Articles filed under General from Asia
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.
Vestas has announced it is terminating its severance agreement with former chief financial officer and deputy CEO Henrik Norremark, citing unauthorised deals costing the company "up to EUR 18 million". ..."[Norremark] seems to have entered into agreements in violation of the company's internal provisions regulating his power to bind the company as well as the company’s interests in general.
Vestas, the world's biggest wind turbine manufacturer, has decided to "scale down its sales efforts in the Indian market''. Vestas is currently implementing a global re-organisation plan to develop a "more scalable and flexible organisation" and cut cost by €250 million by the end of 2012.
Ralls Corp., a holding company that controls wind-farm assets, alleged the multiagency Committee on Foreign Investment in the U.S., known as CFIUS, exceeded its authority when it ordered the company to cease operations and keep out of wind- farm development sites it bought, according to a lawsuit filed Sept. 12 in federal court in Washington.
China boasts the world's largest wind power capacity, but a third of it sits idle as renewable energy is a money-losing business for grid operators and network construction has lagged capacity expansion. As a result, China struggles to transmit electricity from generating zones in the northwest, north and northeast to population hubs in the south and east.
Japan is currently devising long term plans to get a handle on its energy crisis but, while renewable energy will certainly play a role, the country is in no position to drop nuclear energy entirely. The debate over the best option for both the Japanese people and the Japanese economy is expected to continue throughout 2012 as the nation's politicians work to find a realistic and sustainable energy solution.
The global economic slowdown has dented investment in wind power, while cutthroat market competition has forced turbine prices down, weighing heavily on the industry's profitability, Sinovel said.