Sources say that GE Vernova's investigation found that the offshore wind turbine plant at Quebec was not operating to standards.
Sources familiar with the situation said that GE Vernova’s offshore wind turbine production plant in Quebec has terminated or suspended several employees after a company probe found they had taken shortcuts when it came to quality control. GE Vernova began the investigation at its factory in Gaspe in Quebec, after one of their 107 meter-long turbine blades broke at the Vineyard Wind Project off the coast Massachusetts in July. The project was temporarily stopped after shards of fiberglass were found on the beaches.
Vestas operating profit for the third quarter is below forecast
Vestas is the largest wind turbine manufacturer in the world. On Tuesday, it reported lower-than expected third-quarter profits and stated that its operating profit margin for this year will be at the lower end. In its earnings report, the company said that the higher costs in Europe, Middle East, and Africa (EMEA), and the United States were the main reasons for the lower margin. Operating profit before special item rose from 70 million euros a year ago to 235 millions euros…
Orsted Energy shuts down last coal-fired power plant
Orsted, a Danish company, announced on Thursday that it will close its last coal-fired units this week. This marks a significant milestone in the transition of Orsted to fossil-free power generation. Since selling its oil business in 2017, the company, which was formerly called DONG Energy has pioneered offshore energy. It now calls itself a "renewable giant" and is a leader in offshore wind. Orsted announced that it would shut down its coal-fired plant in Esbjerg…
Vestas reduces its full-year profit forecast as rising costs bite
Vestas is the largest wind turbine manufacturer in the world. On Monday, it warned of a loss for the second quarter and cut its revenue and profit forecasts for the year. The company's stock fell 5%. Vestas said that its service business, which is usually a bright point, would take a hit of 300 million euros ($327.63) in the second quarter due to sustained inflation, an increase in repairs and upgrades, as well as operational inefficiencies.
Germany Nationalises Gas Group Uniper in Scramble to Secure Supply
Germany confirmed the nationalization of struggling gas importer Uniper at a cost of 8 billion euros ($7.9 billion) on Wednesday as it scrambles to secure power for Europe's largest economy after Russia cut back supplies.Nationalizing Germany's largest importer of Russian gas is the second move in a week by the government in Berlin to take control of an energy business as it confronts a winter crisis.Uniper, whose shares were around 18.97% lower at 3.38 euros at 0710 GMT…
Denmark Proposes Two Giant Wind Energy Islands
Denmark on Wednesday proposed a more than tripling of its offshore wind capacity by building two energy islands linked to new wind farms in the Baltic and North seas to help to meet climate change targets.The energy islands are an important part of the Social Democratic government's climate action plan which was presented on Wednesday but still needs to be ratified in parliament.Climate and Energy Minister Dan Jorgensen…
Vestas Posts Operating Loss, Hit by Higher Costs
Leading wind turbine maker Vestas posted an unexpected first-quarter operating loss despite strong sales and a healthy order book, weighed down by project delays as well as higher costs that were partly down to the COVID-19 pandemic.But the Danish company said demand for its turbines remained healthy, and that it could still meet its initial guidance for 2020, even though it had suspended that outlook last month due to coronavirus-related uncertainties.Shares in Vestas…
Offshore Wind Firm Orsted Beats Profit Forecasts
Orsted beat first-quarter profit expectations on Wednesday and said the coronavirus would not "materially" hit earnings this year although it might slow U.S.
