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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.
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.
Murdo Fraser, a member of the parliament in Scotland, where many wind farms are sited, said: ‘Why have the authorities been so anxious not to release this information? Is it because they feared this would undermine any remaining public confidence in renewable energy policy?
Operators of wind farms were paid £34 million to switch off turbines during gales - millions more than previously thought - it was reported.
Around 300 people turned out for an emergency meeting yesterday, organised by campaign group Stop Ipswich Turbines (SIT), to show their strength of feeling against the project. Partnerships for Renewables is working with Ipswich Borough Council, which owns the land between Pinewood and Belstead, to site the pair of turbines.
"Otterburn is eight miles from Corsenside and compensation to us should come from EDF's pocket, not Corsenside's. If we took money that is intended for a neighbouring region, it would create a conflict, and that would be wrong.
Two of the biggest investors in Polish wind farms - Denmark's Dong Energy and Spain's Iberdrola - are preparing to exit central Europe's largest energy market ...Sale on the part of Dong and Iberdrola is probably dictated by the companies' quests to reduce debt, one of the people said on Tuesday.
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.
The country's biggest on shore wind farm is too noisy according to the results of noise testing, it has been revealed today (Tuesday). But North Devon Council (NDC), as the local planning authority, could not confirm whether this breach of the wind farm's planning regulations would see them forcing Fullabrook Wind Farm to close.
Do none of these Mooney-like green zealots realise the idea of having one of these obscene blots [wind farms] on the landscape located close to you is about as attractive as living in the central reservation of your nearest motorway? There is considerable evidence that shows these turbines are not just undesirable, they're positively dangerous.
Large swathes of Scotland's forests are being sold off on long-term leases to wind-farm developers as Alex Salmond surges ahead with his vision to make Scotland a world-leading green energy powerhouse.
Fuhrlaender AG, a German maker of wind turbines, filed for insolvency at a Rhineland court, citing delayed projects and postponed payments from customers.
In the future, historians will puzzle how landscapes, revered for generations, were destroyed by 100-metre-plus machines all over the country. ...Public relations for the wind industry has been magnificent in persuading conformists it is all right to erect machines in once valued landscapes.
"What we have to do is work harder to find places where wind farms are acceptable but also, secondly, as this is what we're not yet doing, be more creative about sharing some of the benefits directly with those local communities," he said earlier this year.
Shares in Danish wind turbine maker Vestas (VWS.CO) plunged as much as 14 percent on Thursday as worries mounted that the company could ask shareholders for more capital, traders said.
Genneia wants to pay an outstanding balance in Argentine pesos, instead of euros or US dollars, as Vestas claims was agreed - a move that could leave the turbine group facing a heavy currency exchange loss on the more than $32m it says it is still owed.
"Vestas' stock has experienced wild swings over the past weeks as worries about the balance sheet and press reports about a potential strategic investor grabbed the headlines," Prozesky said. "Our view has been that the stock is largely ‘un- investable' given these two potential extreme outcomes."
A planning application to build wind turbines close to the Wirral Way has been withdrawn. The University of Liverpool wanted to install two turbines on land between Cuckoo Lane and Woodfall Lane.