Windpower giant in trouble

Discussion in 'Energy' started by westwall, Feb 8, 2012.

  1. westwall
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    westwall USMB Mod Staff Member Gold Supporting Member Supporting Member

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    It seems all is not so rosy in the windpower realm these days. Vestas, one of the major players in wind power generation systems, has issued its second profit warning in 3 months. Yet again it is shown that without massive taxpayer support wind power is a loser. Well, it's a loser no matter what, it just takes taxpayer dollars to keep the companies going for more then 9 months.



    Vestas CFO resigns over recent profit warnings
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    Related NewsEurope's debt woes end golden days at Siemens
    Tue, Jan 24 2012
    UPDATE 3-Vestas cuts over 2,000 jobs after profit evaporates
    Thu, Jan 12 2012Related TopicsEnvironment »
    COPENHAGEN | Tue Feb 7, 2012 9:44pm EST

    COPENHAGEN (Reuters) - Danish wind turbine manufacturer Vestas said late on Tuesday that its chief financial officer, Henrik Norremark, resigned after explaining to the board conditions leading to recent profit warnings.

    In early January, Vestas issued its second profit warning in just three months, saying that cost overruns and delayed revenues had wiped out 2011 profits.

    The announcement that Norremark, who was also deputy CEO and designated last month to become chief operating officer, had quit came on the eve of Vestas' fourth-quarter report.

    In its brief statement, Vestas Wind Systems A/S did not designate a successor to Norremark.

    (Reporting by John Acher)


    Vestas CFO resigns over recent profit warnings | Reuters
     
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  2. Trajan
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    Trajan conscientia mille testes

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    thx WW.


    Vestas is a HUGE player in wind machinery manufacturing, financing etc. 5 continents, over 60 countries etc etc

    they have a plants in Colorado, that just late October, 2 years after being built got its first blade order, which many be its last.....


    oops new source just sprang up stand by....


    edit-

    The pair have been criticized for poor financials and a loss of market share to Chinese competitors. Last month, the company announced it would lay off 2,335 people and it has already slashed its 2012 earnings forecasts twice.

    Shares in Vestas plunged nearly 11 percent to 59.50 kroner ($10.53) in Copenhagen by Wednesday afternoon.


    snip-



    Vestas has invested more than $1 billion in four facilities in Colorado. There are two plants in Brighton: One assembles nacelles, which house the turbine, and another builds 180-foot-long blades. A plant in Pueblo builds towers for the turbines and a plant in Windsor manufactures 144-foot and 161-foot blades.


    Vestas has faced tough competition from China and fallout from a global recession that slowed investments in wind power.

    Read more: Vestas warns on profits; chairman resigns - Colorado Springs Gazette, CO
     
    Last edited: Feb 8, 2012
  3. Trajan
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    Trajan conscientia mille testes

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    oops, thought so, just took a me a few minutes......


    snip-

    Energy Saving Tax Incentives and Grants for Businesses:
    The bill includes a three-year extension of the popular federal production tax credit (PTC) for electricity derived from wind (through 2012) and for electricity derived from biomass, geothermal, hydropower, landfill gas, waste-to-energy, and marine facilities (through 2013). Many renewable energy companies in Colorado use this tax credit to build renewable energy production facilities.

    There also is a new federal manufacturing tax credit for investment in advanced energy facilities, such as facilities that manufacture components for the production of renewable energy, advanced battery technology, and other innovative next-generation green technologies. Six Colorado clean-tech companies won $75 million in tax credits. They include: Abound Solar in Longmont ($12.6 million), Advanced Energy Industries in Fort Collins ($1.2 million), Coolerado Corporation in Denver ($750,000), Reflec Tech in Arvada ($750,000), Hexcel Corp. in Windsor ($8.1 million), Vestas Blades America Inc. in Brighton ($30.2 million), Vestas Towers America Inc. in Pueblo ($21.6 million).

    For more information: Recovery Act | Department of Energy
     
  4. iamwhatiseem
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    iamwhatiseem Gold Member

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    At some point the *hit is going to hit the fan with China.
    You can't compete with a country that uses what amounts to slave labor, housing them in 400-600 sq ft metal and concrete boxes that often have small or no windows.
    Either a revolution in China is bound to take place - or we are going to have to do something other than sending all of our manufacturing there.
     
  5. Zander
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    Zander Platinum Member

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    My mistake.....I thought this was a thread about Obama.,..,.he has a lot of "wind" power...,..
     
  6. freedombecki
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    freedombecki Let's go swimmin'! Supporting Member

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    Ouch. Another greenie bites the bullet.
     
  7. Old Rocks
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    Old Rocks Diamond Member

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    Things are already happening. While labor in China is cheap, their productivity is way lower per worker than ours. As the wages go up in China, moving manufacturing back to the states is beginning to make economic sense to more industries. As in all the modern industrial nations, eventually they will have to pay their workers decent wages or experiance labor unrest.
     
  8. Old Rocks
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    Old Rocks Diamond Member

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    But as Scott Jacobs, a great McKinsey clean energy analyst, pointed out to me at the Fortune Brainstorm Green conference this week, in one sense green energy is already achieving scale—in new power generation. Solar, as I noted in an earlier post today, is growing faster than any other form of energy, and new statistics from the American Wind Energy Association (AWEA) showed that wind added 5,116 MW of new capacity last year. That’s 26% of all new energy generation added in the U.S. in 2010, second only to natural gas, which supplied 40% of new power. (Shale gas—it is for real.) Since 2007 wind has added an average of 35% of all new capacity—twice the amount of new coal and nuclear combined. “There’s no silver bullet to the energy problem, but we’re part of the silver buckshot,” says Denise Bode, the CEO of AWEA.

    Read more: New Statistics Show That Wind Energy Provided a Quarter of New U.S. Power | Ecocentric | TIME.com
     
  9. westwall
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    westwall USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Wow, a whole quarter of "new" power huh. Amazing, oh maybe not. Seems they havn't actually built a power plant for a few years now. It's easy to achieve "scale" when you prevent more efficient power systems from being built.
     
  10. Old Rocks
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    Cost is preventing the building of both nuclear and coal fired. Right now, cost is on the side of wind, and beginning to be on the side of solar as the cost of silicon continues to decline, and the thin film processes get more efficient, and the panels themselves become more efficient.

    We have yet to begin working on geo-thermal in earnest, but the MIT studies indictate that should also be in the mix.
     

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