Library from Asia
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.
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.
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.
Japan introduced subsidies known as feed-in tariffs on July 1 that require utilities to buy power from renewable energy providers at premium prices. As a result, investment in solar, wind and other forms of clean energy may jump to $17.1 billion this year from $8.6 billion in 2011, Bloomberg New Energy Finance estimates.
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.
Ming Yang said that according to preliminary analysis, the tower fell because the foundation bolts were not properly fastened in the course of turbine installation. This was exacerbated by the Class I winds at the location.
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 Fujinomiya municipal government in Shizuoka Prefecture has announced that from this month it will strive to limit the installation of large-scale solar and wind power generation facilities in 75 percent of the city area, mostly around the foot of Mt. Fuji, to preserve the scenery.
China's intensified grid-access management and stricter project approval policy have reduced both the number of wind farms being built and their speed of construction, said the report.
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.
Prospective wind-farm operators will find it harder to take final investment decisions than those planning solar projects, as they must go through tough and potentially lengthy environment approval processes from October due in part to worries that more wind farms will kill more birds flying into windmill blades.
SOA expects offshore wind farms to be built further away from the coast than the previous four sites. But developers fear that deeper sea areas will mean increased costs and risks on projects that have been won on low feed-in tariffs. They are hoping for an increase in feed-in tariffs, currently set at CNY 0.62-0.73 ($0.098-0.116) per kilowatt hour ...despite far higher development costs.
The measures state that when power grids would otherwise refrain from usage of wind power due to peak shaving or grid restraints, thermal power companies participating in the replacement transactions will reduce their power generation levels. This will enable wind power companies to pick up the slack.
The United States announced preliminary duties from 13.74 percent to 26 percent on Wednesday against wind-turbine towers imported from China, a move that will heighten tension over trade of clean-energy technologies between the economic powers.
The decision is a "positive step," Daniel Pickard, a lawyer with Wiley Rein LLP in Washington who represents the coalition, said in a phone interview. The finding is "where we expected it to be," he said. Broadwind deferred all comments to Pickard. Broadwind closed little changed at 29 cents in Nasdaq Stock Market trading, and rose as much as 9.5 percent after the announcement. The shares are down 57 percent this year.
It was nearly 10 years ago that the farmers fraternity along with local politicians were first found discussing how the biggest wind site in Asia, which is currently adding 1600MW to the state grid, would affect the rain pattern in their region. The project began in 2000. Though the GB Pant committee concluded four years ago-that there was no impact on the rains, villagers think otherwise.
Suzlon's foreign currency bonds (FCCB), which is the money being raised by the issuing company in the form of a foreign currency, are due for repayment in June and this caused significant concern amongst investors as the company's financial performance is not up to the mark.
By far the biggest problem in attracting investors is the uncertainty surrounding the details of the government's energy policy, set to be unveiled sometime this summer. Although the government will force electricity companies to buy power from alternative-energy providers, for how many years and at what price isn't yet known. That lack of detail has muted investor interest.