Denmark’s Vestas is the world’s largest wind turbine manufacturer.
Reuters reports:
Danish wind turbine manufacturer Vestas said late on Tuesday that its chief financial officer, Henrik Norremark, resigned after explaining to the board conditions leading to recent profit warnings.
In early January, Vestas issued its second profit warning in just three months, saying that cost overruns and delayed revenues had wiped out 2011 profits…
If they think it’s bad now, just wait until governments stop buying their turbines. The reality is that the utilities putting these things up really aren’t buying them, the money all comes back in the form of subsidies, at the rate of about $1 million per megawatt rated capacity. When that goes away Vestas won’t be able to give away turbines.