Maersk, Tide Maritime Targeted in Petrobras Probe
Brazilian authorities on Wednesday targeted Maersk and other companies for allegedly paying bribes to get an edge in securing shipping contracts with state oil firm Petroleo Brasileiro SA, in the latest phase of a sprawling graft probe.Federal prosecutors said in a statement that Denmark's Maersk, the world's largest shipping company, was involved in allegedly paying $3.4 million in bribes related to 11 shipping contracts with Petrobras…
Europe's Wind Industry Needs More Sea Space
The European offshore wind industry needs an area equivalent to the size of Ireland to install enough turbines to reach carbon neutrality by 2050, a target for most EU members, a leading industry group said in a report.Fighting climate change is a top priority for the European Commission's new head Ursula von der Leyen, who has set out a "European Green Deal" intended to achieve "climate neutrality" - adding no greenhouse…
Reaping Wind at Sea: A $1 Trillion Industry
Offshore wind could become a cornerstone of the world's power supply as steep cost reductions and improved technology unleash the potential of the green energy source, said the International Energy Agency (IEA) on Friday.Renewables replacing fossil fuel is crucial to meet a globally-agreed goal of limiting temperature rise to below 2 degrees Celsius this century and the expansion of offshore wind could avoid 5-7 billion tonnes of CO2 emissions from the power sector globally…
Vestas CEO to Step Down
Danish wind turbine maker Vestas on Tuesday said that its chief executive, Anders Runevad, would step down in August as part of its long-term succession planning.Runevad is to be replaced by Henrik Andersen, a Vestas board member and CEO of Danish coatings company Hempel. Reporting by Stine Jacobsen
Orsted Reports Positive Start to 2019
Orsted on Wednesday reported higher first-quarter earnings from its offshore wind farms, in a positive sign for the Danish company's focus on renewables after selling its oil and gas business in 2017.Earnings from Orsted's core wind business rose 13 percent on the back of ramp-up in generation from the new farms Borkum Riffgrund 2 in the North Sea off the German coast and Walney Extension in the Irish Sea, the world’s…
Maersk Drilling Mulls Listing in Recovering Market
Drilling rig contractor Maersk Drilling, which will soon list on the Copenhagen stock exchange, said the offshore drilling market is improving as oil firms generate more cash and look to boost reserves.A fall in oil prices in 2014 prompted a severe downturn in the industry as oil companies cancelled or postponed exploration plans, reducing demand for offshore drilling rigs."What drives our faith in a market recovery is to a high degree the higher activity we see from the oil companies…
Orsted Full-year Profit Beats Expectations
Danish offshore wind developer Orsted reported full-year profit above expectations on Wednesday and said it would consider restarting its activities in Taiwan following a new proposal from the local government.Orsted earlier this month put two new major projects in Taiwan on hold and said it was "very concerned" about a proposal for a production cap and lower feed-in tariffs, but said on Wednesday it would review new…
Wind Beats Solar in Danish Green Energy Auction
Wind emerged as the most competitive power source in Denmark's first auction where wind and solar competed for state subsidies on equal footing to deliver power at the lowest price.Subsidies which have underpinned the growth of renewable energy are cooling as governments around the world opt for more competitive contract tenders, favoring project developers that submit the lowest bids.Denmark, which hopes to end green subsidies altogether before 2030…
Orsted Plots $30 Bln Green Energy Investment
Denmark's Orsted will invest $30 billion in green energy up to 2025, it said on Wednesday, as it seeks to become one of a handful of future "renewable majors" leading a global transition from fossil fuels to green energy.While renewable energy technology is now able to compete with traditional power sources, the industry remains vulnerable to changing political winds as governments around the world scramble on how to address climate change.Orsted…
Orsted Expands US Business with $510 Mln Acquisition
Orsted, the world's largest offshore wind developer, said on Monday it would buy U.S.-based Deepwater Wind LLC for $510 million as part of its strategy to expand in a major growth market.The still small U.S. offshore wind sector is seen as one of the most important markets outside the core European region, where subsidies that have underpinned the industry since the early 1990s are starting to be wound back.Deepwater Wind, the builder of the only operating U.S.
Google Buys into New Finnish Wind Energy in Renewables Search
Google said it has signed a 10-year deal to buy renewable energy from three new wind farms that are being built in Finland and which will power one of its data centers.Big companies have rushed to secure cheap renewable energy to manage costs and reduce their carbon footprint through so-called corporate power purchase agreements (PPAs), which allow firms such as Google, owned by Alphabet Inc, Facebook and Microsoft to buy directly from the energy generator.Google said on Tuesday that the Finnish deal is the first where
Denmark Swings to Net Oil Importer as North Sea Production Dips
A 25-year period for Denmark as a net oil exporter is set to end this year following output declines in the North Sea, the country's energy agency said on Thursday after slashing its long-term oil production forecast.The Danish Energy Agency expects this year's oil production to reach 128,000 barrels per day (bpd), down from 138,000 bpd last year and 10 percent lower than an estimate given a year ago.The lower production forecast was due to downward adjustments of North Sea resources…
