Vestas suffered loss in second quarter

Danish wind energy company Vestas recorded in the second quarter a result of minus 139 million euros before tax.

Henrik Andersen, CEO of Vestas, says the loss is because the company has had problems with procuring the necessary parts and increasing costs for energy and raw materials.

Revenue fell by seven percent compared to the same period last year and amounted to 3.3 billion euros.

Order intake is also weaker than expected. On the other hand, it has succeeded in getting the average price of onshore wind turbines raised to 0.96 million euros per megawatts, which is an increase of 22 percent compared to the same period last year.

Vestas has installed wind turbines in almost every country in South East Asia.

CEO Henrik Andersen summarizes the first six months of the year as follows:

“The first half of 2022 was characterized by geopolitical uncertainty and disruptions in the supply chain, circumstances that have caused costs to rise and led to an energy crisis.”

“This development emphasizes the urgent need for a green transition and strengthens the political support for renewable energy worldwide, but at the same time creates a particularly challenging business environment, which negatively affects Vestas’ financial results, states a press release.”

The Danish national news agency Ritzau notes in its news story on the loss that Vestas is not alone in having to solve problems with troublesome logistics and high energy consumption. Also Siemens and General Electric are having difficulty getting operations to run smoothly, the agency says. 



About Gregers Møller

Editor-in-Chief • ScandAsia Publishing Co., Ltd. • Bangkok, Thailand

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