by Jo Nova

For years they told us that the green transition would deliver cheap energy, and that if we just subsidized them enough, prices would keep falling. The promise of free energy on the horizon led whole nations (stupidly) to believe that closing coal plants was viable. But now that damage is done, suddenly the Vestas chief admits that telling people that wind can only get cheaper “was a mistake”.

“Vestas CEO says industry went too far with cheap-energy pledge”

Vestas Wind Turbine

There is carnage in Europe. Orders and profits are collapsing. The largest wind turbine manufacturer in the world has already raised prices by more than 30% this year but despite that, expects its profit margins to shrink to “minus five percent”.

Lucky their orders are down since they are losing money on every turbine.

The fall in sales landed as inflation bites, supply lines are squeezed and their costs are rising. (After all, wind turbine factories can’t run off wind turbines, they’re paying for expensive electricity too). So suddenly Vestas need to raise their prices even more, and their CEO is hoping a belated apology will somehow bring their market back.

Renewable […]