32 °C Singapore, SG
July 6, 2020
Latest News
5 trends this decade that will shape Singapore’s switch to electric mobility IEEFA Philippines: Reshaping the power market by moving towards renewables and energy resilience by 2021 In 2020’s biggest energy deal, six global firms strike $20 billion agreement with Abu Dhabi state oil giant Sport’s carbon footprint is global bad news Just Launched: Renewables 2020 Global Status Report Australia’s 5GW wind energy pipeline celebrated on Global Wind Day Standing tall: How green buildings are adapting to the post-Covid era Australia’s most efficient solar cell, next to ‘revolutionise an entire industry’ IEEFA India: Prime Minister Narendra Modi’s new ‘One Sun One World One Grid’ vision positive Carbon-neutral aircraft might work with ion drive New coalition says offshore wind could power 10% of world’s energy demand IEEFA: Renewables continue to break records despite COVID-19 TEPCO to invest more than $9bn in renewables before 2030 New York’s Siting Board approves 340MW Alle-Catt wind facility Millions of species face extinction emergency Indian energy giants to form renewables JV Siemens Gamesa reveals world’s largest wind turbine Report: HVDC powerlines and green hydrogen are most cost-effective way to decarbonize global energy system Webinar: What impact is Covid-19 having on global CO2 emissions? Tropical forests can still store ‘high levels’ of carbon under 2C of warming Five reasons why now is a good time for a fee on carbon emissions It’s a bigger threat than coronavirus, but for decades, we’ve done very little to fight it US Interior department approves plan for the largest solar project in U.S. history General Motors to purchase 100 MW of solar energy to power Spring Hill Risk management for energy efficiency investments COVID-19 recovery and climate action: In interview with Energy Cities IEEFA Asia: Asian financial institutions also beginning to exit coal financing Analysis: Coronavirus has cut CO2 from Europe’s electricity system by 39% New UK statistics reveal biofuels boost New Wpd joint venture targets Taiwanese auction

Shares of wind turbine giant Vestas rip higher as order book hits fresh record

Turbine manufacturer Vestas Wind Systems logged record order levels in 2019 as well as a rise in profit and revenue.

Vestas posted an order intake — a measure of turbines placed on its order books — of more than 17 gigawatts (GW) last year, with revenue hitting 12.1 billion euros ($13.34 billion), up from 10.1 billion euros in 2018.

The Danish firm, which released its annual report Wednesday, said the fourth quarter of 2019 saw operating profit before special items reach 404 million euros, a 36% increase compared to the fourth quarter of 2018.

Looking ahead, the Aarhus-headquartered business said it expected revenue for 2020 to “range between” 14 and 15 billion euros.

“Wind energy manifested its position as a leading global energy source in 2019, driving Vestas’ order intake to a record 17.9 GW, 20 percent growth in revenue and expected high activity levels in the coming years,” Henrik Andersen, Vestas’ group president and CEO, said in a statement.

Shares of Vestas moved almost 5% higher following the earnings call on Wednesday. Over a 12-month period, the stock has risen almost 35%.

Speaking to CNBC’s Squawk Box Europe on Wednesday morning, Andersen said the company had three strategic priorities.

“Our power solutions onshore, it’s our service business — where we are right now looking after almost 100 gigawatt of turbines — and then last but not least we are also in… offshore.”

“Those three legs we are investing (in) and we are of course seeing as an enormous and a very positive growth trajectory if we look (to) the years ahead,” he added.

Vestas is expecting service revenue to grow by around 7% this year, according to its annual report.

Andersen went on to explain that in the onshore sector, the firm was changing its manufacturing to become modular, “so we are also in a better position to scale when we look… three, five and eight years ahead.”

Source

Leave a Reply

Your email address will not be published. Required fields are marked *