31 °C Singapore, SG
May 13, 2022
Latest News
European passenger plugin car market is still expanding Air Canada takes off with sustainable aviation fuel from San Francisco BrightNight expands into Australia GE Awarded 9HA Gas Turbine Order to Deliver Approximately 2 Gigawatts of Electricity in Guangdong, China Taking Action: Energy-Related Climate Change Mitigation Policies in ASEAN Meralco floats a tender of 850 MW renewable energy capacity Genex starts construction at flagship pumped hydro storage project GM bets on fuel-cell as battery shortcomings hamper clean energy transition Masdar and Cosmo Energy to explore renewable initiatives in Japan El Salvador Eyes Major Renewables Push Under New Partnership with IRENA Iberdrola eyes 3.5GW offshore wind in Philippines BP and Maersk successfully carry out marine biofuel trials The Korean way towards green growth Exxon Following Blockbuster Video to Oblivion, Investment Exec Warns Getting real about the hydrogen economy Electrification to decarbonise Singapore’s energy system New method of scoring carbon emissions to power sustainable software GoodFuels and REG collaborate on marine biofuel development SP Group and Banpu NEXT partner on smart city solutions across Asia Pacific North Sea Oil Faces ‘Death Knell’ after Shell Quits Cambo Oilfield Three Studies Predict More Frequent, Devastating Storms as Temperatures Rise China Briefing, 2 December 2021: Quarterly emissions fall; Power shortages’ impact; China-Russia energy cooperation A renewable energy company in Thailand has electric vehicle dreams China Briefing, 18 November 2021: Xi-Biden meeting; Methane emissions; ‘Historic new high’ for coal Asian Youth Demand Real Climate Action John Walker emphasises practicing ESG values in everyday life ‘The best way to predict the grid of the future is to shape it’ – SP Group CEO Analysis: Nine key moments that changed China’s mind about climate change Espinosa Warns of ‘Catastrophic’ Consequences if COP 26 Fails Rolls-Royce successfully carries out test flight on 100% SAF

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.