20% in 2011—its first year as a public company. Sinovel attributed the error to revenue it wasn't supposed to recognize for uncompleted projects.
Japan set a new target for greenhouse gas emissions that critics say will set back United Nations talks for a treaty limiting fossil fuel emissions. The new target effectively reverses course from the goal set four years ago by allowing a 3.1 per cent increase in emissions from 1990 levels rather than seeking a 25 per cent cut.
"The decision has to be taken quite carefully as it is a big investment. We need to make sure the costs are fully understood," he said at the World Energy Congress in South Korea last week. Lancaster said more solid wind data would be required to confirm the project's economic feasibility, and that a couple more years of study were needed.
Laying large-scale photovoltaic panels for power generation requires wide areas of flat, vacant land, ruling out urban areas. Land suited for wind farms, meanwhile, is often in the less populated Tohoku and Hokkaido regions in the north. While these areas have power delivery lines, their capacity is often limited due to low regional demand for electricity.
What was considered as petty thefts earlier have now taken the shape of an organized operation. About 15% of the turbines put up by developers like Suzlon Energy, Inox Wind, Gammesa, and Enercon (India) are under complete breakdown due to theft, a source in the industry body Indian Wind Power Association (IWPA) said.
Sinovel Wind Group Co. has confirmed that it is closing four international subsidiaries, marking the latest setback for the company, which is one of China's largest wind-turbine manufacturers. In a filing to the Shanghai Stock Exchange on Monday, Sinovel said it would shut its units in the U.S., Belgium, Italy and Canada. It is unclear how large these units are.
Qin said the curtailment in 2012 was almost double that of 2011. A major contributing element was that China's power generation capacity rose considerably in 2012, and wind power gave way to thermal and nuclear power.
U.S. producers say low-priced towers from Asia have cut into their market share and forced plant closings. "Over the last years, in a period of peak demand, the U.S. industry should have been profitable. Instead, due to the surge in dumped and subsidized imports, the industry lost market share and saw its profits collapse."
Sinovel Wind Group Co, a large maker of wind power equipment, plans to put 350 workers on leave starting on Monday. ...In the third quarter, Sinovel recorded a loss of 280 million yuan, down from the 242 million yuan in profit in the same period a year earlier. Its third-quarter operating income, meanwhile, decreased by 82 percent year-on-year, falling to 548 million yuan. The company warned it might report an annual loss for 2012.
The lawsuit is viewed as a long shot given the president's broad authority on national security matters and the fact that courts do not often second guess the executive branch on security issues. But Ralls Chief Executive Wu Jialiang, one of the Sany executives who owns the company, said he was determined to press ahead.
The global auditing and consulting firm Ernst & Young has been roped in by the Indian Wind Turbine Manufacturers' Association (IWTMA) to bring out a report that will give sufficient data to change the ‘negative perception' about the wind industry. E&Y is expected to produce the report in four-six weeks.
Denmark's Vestas Wind Systems A/S , the world's largest manufacturer of wind turbines, said it has terminated its former Chief Financial Officer's severance deal after it emerged he has cost the company up to 18 million euros from unauthorized deals in India.
The deals signed last year, which Vestas says were "in violation of the company's internal provisions" and its interests, have definitely lost the company €4 million and may have lost a further €14 million.