Vestas grows two-thirds

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A preliminary annual report for Vestas Wind Systems A/S reveals profits for 1999 which are DKK 50 million greater than the company expected late last year. Profits of about DKK 650 million (EUR 87.3 million) are reported on a company turnover of DKK 4.7 billion -- a 67% increase over 1998. The news caused a 10% leap in Vestas' share value last month. The most recent growth spurt was due to an order last month to Gamesa E—lica SA, the maker of Vestas turbines in Spain, for 1400 MW of wind plant -- the largest single order ever placed in the wind industry (Windpower Monthly, February 2000). Vestas' order book for 2000 is light so far, mostly due to the insecurity over power purchase prices in the German market, says managing director Johannes Poulsen. The Danish market is also at a standstill while politicians work out details of the country's newly liberalised market for renewable energy. Meanwhile, the company's new blade factory in Nakskov, Denmark, is nearly complete and expansion of factory space at its headquarters has begun. Vestas' annual report is due later this month.

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