European turbine makers continue to face headwinds
The outlook for renewable energy has never been brighter. So why are so few manufacturers profiting from booming demand for wind turbines?
As governments commit to net-zero strategies, many have laid out plans for accelerating the rollout of renewables to decarbonise their national power supplies. However, despite the growing demand for wind turbines, manufacturers have continued to see profits fall as commodity prices and logistics costs rise. Danish wind turbine manufacturer Vestas generated more than €5.5bn ($6.3bn) in revenue for Q3 2021 and built its backlog of orders to 24GW of capacity, valued at €19.3bn. However, its Ebit before special items fell to €325mn from €412mn in Q3 2020, while overall profit halved from €290mn to €123mn. “The quarter was… characterised by supply chain instability and rising energy prices as we
Also in this section
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation
11 April 2024
Volatile allowance prices and small size of voluntary market undermine ability to drive investment, says Oxford Institute for Energy Studies
8 April 2024
Chevron New Energies is lead investor in funding round by Colorado-based provider of post-combustion capture technology