Articles filed under General from Denmark
Last week’s energy deal adopted by a majority in the Danish Parliament may turn out to have a sting in the tail for some; More turbines will be moved off the land and into offshore wind farms by 2030, but the ones left could be much bigger than they are today
The world’s largest wind turbine manufacturer saw profits drop 33 per cent
He states a number of reasons for the cuts including that "The global wind power market is becoming increasingly competitive. For the past 10 years, we have managed to lower prices by 40 percent in the industry. This development continues, and we must adapt the capacity in Aalborg to the current demand."
Governments from Europe to Latin America are replacing guaranteed set payments from green power sources, known as feed-in tariffs, with competitive tenders, putting downward pressure on prices throughout the supply chain.
Danish wind OEM Vestas has confirmed it plans to lay off some 350 workers at its blade factory in Lem, Denmark by year-end. The company blamed high manufacturing costs and salary levels, "compared to the market level within manufacturing" for the redundancies.
Vestas recorded orders totalling 2.4GW in the first quarter of 2016, but revenues were 4% down year-on-year.
Danish wind-turbine maker Vestas Wind Systems A/S (VWS.KO) on Friday reported a 38% fall in first-quarter net profit amid weaker deliveries during the first few months of the year, but beat analyst expectations.
Korsager told Børsen the strategy served a number of purposes. “We solve the problem of unsellable properties in peripheral regions,” she said.
At the end of 2010, the company changed its accounting procedures, with the claimants in the case asserting that the changes hid elements of the company's poor performance. It said this lead to an inflation of Vestas' share price.
The Danish financial crimes office’s 18-month investigation into a former Vestas head of finance, Henrik Nørremark, has taken a dramatic turn and has been expanded to include a number of other former Vestas bosses.
Denmark has a largely state-owned company called Dong Energy (which evidently is not a funny name in Danish) that its center-left government wants to partially sell to Goldman Sachs. This is prompting a massive popular and political backlash that's threatening to bring the governing coalition down.
Dong made clear its intention to sell onshore assets to fund offshore development in a new strategy and financial action plan published in February. ..."Our competences and capital will be deployed in offshore wind where we have a strong and differentiated competitive platform."
Vestas Wind Systems A/S (VWS), the unprofitable Danish wind turbine maker, is fighting an attempt by investors to probe a change in its accounting policy that they say damaged the company's share price.
The wind turbine maker is halfway through a two-year push to cut its workforce by about 30 percent to 16,000 as it seeks to return to profitability following two years of losses. It's reduced its cost base by more than 250 million euros of the target for 400 million euros of cuts by the end of 2013.
Vestas' stock shares heading towards its lowest level since the company's IPO - in 1998. On Tuesday, shares of Vestas fell by 3.2 percent after news of the company's U.S. CEO, Martha Wyrsch, decided to leave the ailing wind turbine manufacturer.
Aarhus, Denmark-based Vestas, which has been hurt by higher-than-budgeted costs to develop its V112 turbine and cuts in green energy subsidies, said in July it agreed with its banks to defer a so-called test of financial covenants, delaying loan payments after losses eroded its cash flow.
TenneT TSO, whose Dutch parent bought E.ON's German high voltage grid in 2009, has come under political and financial pressure over delays in linking offshore wind farms to Germany's onshore grid, as part of the country's hurried shift toward renewable energy.
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.
The company's chief financial officer, Dag Andresen, said Vestas would stop and close down all non-profitable projects in areas such as research and development. Products which cannot reach the market within 18 months or will not be profitable for the firm within 24 months will be put on the chopping block, he said.