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Anders Runevad Vestas CEO says U.S. wind market becoming more competitive



Petroleumworld.com 02 09 2017

Wind energy is set to maintain its competitiveness in the energy market, according to the chief executive of global wind energy company Vestas, which released its annual earnings report on Wednesday.

"I'm extremely satisfied with the performance in 2016," Anders Runevad told CNBC. "Wind continues to increase its competitiveness in the energy space, and we take good advantage of that," he added.

Among other things, Runevad pointed to revenue of 10.24 billion euro ($11 billion) – an increase of 22 percent; a "record high" order intake of just under 10.5 gigawatts; and "good cash flow and a solid balance sheet."

Wind energy does seem to be gaining momentum. Offshore wind investments in Europe hit 18.2 billion euro last year, according to statistics from industry body WindEurope.

Commenting on the U.S. market, Runevad said he would not speculate on U.S. politics.

"For us, what drives the market in the U.S., which is the second biggest market in the world… is the current PTC (production tax credit) cycle, which will provide a stable market, as we see it, up to at least 2022."

Vestas did not anticipate the new administration making any changes in the current PTC, Runevad added.

Looking ahead to 2017, Vestas said in a statement that it expected revenue to be between 9.25 billion euro and 10.25 billion euro including service revenue, which was expected to grow.

Story reporting by Anmar Frangoul from CNBC.

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