Change of Ørsted Region Americas CEO
Ørsted announced today that David Hardy, Group EVP and CEO Americas, has decided to leave the company to join GE Vernova as Chief Commercial Officer, Wind. He will step down from his position effective November 30.The search for a successor Region Americas CEO is well underway. In the interim period, Ørsted's Chief Commercial Officer and Deputy CEO, Rasmus Errboe, will guide and support the experienced senior leadership team in the U.S. market.Mads Nipper, Group CEO, says, “I want to thank David for his five years with Ørsted.
Nordex's core profit margin for 2024 is at the upper end of its guidance range
Nordex, a manufacturer of wind turbines, said on Thursday that it expects its core profit margin for the full year to be at the upper end of its previous guidance range between 3-4%. This is due to continued growth in its third quarter earnings. The wind power industry is facing increasing headwinds due to Donald Trump's win in the U.S. Presidential election, right-wing sentiments across Europe and competition from China. Nordex, however, is still enjoying a good order flow thanks to a robust demand for its products in Europe and other core regions.
European clean energy stocks fall as Trump wins the presidency
After Donald Trump's election as president of the United States on Wednesday, shares in European clean-energy groups plunged. Investors were worried about a possible dismantling by the United States of its support for renewables. Trump pledged to cancel offshore wind projects via an executive order his first day of office, and roll back climate regulations that were implemented by President Joe Biden. This includes withdrawing from the Paris Agreement where countries commit to limit global heating and possibly undoing Biden’s Inflation Reduction Act which provides massive incentives and subsidies to clean energy technologies.
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, falling short of the 352million euros predicted by 25 analysts who took part in a survey compiled by the firm.
Companies call on world leaders to meet renewable energy targets
On Monday, executives from major companies urged leaders to implement an international agreement made at the COP28 Summit in Dubai last year to triple renewable energy capacity by 2030, to combat climate change. The statement was made at a side event to the United Nations Climate Week, in New York. Companies like Amazon.com, a massive energy user and power producers such as Vestas and Iberdrola were among those who issued it. The United Nations has called for countries to submit their national climate plans, due to be presented to the U.N.
Denmark's North Sea Energy Island is again delayed by high costs
A government minister announced on Wednesday that Denmark would delay construction by at least three years of the planned North Sea Energy Island to provide renewable energy to three million European homes. The delay is due to rising costs and interest rates. Energy Minister Lars Aagaard said that the projected investment exceeded 200 billion Danish crowns (29.81 billion dollars) and required about 50 billion crowns of state support. Energy Minister Lars Aagaard declined to reveal how much the costs had risen from initial projections. Denmark had announced, just over a year before, that the project was being delayed due to cost.
Vestas Q2 loss increases, but the wind turbine unit turns a profit
Vestas, a Danish company, reported on Wednesday that its second-quarter loss had more than doubled from a year earlier. However, a focus on high-priced wind turbine projects has helped the division to return to profitability. The world's largest wind turbine manufacturer cut its profitability forecast for the full year, citing increased costs in its services business. It also warned of a loss in the second quarter. Vestas announced a loss for the second quarter in a row of 185 millions euros ($203.61) compared to a loss of 70millions dollars a year earlier. Vestas surveyed analysts before releasing the preliminary figures.
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. The company now expects an operating profit margin for the full year of 4-5%, compared with 4-6% previously.
Vestas Wins 46 MW Order in Japan
Vestas has secured a 46 MW repowering order with Eurus Energy Holdings Corporation for Eurus Kamaishi Wind Farm in Iwate prefecture, Japan. The order includes supply and supervision of installation of 11 units of V117-4.2 MW wind turbines.Vestas will also deliver a multi-year Active Output Management 4000 (AOM 4000) service for the wind farm, providing an energy-based availability guarantee to ensure optimised performance and long-term business case certainty for the customer.“We are pleased to partner with Eurus Energy Holdings Corporation again and to provide our wind energy solutions for the project.
Markets: The Challenges of Developing Floating Wind at Scale
Tens of gigawatts of floating wind projects are slated for development in this and the next decade, but many obstacles remain.There has been much focus on the emerging floating wind market of late.The U.K. is forging ahead with commercial scale floating wind developments through the Scotwind and INTOG awards of at least 24 gigawatts (GW) of floating wind capacity representing close to 1,500 floating turbines that will come on stream through 2030. And this will be soon followed by the award of at least 4 GW of capacity through the Celtic Sea floating wind auctions. The U.S.
The Top 10 Offshore Wind Energy Trends to Watch in 2023
The drivers for global offshore wind growth look good for 2023. Global offshore wind is forecast to grow from over 60 GW at the end of 2022 to 240 GW by 2030 and over 410 GW by 2035. But the sunny outlook must be balanced with some building dark clouds. As we prepare for the new year, let us look at ten factors that will shape the offshore wind sector in 2023.1. Solid foundations: Optimism for the supply chain is founded on declared and inferred offshore wind deployment targets by a growing number of countries of over 400 GW, driven by energy transition and energy security policies.2.
