Vesta, the World’s Biggest Wind Turbine Maker, Will Have a Negative 5% Profit Margin in 2022Posted: November 9, 2022
“… if wind and solar energy is so cheap, why do they need any incentives?”
They lose, you pay. Welcome to ‘green’ central planning!
Bloomberg posted “Renewable power’s big mistake was to promise to always get cheaper” because they went too far with the cheap-energy pledge. Vesta now says that led some people to think “that energy and electricity should become free.”
Renewable-energy producers have long touted the promise of cheap electricity, an assurance that’s helped them eat into the dominance of fossil fuels. But the pledge has gone too far, according to the world’s biggest wind-turbine maker.
From the Bloomberg’s posting:
“Soaring commodity costs and supply-chain bottlenecks have wiped out profits for much of the wind industry this year. Vestas expects itsprofit marginto be around -5% in 2022”.
“The output from the turbine has never been more valuable,” Andersen said. “But we are losing money in manufacturing a turbine.” Vestas has raised prices more than 30% in the past year to help stem losses.”
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