Vestas CEO: US market likely to drop 80 pct in 2013

COPENHAGEN, June 10 Mon Jun 11, 2012 12:32am IST

Related Topics

Stocks

   
Coal Mining In The Punjab

Coal Mining In The Punjab

In Choa Saidan Shah miners dig coal with crude pick axes and load it onto donkeys to be transported to the surface earning a team of 4 workers around $10 to be split between them.  Slideshow 

COPENHAGEN, June 10 (Reuters) - The head of the world's biggest wind turbine maker, Vestas, said on Sunday that the U.S. wind turbine market is likely to fall by 80 percent next year because of the expected expiry of an important tax credit.

The U.S. production tax credit (PTC) for renewable energy investment is due to expire at the end of this year, and, in an election year, it is widely believed that Congress will not pass legislation to renew it before the expiry.

"In the United States, the market this year is very, very busy," Vestas Chief Executive Ditlev Engel told a gathering of EU European affairs ministers and other senior officials at Vestas' research and development centre.

"But because of the potential lapse of the regulatory framework in the U.S., this market will probably go down 80 percent next year," he said.

That view of the potential for a steep drop was in line with analysts' estimates cited earlier by Vestas, including in material provided to shareholders before the annual general meeting in March.

But Engel's remarks made it clearer than ever that the company now also sees that as the likely scenario.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Kerry Meets Jaitley

Kerry Meets Jaitley

U.S. raises WTO during Kerry's talks with Jaitley  Full Article 

WTO Row

WTO Row

Some WTO members discussing customs deal without India - sources  Full Article 

Fed Policy

Fed Policy

Fed presses forward with bond buying, cites uptick in inflation.  Full Article 

Q2 Profit Slips

Q2 Profit Slips

Samsung sees tough second half  Full Article 

Chinese Economy

Chinese Economy

China should set lower 2015 GDP growth target of 6.5-7 percent - IMF  Full Article 

Default Imminent

Default Imminent

Argentina fails to reach debt agreement   Full Article 

Economy Reboots

Economy Reboots

U.S. economy back on track with strong second-quarter rebound  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage