Orsted Loses Political Support for Divestment
Shares in Orsted fell on Monday after the energy company, which is 50.1 percent owned be the Danish state, on Sunday announced that there was no longer political support for the divestment of its power business.The world's largest offshore wind farm developer had put its Danish power distribution and residential customer businesses up for sale in June to focus on developing its international renewable energy operations.But as Denmark's Social Democrats, the main opposition party, on Sunday said it no longer supported the sale because it wanted democratic control over critical infrastructure, t
Turbine Maker Vestas Eases Investor Worries
Shares rise as much as 7 pct; analysts had feared worse. Vestas forecast a modest decline in profit margins and steady sales on Wednesday, easing investor worries about the impact of growing competition and falling government subsidies on the world's biggest wind turbine maker. Shares in the Danish company, which had dropped around 20 percent over the past year, rose 7 percent in early trading. "It is a sigh of relief," said Sydbank analyst Jacob Pedersen, echoing other analysts who pointed to better-than feared guidance for both 2018 and the longer term.
Vestas Beats Profit Expectations, Maintains Guidance
Profit boosted by U.S. sales and cost control; Shares up 3.7 pct. The world's biggest wind turbine maker Vestas posted better than expected first-quarter operating profit on Friday, citing higher sales and tight cost control while sticking to its full-year revenue and profit margin guidance. Deliveries were up nearly 30 percent year on year in the first quarter, with Chief Executive Anders Runevad pointing to a U.S. tax credit scheme that boosted orders last December. In what is normally a weak quarter for the Danish company…
DONG Energy Settles Platform Dispute
DONG Energy said it has reached a settlement with Daewoo Shipbuilding & Marine Engineering and Technip over who bears responsibility for construction errors concerning an offshore platform for the idled Hejre field. The settlement clears a major hurdle for the Danish company's plans to divest its oil and gas unit to focus on its growing business of developing offshore wind farms. DONG said in a statement that the agreement will reduce the 2.5 billion Danish crowns ($367 million) of provisions it made in relation to the Hejre field ahead of its listing…
DONG Faces Tough Year as Offshore Wind Returns Drop
DONG Energy, the world's biggest offshore wind farm developer, on Thursday reported its first full-year net profit since 2011, but will face tough competition for projects in Europe and the United States from new players that are pushing down margins. The Danish company, whose listing in Copenhagen in June was one of the biggest globally last year, has profited from being a pioneer in offshore wind for two decades and has build more than a quarter of the world's wind farms at sea.
Vestas' Strong 2016 Finish Offsets Trump Policy Worries
A spate of last-minute orders from the United States has put Danish wind turbine maker Vestas on track for its highest contract intake in six years and eased some investors' concerns over U.S. energy policy under the incoming Trump administration. Vestas Wind Systems and its rivals are benefiting from a new focus on renewables, encouraged by the Paris Agreement on climate change last December and a five-year extension of a key U.S. Production Tax Credit. But Vestas' share price…
DONG Energy to Exit O&G Business
Danish energy group DONG Energy plans to quit the oil and gas business to focus solely on offshore wind power, just five months after giving the impression it would maintain its presence in oil and gas when it listed in Copenhagen. The company, the world's biggest operator of offshore wind power, had considered selling its oil and gas business in the past, but announced in January, prior its June 9 initial public offering (IPO), that it would not. Last month it said it was reconsidering a possible sale.
Qatar Oil Contract Loss Raises Questions over Maersk Oil's Future
Maersk Oil's loss of a major oil production contract in Qatar this week raises questions about the future of the company's oil business at a time when parent A.P. Moller-Maersk has said it is considering a break-up. Maersk Oil has lost the contract to operate Al-Shaheen, Qatar's largest oilfield, which made up 40 percent of Maersk Oil's output last year. The loss of the contract, which Maersk has had since 1992, follows comments last week from chairman of the Danish shipping and oil group about a possible split of the conglomerate into separate companies.
DONG Energy Listing to Value Group at up to $16 Bln
DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but also into a business heavily reliant on government subsidies. State-controlled DONG Energy on Thursday set a price range for its initial public offering at 200 Danish crowns to 255 crowns per share. This would give the group a market value of 83.5 billion to 106.5 billion Danish crowns ($12.6-16.0 billion), potentially making it the Europe's biggest IPO this year.
Maersk Pressures Danish Government with Gas Field Closure
Maersk to shut Tyra field if no viable solution found this year. A.P. Moller-Maersk's oil subsidiary said on Monday it will shut Denmark's largest gas field in 2018 if it cannot find an economically viable solution for the ageing site by the end of this year. Its threat adds pressure on the Danish government from energy companies to adjust taxes on oil and gas production. They say the slump in oil prices means investing to extract the remainder of the country's declining reserves is no longer economically viable.
Vestas Inks Record U.S., China & Spanish Contracts
Wind turbine maker Vestas has secured three turbine orders to bring this year's total intake to 1,806 megawatts (MW), the highest ever in a first quarter and continuing a strong trend from 2015. The Danish company is market leader in an industry benefiting from a new focus on renewable energy generation, encouraged by the Paris global climate summit last year, as well as the extension of a key U.S. tax credit. "We still expect an order intake of 7,500 MW this year, but the solid start to the year creates a much stronger foundation for positive surprises in the remainder of the year…
Vestas Giant Turbine the Preferred Choice for Big UK Wind Project
Vestas' largest offshore wind turbine yet has been made the preferred choice for a huge wind park in British waters as the Danish firm strives to catch rival Siemens. So far, compatriot DONG Energy has been the only customer for the V164 8 megawatt (MW) turbine, which it had helped test. Now, Eneco Wind and EDF Energy said on Thursday they want it for their Navitus Bay project, one of the largest in the world. "It is very positive that customers who do not have the same insights into the development of V164 as DONG…
Maersk May Reward Shareholders as Oil Unit Suffers
Danish conglomerate A.P. Moller-Maersk may announce a second share buyback scheme in its 110-year history as early as Wednesday, analysts said, allowing it to reward shareholders as its oil unit takes a battering from a slump in prices. Further divestments from its large portfolio of companies may also be on the radar, funding any buybacks or at least increased dividends, with the world's largest container shipping company focusing more closely on the shipping and oil industries. Maersk's will present its fourth quarter results at 0700 GMT on Wednesday.
Turbine Maker Vestas to pay Dividend
Analysts disappointed by 2015 financial targets; shares fall over 6 percent. Danish wind turbine maker Vestas proposed its first dividend payment in 12 years after beating fourth-quarter profit forecasts, though its shares fell on what analysts described as conservative targets for 2015. The dividend payment is a sign Vestas Wind Systems has finally turned the corner after a tough few years during which it slashed jobs and costs as faltering economies and cutbacks in government subsidies hit demand for its turbines.
Vestas on Track for Highest Order Intake in 3 Years
Vestas Wind Systems, the world's largest wind turbine maker, likely received the highest orders in three years in 2014, and a U.S. tax break on wind production could help keep its order book full, analysts said on Friday. Last year the Danish company notched up orders for 5,864 megawatts (MW) of capacity, valued at around 5 billion euros ($6 billion) according to Reuters calculations based on figures on the company's website. It also would have received a further number of smaller orders in the fourth quarter…
Vestas, Investors Await U.S Wind Tax Break Decision
Shareholders in Danish wind turbines maker Vestas are anxiously waiting for U.S. lawmakers to decide if a crucial tax break for wind power will be extended, as a favorable decision could send its share price bouncing up by over 10%, according to analysts. The Production Tax Credit (PTC) is one of 55 expired corporate tax breaks, or "extenders", that Congress has to deal with during its session in November and December. A PTC extension could be contentious as some Republicans are opposed but there is a reasonable chance it would be passed as part of a broader package at the end of the year…
Vestas Loses Big Wind Farm Order in Brazil to Spanish Rival
Wind turbine maker Vestas Wind Energy lost a major contract in Brazil to Spanish rival Gamesa because the Danish company does not have the required local production to get cheap funding for its customer. The 254 megawatt (MW) order from CPFL Renováveis, part of CPFL Energia, was cancelled due to changes in Brazil's regulations after the contract was agreed, Vestas said on Friday -- the day after Gamesa announced a 220 MW order for the same wind farms in Rio Grande do Norte, northeast Brazil. Vestas' notoriously volatile shares fell 5.5 percent on Thursday and 5.2 percent on Friday morning.