VIDEO: One-on-One with Pieter van Oord, CEO, Van Oord
Pieter van Oord is candid in discussing the future growth of his storied company’s activities in offshore wind with specific insights on challenging current jobs, Van Oord’s recent order of a massive and groundbreaking Wind Turbine Installation Vessel, and the company’s future working in the United States.Pieter, to start, can you give a ‘By the Numbers’ look at your company today using the metrics of your choice?Well, 2021 was a disappointing year for us. As we said in our annual report, it was ‘a year with two faces.’ We had to report a loss for the first time in a long time in our company…
Steelwind Monopile Foundations for Parkwind's Baltic Sea Wind Farm
German construction company Steelwind will build monopile foundations for Parkwind's the Arcadis Ost 1 offshore wind farm in the Baltic Sea, offshore Germany.Under the contract, signed earlier this month, Steelwind will deliver 27 WTG and one OSS next-generation XXL-Monopile units.Arcadis Ost 1 Project Manager, Clément Helbig de Balzac from Parkwind commented: “We believe the signature of this agreement sends a strong positive message during a difficult COVID-19 context. The impact generated by this contract…
Construction Starts for Asia's Largest Offshore Wind Blade Manufacturing Facility
Taiwanese company Tien Li Offshore Wind Technology has started construction on 210,000 square meter facility in Taichung Harbour to supply offshore wind blades to Taiwan's growing offshore wind industry.Tien Li is one of key local supply chain partners of wind turbine builder MHI Vestas, which this week shared the news on the start of construction of Tian Li's black manufacturing facility.Both production and storage facilities are being developed for the mass manufacture of blades to be installed at offshore projects in Taiwan and eventually…
Walney Extension Sells Transmission Assets
Walney Extension Limited, a joint venture owned by Ørsted (50%), PKA (25%) and PFA (25%), and the operator of the Walney Extension offshore wind farm in the UK, has signed an agreement for the sale of its transmission assets to Diamond Transmission Partners Walney Extension.Diamond Transmission Partners Walney Extension is a partnership between Diamond Transmission Corporation Limited (a Mitsubishi Corporation subsidiary), HICL Infrastructure Company Limited and Chubu Electric Power Co., Inc.The transmission assets hold an asset value of GBP 447 million (USD 560 million).
First Turbine Installed at Borssele III/IV Offshore Wind Project
The first offshore wind turbine has been installed at the Borssele III/IV wind project in the Dutch North Sea, the turbine builder MHI Vestas Offshore Wind has said."The first turbine at the 731.5 MW Borssele III/IV offshore wind project has now been installed by MHI Vestas at site 55 km off the coast of the Netherlands. The first of the 77 V164-9.5 MW wind turbines was installed by the project team after setting sail from the Port of Vlissingen on the Aeolus offshore installation vessel," MHI Vestas said Thursday.The Borssele III & IV offshore wind farms are being built in the Dutch North Sea by Blauwwind…
Denmark, Vietnam Talk Offshore Wind Expansion
Denmark and Vietnam are working on finding ways to further boost Vietnam's offshore wind development, which according to the Danish Energy Agency, has a potential of 160 GW offshore wind. As part of the effort, the Danish Energy Agency and the Vietnamese Electricity and Renewable Energy Authority are preparing an Input to Roadmap report for offshore wind development in Vietnam. The Danish Energy Agency and Vietnamese authorities on Tuesday organized a webinar to discuss the most important governmental steps to move the expansion of offshore wind forward.
Belgium: Northwester 2 Offshore Wind Farm Complete
The 219 MW Northwester 2 wind farm has been completed and is now supplying the Belgian grid electricity by all of its 23 fully operational wind turbines producing 9,5 MW each. This wind farm, owned by Parkwind (70%) and Sumitomo (30%) is the first to use the MHI Vestas V164-9.5 MW turbines in commercial operation. The first turbine was installed in December 2019.This is the seventh wind farm in the Belgian North Sea, which now brings the total offshore energy capacity to 1,776 MW and moves Belgium closer to reaching the goal of supplying 10% of energy demand with offshore wind by the end of 2020…
Denmark's Vestas Breaks Wind Turbine Installation Record, Woodmac Says
Danish wind farm turbine builder Vestas became the first wind turbine manufacturer to install more than 10 GW of wind capacity in a single year (2019), according to new analysis from Wood Mackenzie.The Danish OEM’s grid-connected capacity of 11.3 GW in 2019 is an increase of 1.5 GW on 2018, with installations completed in over 35 markets. The company’s installations in the Americas region contributed more than 50% of capacity for the first time. This was driven by the US, Mexico, and Argentina.Siemens Gamesa Renewable Energy (SGRE) climbed to the second position according to Wood Mackenzie’s research…
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, the world's largest maker of wind turbines by market share…
