Oil bosses have a love-hate relationship with wind 30 Oct 2019 With fossil fuels increasingly frowned on, rapid growth in renewables should appeal to greenish majors like Total and Royal Dutch Shell. Oil’s much higher returns are a reason to demur. Yet plunging offshore wind costs and the risk of price falls give them little choice.
Siemens Gamesa buffeted by renewables tailwind 30 Jul 2019 The 10 billion euro Spanish wind-farm builder’s shares sank 17% as competitive pressures hit prices. Wobbles are likely as governments phase out subsidies. But with the costs of wind power now sinking below rival sources, the sector in general is in breezier shape.
Worst U.S. infrastructure shortage: political will 10 May 2019 A golden spike completed the Transcontinental Railroad 150 years ago. Long-distance power lines transporting renewable energy are arguably today’s equivalent. A decade-long project nearby shows today’s problems aren’t mountains, tech or economics, but red tape and nimbyism.
GE power slump is positive wrapped in negative 23 May 2018 The $130 bln conglomerate warned profit from making turbines won’t grow this year. And demand could remain soft for a while. GE’s sprawl means that as the world goes, so do its businesses. But the irony of slimming down is that fossil fuel dependency just becomes more visible.
Duke Energy draws power from climate activism 22 Mar 2018 America’s largest electricity generator plans to phase out coal and slash carbon emissions. Gas and renewables make business sense regardless of the Trump administration’s policy-reversal efforts, it claims. Duke’s stance and transparency put Exxon’s climate disclosures to shame.
DONG Energy is proof that green and greed mix well 10 Aug 2017 The Danish wind operator’s earnings are up more than expected in the second quarter. This is no flash in the pan and CEO Henrik Poulsen may hand back more cash to investors in the next year or so. DONG’s valuation deserves to catch up with its European green energy peers.
Vestas is one blade short of a full turbine 18 Aug 2016 After a much better second quarter, the resurrected Danish wind turbine maker has increased its operating profit forecast for 2016. Successful cost cuts and rising demand for green power create strong tailwinds. It’s time for the $16 bln group to ditch a parsimonious dividend policy.
Cheap wind energy can deal final blow to Hinkley 8 Aug 2016 Electricity from offshore wind farms costs a third less than in 2013. It now undercuts power costs at the two new nuclear reactors planned in the UK. With prices falling further and low project risk, the case for pulling the plug on the Hinkley Point plant is building.
Siemens and Gamesa’s tie-up puts wind in their sales 17 Jun 2016 The German engineer is handing its wind assets and 1 bln euros to the Spanish group in return for a 59 pct stake. In wind power, scale matters. Combining Gamesa’s onshore emerging-markets presence and Siemens’ offshore developed-market focus also sounds a good idea.
Goldman’s DONG windfall leaves gains for Danes 31 May 2016 The Wall Street bank will have doubled its money in two and a half years when Danish state-owned utility DONG lists. The country’s socialists quit the ruling coalition in protest at Goldman’s $1.2 bln investment. But its cash sped a pivot to green energy at just the right time.
European IPO market regains its senses 26 May 2016 Danish renewable energy utility DONG priced its initial public offering at up to $16 bln, suggesting a forward EBITDA multiple in line with stricken carbon-heavy peers. If it sounds dull, that’s the point. European IPOs are still a buyer’s market, but maybe now a rational one.
China’s corporate spying is three-cornered problem 28 Jun 2013 U.S. prosecutors could slap a $4.8 bln fine on a Chinese wind turbine maker accused of stealing code from a U.S. supplier. Such cases are on the rise. Corporate espionage often requires three factors: opportunity, pressure and rationalization. China has them all in spades.
America discovers hidden cost of green energy 28 Feb 2013 California’s facing blackouts as its aging electricity grid is ill-equipped to husband the sporadic nature of wind and solar power. The rest of the country isn’t far behind. Fixing it means higher bills for consumers - it’ll cost $1 trln to upgrade the nation’s infrastructure.